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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:
EMI for a tenure of 10 years | Rs. 84,560 |
EMI for a tenure of 20 years | Rs. 58,116 |
EMI for a tenure of 30 years | Rs. 50,876 |
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:
State Bank of India | 8.05% p.a. onward |
Bajaj Housing Finance | 7.70% p.a. onward |
PNB Housing Finance | 8.00% to 10.35% p.a. (for salaried) 8.10% to 10.70% p.a. (for self-employed) |
Bank of Maharashtra | 7.80% p.a. onward |
LIC Housing Finance | 8.05% p.a. onward |
Kotak Mahindra Bank | 7.99% to 9.15% p.a. onward |
HDFC Bank* | 8.10% onward p.a. |
Axis Bank | 8.10% to 8.45% p.a. (for salaried) 8.20% to 8.55% p.a. (for self-employed) |
ICICI Bank | 8.10% p.a. to 8.95% p.a. (for salaried) 8.20% p.a. to 9.10% p.a. (for self-employed) |
Tata Capital | 8.10% p.a. onward |
Federal Bank | 9.05% p.a. onward |
Shubham Housing Finance | 11.90% to 16% p.a. onward |
Home First Finance Company | 11.90% p.a. onward |
* 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
Bank/NBFC/HFC | Interest Rate | EMI for 10 Years | EMI for 20 Years | EMI for 30 Years |
---|---|---|---|---|
State Bank of India | 8.05% p.a. onward | Rs. 85,114 | Rs. 58,769 | Rs. 51,608 |
Bajaj Housing Finance Ltd | 7.70% p.a. onward | Rs. 83,824 | Rs. 57,251 | Rs. 49,907 |
PNB Housing Finance | 8.00% to 10.35% p.a. (for salaried) 8.10% to 10.45% p.a. (for self-employed) | Rs. 84,929 (salaried) Rs. 85,300 (self-employed) | Rs. 58,551 (salaried) Rs. 58,987 (self-employed) | Rs. 51,364 (salaried) Rs. 51,852 (self-employed) |
Bank of Maharashtra | 7.80% p.a. onward | Rs. 84,191 | Rs. 57,683 | Rs. 50,391 |
LIC Housing Finance | 8.05% p.a. onward | Rs. 85,114 | Rs. 58,769 | Rs. 51,608 |
Kotak Mahindra Bank | 7.99% p.a. onward | Rs. 84,892 | Rs. 58,507 | Rs. 51,315 |
HDFC Bank | 8.10% onward p.a. | Rs. 85,300 | Rs. 58,987 | Rs. 51,852 |
Axis Bank | 8.10% to 8.45% p.a. (for salaried) 8.20% to 8.55% p.a. (for self-employed) | Rs. 85,300 (salaried) Rs. 85,671 (self-employed) | Rs. 58,987 (salaried) Rs. 59,425 (self-employed) | Rs. 51,852 (salaried) Rs. 52,343 (self-employed) |
ICICI Bank | 8.10% p.a. to 8.95% p.a. (for salaried) 8.20% p.a. to 9.10% p.a. (for self-employed) | Rs. 85,300 (salaried) Rs. 85,671 (self-employed) | Rs. 58,987 (salaried) Rs. 59,425 (self-employed) | Rs. 51,852 (salaried) Rs. 52,343 (self-employed) |
Tata Capital | 8.10% p.a. onward | Rs. 85,300 | Rs. 58,987 | Rs. 51,852 |
Federal Bank | 9.05% p.a. onward | Rs. 88,863 | Rs. 63,206 | Rs. 56,576 |
Shubham Housing Finance | 11.90% - 16% p.a. onward | Rs. 1,00,025 | Rs. 76,589 | Rs. 71,465 |
Home First Finance | 8.00% - 18% p.a. onward | Rs. 84,929 | Rs. 58,551 | Rs. 51,364 |
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:
Rate of Interest | Loan Repayment Tenure | EMI for Rs 70 Lakh home loan |
---|---|---|
7.40% | 10 years | Rs. 82,726 |
7.95% | 10 years | Rs. 84,744 |
7.99% | 10 years | Rs. 84,892 |
8.10% | 10 years | Rs. 85,300 |
9.10% | 10 years | Rs. 89,052 |
11.90% | 10 years | Rs. 1,00,025 |
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:
Rate of Interest | Loan Repayment Tenure | EMI for Rs 70 Lakh home loan |
---|---|---|
7.40% | 20 years | Rs. 55,964 |
7.70% | 20 years | Rs. 57,251 |
7.99% | 20 years | Rs. 58,507 |
8.10% | 20 years | Rs. 58,987 |
9.10% | 20 years | Rs. 63,432 |
11.90% | 20 years | Rs. 76,589 |
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:
Rate of Interest | Loan Repayment Tenure | EMI for Rs 70 Lakh home loan |
---|---|---|
7.40% | 30 years | Rs. 48,467 |
7.70% | 30 years | Rs. 49,907 |
7.99% | 30 years | Rs. 51,315 |
8.10% | 30 years | Rs. 51,852 |
9.10% | 30 years | Rs. 56,828 |
11.90% | 30 years | Rs. 71,465 |
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
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
* 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:
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:
Additional Info: Also check Home Loan Customer Care Number
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The EMI for a Rs. 45 Lakh home loan will vary from lender to lender as well as from borrower to borrower. Some factors on which the EMI would depend are: the interest rate on the loan, tenure of repayment, and the borrower’s credit profile. You can use our home loan EMI calculator available online on our website to calculate Rs. 70 Lakh home loan EMI for different interest rates and tenures.
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 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 chance of your Rs 70 Lakh home loan application being approved.
The home loan interest rates at Tata Capital start at 8.10%. Taking this rate into account, a home loan of Rs 70,00,000 over a repayment tenure of 30 years would result in an EMI of Rs. 51,852.
The home loan interest rates at LIC Housing Finance start at 8.05%. So, a home loan of Rs 70,00,000 to be repaid over a period of 30 years would result in an EMI of Rs. 51,608.
The minimum salary required for a Rs 70 Lakh home loan is Rs. 60.000 or above, the actual eligibility will vary from lender to lender.
According to the standard rule followed by lenders, there are several factors governing the grant of home loans, however, generally, the home loan amount can go up to 60 times of what you earn. This means that a monthly salary of around Rs 1,16,000 would make you a strong candidate to get your Rs 70 Lakh home loan application approved.