After months of rumors, the iPhone 7 and iPhone 7 Plus are here in the flesh! Apple announced both today at its launch event in San Francisco. Here's everything you need to know about the new iPhone models.

In the US, the iPhone 7 starts at $649 (approximately Rs. 43,000) for the new 32GB entry-level variant, doing away with the 16GB model. Apple has also doubled the storage variant on other models, with 128GB and 256GB models now rounding up the lineup. 128GB iPhone 7 costs $749 (approximately Rs. 49,750) and the 256GB model will be available at $849 (approximately Rs. 56,250)..

The iPhone 7 feels pretty much the same as the iPhone 6S, with the same 4.7-inch screen. Apple says the "HD Retina display" is 25 percent brighter than last year's model. It includes the pressure-sensitive 3D Touch layer that buzzes slightly when you press and hold the screen. it will be water-resistant (IP67), like several Samsung and Sony phones (IP68).

Apple's new EarPods headphones will connect through the Lightning connector port; you'll also get an adaptor in the box. Apple's also pushing new, funky-looking AirPods headset connects wirelessly through auto-pairing.

The iPhone 7 keeps the 12-megapixel camera, but adds a larger aperture and -- this is a big deal -- optical image stabilization that keeps images steadier. We do notice that the camera sticks out more from the back.The iPhone 7's 7-megapixel front-facing camera leaps up from 5 megapixels, and includes auto-image stabilization (but not optical image stabilization).