₹70 Lakh Home Loan EMI and Interest Rate
Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options
₹70 Lakh Home Loan EMI
Let’s say, you are planning to take a ₹70 lakh home loan to purchase a new property. Assuming that you have an excellent credit score and meet all the eligibility criteria, getting a home loan of ₹70 lakh shouldn’t be too difficult. However, there’s one small but important factor that you should consider before applying for a loan – your ₹70 lakh home loan EMI.
Calculating your home loan EMI in advance could help you better plan your finances. That’s because once you know your repayment obligations, you can pay your loan EMIs stress-free. There are two ways of calculating your EMI – manually or via a home loan EMI calculator. While both the modes can be used, using a calculator can significantly help you save time.
₹70 Lakh Home Loan EMI Details
Once the loan is disbursed, you have to repay the loan in EMIs. Your EMI depends on the home loan amount, tenure and interest rate and has two components – the principal and the interest.
Now, suppose you want to calculate your EMI on a ₹70 lakh home loan. You can consider calculating the EMIs on tenures like 10, 15, 20, 25 and 30 years and an interest rate of 8.45% p.a. If you use a home loan EMI calculator, you will get the following results.
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹70,00,000 | 8.45% | 5 Years | ₹1,43,447 |
| ₹70,00,000 | 8.45% | 10 Years | ₹86,603 |
| ₹70,00,000 | 8.45% | 15 Years | ₹68,727 |
| ₹70,00,000 | 8.45% | 20 Years | ₹60,526 |
| ₹70,00,000 | 8.45% | 30 Years | ₹53,576 |
₹70 Lakh Home Loan EMI Calculator
The loan amount, interest rate, and repayment tenure are the three factors that determine your home loan EMI. You can calculate your EMI on ₹70 lakh home loan manually, but that would be a time-consuming process. Additionally, manual calculations are prone to human errors. A better alternative would be using our ₹70 lakh home loan EMI calculator.
Navi’s home loan EMI calculator is extremely user-friendly and allows you to calculate EMIs for your housing loan within seconds. You just need to enter your loan amount, repayment tenure and interest rate to know your EMI.
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
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Total Interest
Total Amount
70 lakh Homeloan Interest and Other Charges
₹70 Lakh Home Loan Interest Rate & Other Charges
Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.45% p.a. with flexible repayment tenures of up to 30 years. Here are the details below:
Competitive interest rates starting at 8.45% p.a.
How to Apply for ₹70 Lakh Home Loan
How to Apply For 70 lakh Homeloan?
₹70 Lakh Home Loan Eligibility & Documents Required
₹70 Lakh Home Loan Eligibility & Documents Required
- Nationality: Indian resident
- Age: 25 to 62 years
- Type of employment: Salaried or Self-employed
- PAN and Aadhaar card
- Bank statement or GST returns
₹70 Lakh Home Loan EMI for 10 Years
Let’s find out the impact of the loan tenure on your home loan EMI. For illustrative purposes, let’s calculate your ₹75 lakh home loan EMI for 10 years. You can use Navi’s online EMI calculator to check your EMI in a quick and hassle-free manner. However, if you want to know how it’s done manually, then here is the formula:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}: where P is the principal amount, R is the monthly rate of interest divided by 100, and N is the loan tenure in months
Now your calculation for EMI for ₹70 lakhs home loan for 10 years will look something like this:
EMI = ₹{7000000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹82,689.
Moreover, here are the further details:
| Loan Amount | ₹70,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹86,603 |
| Total Interest | ₹33,92,349 |
| Total Repayment | ₹1,03,92,349 |
₹70 Lakh Home Loan EMI for 20 Years
If you want to calculate EMIs for a home loan of ₹70 lakh for 20 years, you can use an online EMI calculator.
However, for better understanding, we have illustrated the manual calculation for EMI on a housing loan of ₹70 lakh.
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}: where P is the principal amount, R is the monthly rate of interest divided by 100, and N is the loan tenure in months
So, if you calculate your EMI for ₹70 lakh home loan for 20 years manually so, this is what your calculation will look like:
EMI = ₹{7000000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹55,920.
By now, you have understood that manual calculation of EMI is not only a tedious process but a bit complex as well.
That is why we suggest you use an online EMI calculator. Here are the loan details:
| Loan Amount | ₹70,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹60,526 |
| Total Interest | ₹75,26,309 |
| Total Repayment | ₹1,45,26,309 |
₹70 Lakh Home Loan EMI for 30 Years
Now that you know how to calculate your home loan EMI for 10 and 20 years, let us calculate EMI for 30 years as well. Just like its previous calculations, this EMI calculation will also have the same formula, which is:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
Again, P stands for the principal loan amount, R is the monthly rate of interest divided by 100, and N stands for repayment tenure in months (which in this case will be 360 months). So, the manual calculation should look something like this:
EMI = ₹{7000000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹48,419
Here are the additional details:
| Loan Amount | ₹70,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹53,576 |
| Total Interest | ₹1,22,87,393 |
| Total Repayment | ₹1,92,87,393 |
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