An INR 70 lakhs home loan can help you buy a mid-to-high range property in most Indian cities, but it also comes with significant financial commitments.
From interest rates and EMIs to eligibility and document requirements, there are several aspects to think about. This guide will walk you through all the important points, including the INR 70 lakhs home loan EMI, benefits of opting for such a loan, and the critical factors to evaluate before applying.

What Is the EMI for an INR 70 Lakhs Home Loan?

The EMI calculation takes into account 3 inputs – the loan amount, the interest rate, and the tenure.
Let’s assume an interest rate of 10% per annum and a tenure of 30 years. Using a home loan EMI calculator, the monthly EMI comes to approximately INR 61,430.

INR 70 Lakhs Home Loan EMI Details

Let’s break down the EMI for an INR 70 lakhs home loan for different tenures, assuming a constant interest rate of 10% per annum.

Disclaimer: Please note that the figures above are approximate and for illustrative purposes only. Your final EMI amount will depend on many factors and will be disclosed in the schedule shared with you after loan approval.

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How to Apply for an INR 70 Lakhs Home Loan?
Here are the general steps you’ll follow when applying for a home loan:

• Ensure you meet the lender’s eligibility criteria and gather all required documents, such as identity proof, income proof, address proof, and property-related papers.
  
• You can apply online by filling out the digital application form, or visit your nearest lender branch to apply in person.
  
• Provide all necessary documents to support your application.
  
• A lender representative will get in touch with you to guide you through the next steps.
  
• Once your application, documents, and property details are verified, the loan will be sanctioned and disbursed as per the agreed terms.

Eligibility Criteria for an INR 70 Lakhs Home Loan

To approve a home loan of INR 70 lakhs, lenders typically look at the following factors:

• Age: Typically between 21 and 65 years (applicant should not be older than 65 at the time of loan maturity).
  
• Income/Employment: Must be salaried or self-employed with a stable and verifiable source of income.
  
• CIBIL Score: A credit score of 700 or above is usually required for favourable terms.
  
• Debt-to-Income (DTI) Ratio: Ideally below 30%, meaning your total EMIs should not exceed 30% of your monthly income.

*Please note that these are only the basic eligibility requirements. The final eligibility will depend on several factors, including the lender’s policy at the time of loan application.

Documents Required for an INR 70 Lakhs Home Loan

Here’s a general list of documents you’ll need to submit when applying for a home loan of INR 70 lakhs:

• Identity Proof: PAN card, Aadhaar card, voter ID, driving licence
• Address Proof: Aadhaar card, ration card, latest electricity bill/piped gas monthly bill, property tax/water bill
• Income Proof (for salaried): Last 3 months’ salary slips, 2 years’ Form 16, 6 months’ bank statements with salary credits
• Income Proof (for self-employed): Last 2 years’ ITR with computation, CA-audited financial statements, 6 months’ primary bank statement
• Documents pertaining to the property.

*Please note that additional documents may be required based on your individual profile and the lender’s policy at the time of loan application.

INR 70 Lakhs Home Loan Features and Benefits

An INR 70 lakhs home loan offers several attractive features designed to make homeownership more accessible:

• Competitive Interest Rates: Eligible applicants can benefit from attractive home loan interest rates, which help reduce the overall cost of borrowing.
  
• Flexible Tenures: You can choose a repayment tenure of up to 30 years*, allowing you to plan for EMIs based on your financial comfort.
  
• Smart Planning Tools: Digital tools like the home loan EMI calculator and eligibility calculator aid effective financial planning and informed decision-making.
  
• Easy Online Application: Enjoy the convenience of applying online with minimal documentation, reducing the need for multiple branch visits.

Factors to Consider While Availing an INR 70 Lakhs Home Loan

Before committing to a high-value loan, it’s important to evaluate the following factors to ensure long-term financial stability:

• EMI Feasibility: Use a home loan EMI calculator to check whether the monthly instalment fits comfortably within your budget. Avoid overextending your finances.
  
• Interest Rate Type: Choose between fixed and floating rates based on your financial preferences and future interest rate outlook.
  
• Eligibility Criteria: Ensure you meet the lender’s requirements around age, income, credit score, and so on to improve your chances of approval.
  
• Down Payment: While lenders may finance up to 90%* of the property value, you’ll need to arrange for the remaining down payment plus account for associated costs like stamp duty.
  
• Loan Tenure: A longer tenure reduces EMI but increases total interest outgo. Choose the tenure carefully, based on your repayment capacity and long-term financial goals.
  
• Total Cost of the Loan: Factor in processing fees, documentation charges, and other associated costs when comparing loan offers.

Conclusion

A home loan of INR 70 lakhs is a significant financial commitment that requires careful consideration and planning. Before proceeding, ensure you've thoroughly evaluated your financial readiness, compared offers from multiple lenders, and understood all terms and conditions.
Ready to take the next step? SMFG Grihashakti offers home loans of up to 90%* of the property’s value with interest rates starting at 10%* per annum and flexible tenures of up to 30 years. Check your home loan eligibility, estimate your EMIs, and apply online today!