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2 mins Read | 7 Months Ago

70 Lakh Home Loan EMI - Home Loan Up to 70 Lakh

40 Lakh Home Loan


For many of us, owning a home is a dream. To turn this into reality, a Home Loan is often the go-to financial solution. If you are considering a Rs 70 lakh Home Loan, it is important to have a clear understanding about how Equated Monthly Instalments (EMIs) work. In this blog post, you will learn how to manage a Home Loan EMI of Rs 70 lakh. You will also learn how to use a Home Loan Calculator for better financial planning. 

Understanding Home Loan EMIs of Rs 70 lakh

Equated Monthly Instalment (EMI) is a fixed monthly payment that includes both the principal amount and the interest on your Home Loan. When you avail a Rs 70 lakh Home Loan, the EMI serves as a crucial financial commitment that you are required to manage effectively.

Let us break down the factors that influence your EMI calculation:

  • Loan amount: In this case, the Loan amount is Rs 70 lakh, which is the amount you borrow from the Bank to purchase your dream home.

  • Interest rate: The interest rate is a critical factor that determines the cost of your Home Loan. ICICI Bank offers competitive interest rates for home loans and the rate you qualify for depends on your creditworthiness and the prevailing market rates.

  • Loan tenure: The loan tenure is the period over which you repay the loan. Typically, Home Loans have a tenure of 10 to 30 years. Choosing a longer tenure can result in lower EMIs but higher overall interest payments. A shorter tenure means higher EMIs but lower interest costs.

  • Amortisation Schedule: An Amortisation Schedule provides a detailed breakdown of each EMI payment, showing the proportion of the payment that is allocated to the principal and the interest. Initially, a significant portion of your EMI goes towards interest. Over time, the principal repayment becomes more important.

Using a Home Loan Calculator

To calculate your Rs. 70 lakh home loan EMI accurately, you can make use of a house EMI loan calculator, such as the one provided by ICICI Bank on their website. 

Here is a step-by-step guide on how to use the calculator:

  • Enter the loan details: Start by entering the loan amount, which is Rs 70 lakh in this case. Next, enter the interest rate and select the loan tenure that best suits your requirements.

  • Calculate EMI: Once you have entered all the necessary details, click on the ‘Calculate EMI’ button. The calculator will instantly generate your monthly EMI amount.

  • Analyse the results: The calculator will also display a detailed Amortisation Schedule, outlining the monthly breakdown of your EMI into principal and interest components. This schedule can help in planning your finances more effectively.

Before calculating your EMIs, it is important to check whether you are eligible for a Home Loan or not. This step has been made simpler with ICICI Bank’s Home Loan Eligibility Calculator.

Factors to consider: 

While evaluating your Home Loan EMI, it is essential to consider the following factors:

  • Budget: Assess your monthly budget to ensure that the EMI amount is affordable. Keep in mind that your EMI should not strain your finances significantly, allowing you to maintain a decent quality of life.

  • Loan tenure: Your loan tenure choice has an impact on your EMI amount. While a longer tenure reduces monthly burden, it also means paying more interest over the loan duration. On the other hand, a shorter tenure results in higher EMIs but lower overall interest costs.

  • Interest rate: The interest rate plays an important role in determining your EMI. It is advisable to look for the best interest rates in the market. ICICI Bank also offers competitive rates to its customers.

  • Pre-payment options: Some banks including ICICI Bank offer pre-payment facilities that allow you to repay your Home Loan faster. Check whether you have the financial flexibility to make occasional pre-payments as they reduce  the overall interest burden.

  • Financial goals: Assess your long-term financial goals to understand how the Home Loan fits in your overall financial plan. Your EMI should align with your broader financial objectives.

Managing your Rs 70 lakh Home Loan EMI

Once you have determined the specifics of your Rs 70 lakh Home Loan EMI, managing it effectively is important to ensure financial stability and successful home ownership.

Here are some tips for managing your EMI efficiently:

  • Create a budget: Develop a detailed monthly budget that includes your EMI payment as a fixed expense. This will help in allocating your income wisely to avoid overspending.

  • Emergency fund: Maintain an emergency fund to cover unexpected expenses so that you do not have to use the funds allocated for your EMI payments during a financial crisis.

  • Consider insurance: Explore insurance options such as Home Loan Insurance to protect your family from the burden of the loan due to unforeseen circumstances.

  • Monitor your finances: Review your financial situation regularly to ensure that you are meeting your EMI obligations without compromising on other financial goals.

  • Explore tax benefits: Take advantage of tax benefits available on Home Loans under Section 24(b) and Section 80C of the Income Tax Act, which can reduce your tax liability.

Securing a Rs 70 lakh Home Loan is a significant financial commitment that can bring you closer to your dream of owning a home. Understanding the EMI calculation process and using a Home Loan Calculator can help you plan your finances effectively.

ICICI Bank offers home loan solutions up to Rs. 10 Crore with flexible repayment tenures. Don’t forget to use online tools like the Home Loan EMI and Eligibility Calculators to simplify your home loan application

Remember that while a Home Loan EMI of Rs 70 lakh is a substantial financial obligation, careful financial planning and budgeting can make it manageable. As you embark on the journey of owning a home, consider these factors and take decisions that will secure your future.  

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