A home loan is a straightforward approach to fund the purchase of real estate. Several factors must be considered while applying for the maximum home loans available. It is entirely dependent on your income as well as any possible commitments. Your monthly income will determine your eligibility for a specific amount, and your house loan interest rates will be influenced by it. The majority of banks will lend up to 85 % of the value of a home. You must first establish your affordability and check that you match the bank’s eligibility conditions in order to obtain the most money out of a loan. Your home loan EMI is calculated by the bank based on your wages. In most cases, your loan EMI is decided by your earnings.
A home loan of INR 70 Lac. can be used for a variety of things, including buying your first home, creating one, or renovating one that already exists. In addition to the huge loan amount, you will benefit from a flexible loan tenure and low house loan interest rates. All that remains is for you to ensure that you do not fall behind on your monthly payments. If you miss even one EMI, your CIBIL score will suffer.
Eligibility for an INR 70 Lac. Home Loan
To be approved for a housing loan of INR 70 Lac, you must meet the following requirements:
- You must be an Indian citizen.
- If you’re salaried, you should be between the ages of 23 and 62; if you’re self-employed, you should be between the ages of 25 and 70.
- If you’re a salaried employee, you’ll need to have worked for at least three years, one of which must have been with your current employer.
- You must have been in business for at least 5 years if you are self-employed.
- Basic paperwork such as Aadhaar and PAN cards, as well as Form 16 or the most recent three-month salary slips, and P&L statement and balance sheets for the previous two years, are necessary for salaried employees.
- Statement of account for the previous six months.
EMI for an INR 70 Lac. Home Loan
You may use a housing loan EMI calculator to find out the exact monthly repayment details for a home loan worth INR 70 lac. Because it calculates your monthly payment amounts using critical criteria such as the loan’s principal amount, loan length, and interest rate, the EMI calculator is the most accurate tool for acquiring accurate information. As your loan period lengthens, your EMI will decrease, and vice versa. You will, however, end up paying a larger loan amount at the end of the term if you take out a longer loan term than if you take out a shorter loan period.
The EMI payment on a loan of INR 70 Lac. for 10, 15, and 20 years at a 7.5% p.a. interest rate is presented in the table below to help you understand:
|Loan Amount||Interest Rate||Loan Tenure||EMI|
|INR 70 Lac.||7.5% p.a.||10 Years||INR 83,091|
|INR 70 Lac.||7.5% p.a.||15 Years||INR 64,891|
|INR 70 Lac.||7.5% p.a.||20 Years||INR 56,392|
The table above shows the EMI costs for a home loan of INR 70 lac over 10, 15, and 20 years at a 7.5 % annual interest rate. These values may change depending on a number of factors, including your age, income, and CIBIL score, among others. Banks, on the other hand, calculate the EMI amount depending on the applicant’s attributes, such as age, repayment capacity, CIBIL score, and other criteria.
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