Rs. 70 Lakh Home Loan EMI

A Rs. 70 Lakhs Home Loan is a long-term commitment – if you choose a long repayment tenure, your EMIs will be more manageable. So, you must prepare and plan your budget in advance before availing of the home loan. It is also important to understand all the benefits and downsides of applying for such a big-ticket loan. The EMI for Rs. 70 Lakh home loan may vary from bank to bank depending on the interest rate charged by the lender and the repayment tenure chosen by the borrower. Also, the borrower’s profile will play a vital role in determining the interest rate offered by the lender.

Following are the details of Rs. 70 Lakh home loan EMI for 10 years, 20 years and 30 years tenure at a 7.90% p.a. interest rate:

Additional Info: Also Check Best Banks for Home Loan in India in 2022

Many banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs) offer home loans of Rs. 70 Lakh in India at different interest rates.

The table for different Home Loan interest rates of some top banks and NBFCs for a home loan of Rs. 70 Lakh is given below:

* HDFC Bank offers 8.10 to 9.0% p.a. interest rates for women for a home loan of Rs 75 Lakh. However, the applicant must either be the primary owner or co-owner of the property for which the amount is being borrowed.

Additional Info: Best Home Loan Interest Rates @7.70%

Mostly, banks, NBFCs and HFCs offer home loans at floating interest rates. Where lenders provide home loans at fixed rates, generally, the interest rates are higher. Home loans can also be availed at hybrid interest rates (a combination of fixed interest rate for the first few years of the repayment tenure, and floating interest rates for the rest of the home loan tenure).

Almost all prominent lenders provide home loans of Rs. 70 Lakh in India. Some of the best banks that offer home loans of Rs. 70 Lakh are ICICI Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank, Punjab National Bank, Bank of Baroda, Bank of Maharashtra, Federal Bank, Axis Bank, LIC Housing Finance, and Bajaj Housing Finance.

The sanctioned loan amount can be used for purchasing a flat/independent house, under-construction house, SBI Loan for Plot Purchase, and other housing-related purposes. The interest rate for the loan of Rs. 70 Lakh starts from 7.70% p.a. at present. This will vary from lender to lender and from borrower to borrower, based on their income, credit score, gender, and other eligibility criteria.

* Point to note: Home loan borrowers who are unhappy with their high interest rates can use the Home Loan Balance Transfer facility to shift their existing loan to another lender who may be offering more attractive interest rates. However, processing fee and other charges need to be considered before planning to move one’s loan to another lender.

Additional Info: Also Apply for Home Construction Loan

Additional Info: Also Apply Section 80CCD

The Rs. 70 Lakh home loan EMI for 10 years tenure at a 7.40% p.a. interest rate would be Rs. 82,726. The EMI on a Rs. 70 Lakhs loan for a repayment tenure of 10 years differs from lender to lender based on the rate of the interest rate charged and the borrower’s home loan eligibility.

Following is the table of different EMIs on Rs. 70 Lakh loan for different interest rates for 10 years tenure:

Also Read - LRD Loans

The EMI for 70 Lakh home loan for 20 years repayment tenure at an 7.40% p.a. interest rate will be Rs. 55,964. The EMI varies from lender to lender based on the rate of interest offered by the bank and the borrower’s overall profile, including credit score.

Below is the table for different EMIs on Rs. 70 Lakh loan at the different interest rates for 20 years tenure:

Tip: 50 Lakh Home Loan EMI Interest Rate 2022 before applying for a loan

EMI for 70 Lakh home loan for 30 years will be Rs. 48,467 at an interest rate of 7.40% p.a. The EMI may change depending on the lender’s policy, the applicable interest rate and the borrower’s eligibility. You can use the Home Loan EMI Calculator available on our website for calculating the EMI for Rs. 70 Lakh home loan for various tenures and interest rates.

Below is the table of different EMIs on Rs. 45 Lakhs loan at the different interest rates for 30 years tenure:

Additional Info: Also check HDFC Home Loan EMI Calculator

The exact criteria for eligibility for a home loan application will be slightly different from bank to bank. However, in general, applicants must meet the eligibility criteria mentioned below to be eligible for a home loan of Rs. 70 Lakh:

Eligibility Criteria for Salaried

• Should be Indian residents.
• Should be in the age group of 23 to 62 years.
• Should be working with a well-established organization and have a minimum work experience of 3 years.
• Should meet the minimum monthly income specifications for their city.

Note: While the minimum salary requirement for a home loan of Rs 70 Lakh will vary from city to city and lender to lender, it is generally a good idea to calculate your monthly EMI first. In an ideal scenario, your monthly home loan EMI should not be over 50% of your salary. This means that a monthly salary of Rs 90,000 (or above) would greatly increase the chances of your Rs 70 Lakh home loan application being approved.

Eligibility Criteria for Self-employed

• Should be resident Indians.
• Should be in the age group of 25 and 70 years.
• Should have been operating a stable business for a minimum of 5 years.
• Should be earning at least Rs. 2,60,000 annually

* Minimum monthly income requirement for salaried and self-employed individuals will vary depending on the lending bank or NBFC. However, a minimum salary of Rs 25,000 is recommended. For self-employed individuals, the monthly income amount is usually higher (e.g. Rs 40,000)

* Also, applicant must have a healthy CIBIL score (650 and above)

Tip: Best Home Loan for Salaried Person before applying for a loan

You need the following documents to apply for a home loan of Rs. 70 Lakh:

• Your home loan application form - duly filled in and signed.
• Recent photographs in passport size.
• Basic KYC documents such as your identity proof (Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.), address proof (Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.), and age proof (Birth Certificate/ Class 10th Certificate, etc).
• Bank account statements of last 6 months.
• Latest Form 16 or salary slips or Income Tax Return (for salaried individuals).
• Balance Sheet and P&L Statement of the previous 3 years certified by a CA (for self-employed applicants).
• Business profile of self-employed applicants.
• Processing fee cheque.

Next step is to know more about the interest rates charged on home loans of Rs 70 lakh. Remember, your age at the time of loan maturity will play a part in determining the rate offered to you.

You can also Check Pan Number for All Banks

The step-by-step process to apply for a home loan of Rs. 70 Lakh is given below:

• Visit our website and click on the ‘Home Loan’ that is mentioned under the ‘Loans’ section.
• Fill out the online application accurately by entering all the details as required.
• Enter the ‘OTP’ received on your registered mobile number.
• Then click on the ‘Submit’ button to view the best home loan offer quotes.
• Home loan offers from our partner lenders will be displayed on your screen according to the information entered by you.
• Choose the lender preferred by you and apply online.
• Our home loan experts will connect with you soon regarding the completion of your home loan process.

Additional Info: Also check Home Loan Customer Care Number