Home loan up to 70 lakh details

Bajaj Finserv offers home loan that can help you to finance your high-value purchases and build your dream home without worrying about funds. You can easily get sanctioned for an amount of Rs. 70 or more to cover necessary costs, from purchasing the property to the construction expenses.

Also, thanks to Government-backed schemes like PMAY and added facilities such as top-up loan features, flexible repayment terms, etc., you can save even more. However, before submitting your 70 lakh home loan application form, learn about the eligibility requirements, interest charges, etc., here.

Eligibility criteria for the 70 lakh home loan amount

To make the most of the benefits of this credit facility, meet the following home loan eligibility criteria first.

For self-employed individuals:

  • You must be an Indian resident
  • Your age should be between 25 and 70 years**
  • You must be running a stable business where the vintage should be minimum 5 years

For salaried individuals:

  • You must be a citizen of India
  • You should be aged between 23 and 62 years**
  • You must be associated with a reputed organisation and have at least 3 years of work experience
  • You should meet the minimum monthly income range as well as the property requirement for your city

Apart from meeting these parameters, you must ensure that the following documents are ready with you to avail a home loan up to 70 Lakh:

  • FORM 16 or latest salary slips (for salaried individuals)
  • TR document or P&L statement (2 years) (for self-employed individuals)
  • Proof of business vintage of minimum 5 years (for self-employed individuals)
  • Basic KYC documents, such as address and identity proof
  • Bank account statements (last 6 months)

Once you have all these necessary papers handy, it is time for you to be aware of the offered interest rate to evaluate your monthly obligations.

**Maximum age considered at the time of loan maturity.

Interest rate applicable on Rs. 70 lakh home loan

The allotted home loan interest rate on an Rs. 70 lakh home loan for salaried applicants and professional applicants is 7.70%* and onwards. Remember, the rate of interest always influences the overall cost of borrowing, and your monthly liabilities differ according to that.

Make sure you calculate the monthly instalment amount using a house loan EMI calculator, especially when you are planning to opt for such a large amount. This way it will get easier for you to plan your finances accordingly.

70 lakh home loan EMI details

Understanding the loan amortisation, how much you will have to bear for the specified repayment tenor, etc., are necessary before availing a loan. As mentioned earlier, Assessing home loan EMI using the relevant financial tool is ideal to get the EMI breakup and know the exact amount you need to pay each month.

EMI calculation for a 70 lakh home loan with varying tenors

Know that your home loan EMI varies depending on the tenor you choose. Now, to get a better idea of how it influences your monthly instalment, find these examples given below. Here, the principal amount and interest rate remain the same, Rs. 70 lakh and 7.70%* p.a, only the tenor will differ.

EMI for a Rs. 70 lakh home loan for 30 years

Loan Amount

Rs. 70 lakh

Interest Rate

7.70%*

Tenor

30 Years

EMI

Rs. 49,907

 

EMI for an Rs. 70 lakh home loan for 20 years

Loan Amount

Rs. 70 lakh

Interest Rate

7.70%*

Tenor

20 Years

EMI

Rs. 57,251

 

EMI for a Rs. 70 lakh home loan for 15 years

Loan Amount

Rs. 70 lakh

Interest Rate

7.70%*

Tenor

15 Years

EMI

Rs. 65,689


The above-mentioned examples make it easier for you to understand how the monthly instalments change depending on repayment tenors. Therefore, make sure to choose the loan tenor carefully so that it does not strain your budget.

EMI calculations for a home loan amount lower than Rs. 70 lakh

In case it seems way too challenging for you to meet all your existing financial liabilities while availing an Rs. 70 lakh home loan, consider applying for less as that will automatically bring your EMIs down. Here is an example clarifying how different loan amounts influence EMIs:

For an Rs. 69 lakh home loan for 20 years

  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMI: Rs. 54,327

For a Rs. 68 lakh home loan for 20 years

  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMI: Rs. 53,540

For a Rs. 67 lakh home loan for 20 years

  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMI: Rs. 52,752

For a Rs. 66 lakh home loan for 20 years

  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMI: Rs. 51,965

As you can see, a small change in the principal amount and the repayment tenor can alter the monthly instalment. Assess your financial liabilities and apply for a home loan with Bajaj Finserv to be benefitted from its wide range of benefits.

*The Interest rates mentioned are subject to change, To know the latest rates visit here