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 5 years, 10 years, 15 years, 20 years and 30 years tenure at a 8.50% p.a. interest rate:

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, 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 8.50% 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.

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:

The Rs. 70 Lakh home loan EMI for 10 years tenure at a 8.50% p.a. interest rate would be Rs. 86,416. 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.

Below is the table for Rs. 70 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 10 years tenure:

The Rs. 70 Lakh home loan EMI for 20 years tenure at a 8.50% p.a. interest rate would be Rs. 60,305. The EMI on a Rs. 70 Lakhs loan for a repayment tenure of 20 years differs from lender to lender based on the rate of the interest rate charged and the borrower’s home loan eligibility.

Below is the table for Rs. 70 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 10 years tenure:

EMI for 70 Lakh home loan for 30 years will be Rs. 53,329 at an interest rate of 8.50% p.a. The EMI may change depending on the lender’s policy, the applicable interest rate and the borrower’s eligibility.

Below is the table for Rs. 70 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 30 years tenure:

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)

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.