# ₹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

Note: that this table is for illustrative purposes only

## ₹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

0

Total Interest

Total Amount

## ₹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.

Zero processing fee charged
Get loans up to ₹5 crore to finance your dream house
Enjoy flexible repayment tenures of up to 30 years
Pre-close your home loan at your convenience with no additional cost

## How to Apply for ₹70 Lakh Home Loan

Follow the steps below to apply for a ₹70 lakh home loan:
Download the Navi app from Play Store or App Store
Enter personal and employment details
Do your KYC with PAN, Aadhaar and bank statement
Get instant loan approval and provisional sanction letter

## ₹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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## Frequently Asked Questions

When you take a home loan, you are supposed to repay the loan in EMIs or Equated Monthly Instalments. There are two ways of calculating EMI on home loan – manually or via a home loan EMI calculator. The formula is {P x R x (1+R)^N} / {(1 + R)^N – 1}. Here P stands for loan principal and R denotes the interest rate divided by 100. N is the number of EMIs you will have to pay (in months).
Your home loan EMI is based on three factors – the loan amount, interest rate and tenure. If the tenure is more, your EMIs would be less, however you would end up paying more as interest. This increases the overall cost of your loan. Similarly, for a shorter tenure, your EMIs would be on the higher side, however, you would end up paying less interest.
Yes, you can take a joint home loan with your spouse or relative. The benefit of a joint home loan is that if either of you has a good credit score, you can get preferential interest rates on your loan. Secondly, since a joint home loan involves more than one person, it automatically brings down the risk-factor. This automatically increases the chance of getting your loan approved.
Defaulting Home loans are secured loans where you have to pledge collateral. In this case, the collateral would be the home you have taken the loan for. In case you default on your loan, the lender has every right to seize your house to recover the amount. Also, missed EMIs could call for heavy penalty charges. Your credit score and creditworthiness would take a hit as well.
First, you need to plan things better. If your credit score is too low, apply for a loan once the numbers show some improvement. To do that, pay your other EMIs or bills on time. Following the best financial practices could help improve your credit score slowly and steadily. Another option would be jointly applying for a loan with someone having an above average score.

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