₹70 Lakh Home Loan EMI

You can avail a home loan of ₹70 Lakhs with ease today to buy a ready-to-move-in property or construct one according to your needs. All you need to do is meet the lender’s eligibility criteria. As long as you can prove your repayment ability, getting ₹70 Lakhs for your dream home is simple.

You can check your eligibility for a home loan of ₹70 Lakhs by using a home loan eligibility calculator. At the planning stage itself, you can also find out what your ₹70 Lakh home loan EMI looks like. Read on to know how you can apply for a home loan online and calculate your ₹70 Lakh home loan EMI for 20 years and other tenures.

Once you have decided to opt for a ₹70 Lakh home loan EMI option, simply use a 70 lakh home loan EMI calculator for quick and accurate EMI calculation. Enter the loan tenure of your choice and interest rate offered by the lender into the calculator to get your EMIs. 

Here is a look at the different amounts of EMI for a home loan of ₹70 Lakhs that you could be paying based on the duration.

To compute your ₹70 Lakh home loan EMI, you can use a home loan calculator online for free. With the help of this calculator, you can calculate the monthly instalment that you will repay for the tenure you select. 

To know the monthly instalment amount for a home loan of ₹70 Lakhs, you can use the following

formula:

P X R X (1+R) )^N / [(1+R)^N-1]

P refers to the principal loan amount

N stands for the loan tenure in months

R is the annual rate of interest

If you choose a tenure of 20 years, N will be 120 X 12, which is 240. To add the home loan interest rate in months, take the annual interest rate and divide it by 12 and by 100. So, if the interest rate is 10%, R will be 10/12/100, which is 0.008.

For instance, if you take a ₹70 Lakh home loan at 10% interest for 20 years, see the EMI calculation below:

EMI = ₹ {7000000 x 0.008 x (1 + 0.008)^240} / {(1 + 0.008)^240-1}

EMI = ₹67,552.

By using a home loan EMI calculator, you can plan your monthly budget for a home loan of ₹70 Lakhs with ease. This also helps you choose the right repayment term as you can vary it from 20 years to other tenures.

In addition, the calculator lets you know the total interest that you will pay, so you can understand the cost of the loan better. This will also help you understand how the rate of interest is affecting your EMIs. So, you can plan for prepayment in advance too.

Many financial institutions, including banks and NBFCs, have partnered with Bajaj Markets to offer you home loans. You can avail of these loans at competitive interest rates. 

Whether you are salaried individuals or self-employed, you can get a home loan of ₹70 Lakhs at interest rates starting at 8.50%. See the table below to have a look at the partners you can avail of a home loan from. 

*Disclaimer: The interest rates and associated charges vary from one lending partner to the other and are subject to policy changes of the partner. 

The eligibility for a home loan could differ from lender to lender, and it is important to know about the terms in advance. Before applying for a ₹70 Lakh home loan, here is the standard eligibility criteria you must meet:

1. For salaried applicants:

• Be employed with a government entity or a reputed private organisation

• Be at least 23 to 26 years of age (varies across lenders) 

• Have a minimum income of ₹25,000 per month

• Have a good CIBIL score 

2. For self-employed applicants:

• Be 25 years old while applying for the loan and 60 to 65 years old at the time of maturity

• Have a minimum income of ₹2 Lakhs per annum

• Have a good CIBIL score 

Follow these steps to avail to avail a housing loan up to ₹70 Lakhs on Bajaj Markets. 

• Step 1: On the home loan section, click on ‘Apply Now’ and share a few personal details to check your home loan eligibility instantly 

• Step 2: Pick your lending partner from the various options you see 

• Step 3: Enter your requirements for a home and the property details

• Step 4: Get your final loan details and amount

A customer service executive to get in touch with you next to request the needed documents and process your application.

The home loan document list varies from person to person. It differs on the basis of your profession, income sources, and the type of loan you are seeking. If you are looking to apply for a ₹70 Lakh home loan, here is the list of documents you will need to submit:

• Identity proof: PAN card or Aadhaar card

• Address proof: Aadhaar card, Passport, Voter ID, Driver’s licence, etc.

• Income proof: Salaried individuals need to provide bank statements for the last 3 months, which reflects the salary credit amount, along with salary slips; self-employed individuals need to submit bank statements for the last 3 months along with the ITR and proof of business certificate

• Property documents: A conveyance deed, registered sales deed or lease is mandatory; builder agreement and payment receipts with the allotment letter are also needed.

• Filled out home loan application form

• House tax return filing proof

• Passport-size photographs of the applicant and co-applicant (if any)

Paying your ₹70 Lakh home loan EMI for 10 years helps you close the loan fast and reduce your total interest dues. However, the monthly amount will be higher than the ₹70 Lakh home loan EMI for 15 years. 

Use the ₹70 Lakh home loan EMI calculator to check this for yourself. It is faster and more accurate than using the formula and manually computing it on your own. Check out the calculation for the EMI for a home loan of ₹70 Lakhs below along with the total interest.

As you can see, your EMI for a home loan of ₹70 Lakhs is affected by the interest rate and your chosen tenure. If you have varied financial commitments, an EMI of ₹87,353, as shown above, may not be feasible for you. 

So, you can calculate your EMI for a ₹70 Lakh home loan for 20 years instead. By increasing the repayment duration, your EMIs reduce but your overall interest payments increase. See what your ₹70 Lakh home loan EMI for 20 years looks like below.

Now that you know that the interest you pay on a home loan of ₹70 Lakhs is inversely proportional to the tenure, you can make an informed decision. The maximum tenure that lenders usually offer is 30 years. 

Your ₹70 Lakh home loan EMI will be the smallest for this tenure, but the total interest will be the highest. However, affordability is key to repaying on time and making sure you don’t miss your monthly payments. 

See what your ₹70 Lakh home loan EMI for 30 years looks like below.

There are many ways you can try to bring down the ₹70 Lakh home loan EMI amount. You can negotiate with the lender early on or switch your home loan with a balance transfer to another lender. Here are some other ways you can try to minimise your ₹70 Lakh home loan EMI:

• Prepay: When you have some money saved up, consider using it to make a part-prepayment. By doing so, you will reduce your monthly instalments.

• Increase Down Payment: With a higher down payment, you will need a lower home loan amount. So, try to increase your house loan down payment to pay a lower EMI amount.

• Choose a Step-down EMI Plan: With a plan like this, certain banks and NBFCs allow you to pay higher EMIs at the start of your repayment tenure. The EMI amount gradually decreases over time.

• Increase the Tenure: The longer your home loan repayment tenure, the less your monthly repayment amount. If you don’t wish to dedicate a large amount every month, request for a long home loan tenure like 25 or 30 years.

Check out the various types of ₹70 Lakh home loan EMI options you can avail of before you finalise your borrowing decision.

• Overdraft EMI option: Some banks allow an overdraft facility, where you can park surplus funds in your bank account. This helps you save on the home loan interest as long as the funds remain in the account.
• Under-Construction EMI Option: If you are buying a home that is still under construction, you can choose between a pre-EMI and full EMI option. 

With a pre-EMI plan, you need to only pay the interest on the principal loan amount. This is until you get the possession of the property or till the end of moratorium period, whichever is earlier.