What is the EMI for 70 Lakh Home Loan?

I wanted to invest in a property worth Rs 1.40 crore and avail of a home loan of Rs 70 lakh. Before visiting any bank and finalising it, I wanted to have an idea about a 70 lakh home loan EMI for 20 years. I used

and was able to get the EMI amount, Rs 61,859, easily. Let me share how you can use it.

How to Use the NoBroker EMI on 70 Lakh Home Loan?

It is very easy to use the NoBroker EMI calculator. You just need to:

• Visit the EMI calculator portal of NoBroker (the link I mentioned earlier)

• Enter your loan amount, rate of interest and loan tenure

• Next, click on Check Eligibility option and you will know your EMI amount

Suppose you want to know about the 70 lakh home loan EMI for 30 years. So enter

• Rs 700,000 as loan amount

• Let's take 8.75% as the interest rate and 

• 30 years as loan tenure

• The monthly EMI will be: Rs  55,069

Similarly, to know the 70 lakh home loan EMI for 15 years, just change the tenure period and get to learn the EMI amount: Rs 69,961.

If you want to calculate the EMI amount manually, you can follow the formula:

where:

• P= principal or loan amount

• R = monthly interest rate divided by 100. 

• N = monthly EMIs you will need to pay.

as mentioned above by Tara.

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Hey,

Taking a loan requires careful consideration and planning. You will need to budget your savings and figure out how to pay EMI each month while still having disposable income. Keep reading to know the 70 lakh home loan  EMI and how I calculated it.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

E: Equated Monthly Instalment,

P: Principal or loan amount,

R: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and

N: Number of monthly instalments or loan tenure in months.

Just, select  the “=” symbol, type ‘PMT(the rate of interest, period, loan amount)’, and click enter. The excel sheet will give you the EMI amount in a negative value. 

Take a look at the table to know EMI on a ₹70 lakh home loan for the tenure of 10, 15, 20, 25 and 30 years and an interest rate of 8.45% p.a. 

This is all from my end on 70 lakh home loan EMI.

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A Rs. 70 lakh home loan is a long-term commitment; your EMIs will be easier to manage if you select a lengthy payback period. Depending on the interest rate levied by the lender and the payback period selected by the borrower, the 70 lakh home loan EMI might vary from bank to bank. The borrower's profile will also be a key factor in choosing the interest rate that the lender will give.

What is the EMI for 70 lakh home loan?

Your monthly EMI payment is determined by three factors: loan amount, interest rate, and repayment period. Manually calculating the EMI for a home loan of 70 lakh rupees would take a lot of time. Manual calculations are also subject to human mistakes. Using an online calculator for EMI for 70 lakhs home loan might be a better option.

You can also check out your EMI via the NoBroker EMI calculator. 

Apart from the online EMI calculator, you should additionally, be able to manually calculate the Rs. 70 lakh rupee home loan EMI amount yourself. The formula for manually calculating it is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}

In the formula mentioned above, 

• P represents the principal or loan amount

• R indicates the monthly interest rate divided by 100. 

• N denotes the monthly EMIs you will need to pay.

Let’s see how much will be your Rs. 70 lakh home loan EMI for 10 years based on the rate of interest of 8.45% p.a. or 0.615% per month.

EMI =  Rs. {7000000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = 

Rs. 86,603.

It is clear that manual calculations are difficult and time-consuming. Therefore, it is preferable that you compute your 70 lakh home loan EMI using the NoBroker home loan EMI calculator.

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