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Calculate Canara Bank Home Loan EMI

5 Lac 40 Lac 80 Lac 120 Lac 160 Lac 200 Lac
148121620
1612182430
Total Payments

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

EMI payment starting from

Balance
EMI Payment/Year
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 6.9%
  • ₹0
  • 30

EMI payment starting from

Updated:

About Canara Bank Home Loan EMI Calculator

Established in the year 1906, Canara Bank is a pioneer in retail lending. Among other retail products, Canara Bank Home Loan has gained popularity owing to the different schemes under the product. To enable a prudent decision with regard to the home loan, Canara Bank provides a Home Loan EMI Calculator to understand the long-term commitment you will be in for after availing of the home loan.

Additional Info: Also check Rs. 1 Crore Home Loan EMI

How to use Canara Bank Home Loan EMI Calculator?

Canara bank home loans are very lucrative with affordable interest and flexible repayment terms. The loan is provided for construction of a house on an already owned plot, the purchase of a ready house or a flat, repurchase of a house or a flat, purchase of a Plot and construction thereafter, repairs and renovation of the existing property and for giving a facelift for the existing house with modified interiors. To enable their customers to make an informed decision, Canara Bank provides a home loan EMI calculator to understand the long term commitment they will be in for after availing of the home loan. You can access the Canara Bank Home Loan EMI Calculator on the official website of the Bank.

To use the Canara Bank Home Loan EMI calculator, you should follow the simple step given below:

  • Access the Canara Home Loan EMI Calculator through the official website of the Bank.
  • Provides the three variants, i.e., principal amount, rate of interest and tenure of the loan
  • The EMI will be calculated instantly.
  • You can do the calculations multiple times until you arrive at the EMI that does not disrupt your financial stability.

Additional Info: Also check HDFC Home Loan EMI Calculator

Canara Bank Home Loan Interest Calculator Formula

The Canara Bank Home Loan EMI calculator not only helps in assessing the EMI of the proposed home loan but also gives an idea about the overall interest payable at the end of the loan term. The same formula for arriving at the EMI works for calculating the Canara Bank Home Loan Interest Rates. All the banks and NBFCs use a common formula to arrive at the EMI and that is EMI= [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]. Here

EMI is Equated Monthly Instalment

P is the principal amount

R is the rate of interest

N is the tenure

For instance, if Mr B wants to Avail a Home Loan of Rs. 50.00 lakhs at 6.90% interest for a period of 20 years the total interest payable for the period can be calculated using the above formula i.e., [5000000 x (6.90/100) x {1+(6.90/100)}^20]/[{1+(R6.90/100)}^(20-1)]. The EMI will be Rs. 38465/- and the total interest payable will be Rs. 42,31,963/-. You will be paying almost 90% of the principal amount as interest by the end of 20 years. 

So you will be able to decide if it is lucrative for you to pay the huge interest by opting for such a long term. If you are expecting a lump sum amount at any point in time to pay off the loan before the maturity period, then it is worth taking a call. Otherwise, you can opt for a shorter repayment term if you afford a higher EMI. If you can make a higher down payment, you will be offered better deals in terms of interest that would bring down your interest cost. There are several options for you to reduce the cost of the loan. You can try these options and recalculate the interest using the EMI calculator and make a prudent decision.

Know in detail: Simple Interest Formula Calculation.

Benefits of Canara Bank Home Loan EMI Calculator

Getting an idea about the EMI for the loan that you propose to avail of is very crucial to avoid future financial instability. The various benefits of the Canara Bank Home Loan EMI Calculator are:

  • It gives 100% accurate results in the shortest time, 
  • It is easy to use, and even individuals with very little technical skill can operate the Canara Bank Home Loan EMI calculator.
  • Along with the EMI, it gives the amortization schedule that gives a break up of the apportionment towards interest and principal out of the monthly EMI. With this, you will be able to understand the cost of the loan. You can then decide on various ways of cutting down on the interest cost.
  • Even when prepayments are made, you can use the EMI calculator to understand how much of the interest cost is reduced with the prepayment.
  • You can use the calculator multiple times until you arrive at the desired figure. You can also compare the EMI of popular banks before you decide on the loan provider for the home loan.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

 

Why should you use Canara Bank Home Loan EMI Calculator?

Home loans are big-ticket loans with an extended tenure. That means it is a long term commitment, and you should be able to honour the commitment without a break to keep up your reputation as a responsible borrower. You should understand your affordability if you have to maintain a good loan repayment track. Arrive at the amount you will be able to spare for the EMI of the home loan by considering all your mandatory monthly expenses, existing EMIs, Credit Card dues, backup for unforeseen emergencies etc. Keeping this in mind, you should arrive at the EMI that suits your budget. The formula for EMI calculation is very complicated, and manual calculation can be time-consuming, confusing and prone to errors. This is where the EMI calculators come into the picture. 

The reasons why you should Canara Bank Home Loan EMI Calculator are:

  • There is no scope for errors if you use the Home Loan EMI Calculator. By providing the required data, you can get 100% accurate results within the blink of the eyes
  • You can use the Canara Home Loan EMI Calculator several times to arrive at the desired figure.
  • You can compare the EMI of other popular banks to decide on the best deal.
  • Besides the EMI, you can see an amortization chart that gives a break up of the EMI into interest and principal month on month.
  • Also, you will know the interest cost if you have to continue the home loan for the chosen tenure.
  • Keeping the interest cost in mind, you can plan prepayments at various stages to clear the loan before maturity to save on the interest cost.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Comparison of Canara Bank Home Loan EMI with other Popular Banks

If you are looking for the best deal in the market, comparing the EMI of popular banks is very important. For your convenience, the EMI of different banks with different rates of interest and amounts is given below. Normally the tenure offered will be 30 years. For the comparison, the tenure considered is 15 years.

Name of the BankRate of interestRs. 1.00 lakhRs. 10.00 lakhsRs. 20.00 lakhs
Canara Bank6.90%893893217865
Bank of India6.85%890890517809
Punjab National Bank6.60%877876617532
Union Bank of India6.85%890890517809
Citi Bank6.50%871871117422
Bandhan Bank8.75%999999419989
IDFC First Bank6.90%893893217865
HDFC Bank6.70%882882117643

The lowest interest rate is 6.50%, and the highest is 8.75%. There is a marginal difference in the Home Loan Rate of Interest of other banks. You will have to consider other charges like professional charges, prepayment charges, foreclosure charges, delay penalties etc., as these charges also add up to the overall cost of the loan. The rates mentioned in the chart are the starting rates. The interest rates, however, depend on the credit score, repayment capacity, age, type of employment and the relationship with the lender. Before applying for the loan, it is better you consult the bank branch regarding the rate of interest applicable to you, considering all the parameters mentioned and then make a decision.

Additional Info: Also check Pan Number for Banks

Canara Bank Home Loan EMI Calculator to Estimate the EMI That Fits Your Budget

An affordable EMI is key to prompt repayment of the loan. A good repayment track will make you the most desirable candidate for any kind of loan. In order to keep up this reputation, If you intend to avail a home loan from Canara Bank and then continue to keep up the responsible borrower tag, you will have to first gauge your affordability by using the Canara Bank Home Loan EMI Calculator to arrive at the EMI that fits your budget. 

To make the calculation, you should first assess the amount available out of your monthly budget for the repayment of a home loan. You may have credit card dues, existing EMIs, medical expenses, children’s school fees, and other mandatory bills payment. You will have to consolidate all these and arrive at the amount you will be able to spare for the proposed commitment.

After you know your limit, you can use the Canara Home Loan EMI calculator to calculate the loan eligibility vis-a-vis the EMI that fits your budget. Once you know your loan eligibility, you can look for a property that fits the fund’s availability. Also, you will be able to understand the margin you will have to provide if you have to boost up available funds to match the cost of the property of your choice.

Additional Info: You can also avail Canfin Home Loan

Factors affecting the Canara Bank Home Loan EMI

The main factors that affect the Canara Bank Home Loan EMI are:

Principal: This is the amount that you will be borrowing from the Bank. The higher the loan amount, the higher will be the EMI and vice-versa. You can reduce the EMI if you bring in more down payment.

Interest: This is the major factor that contributes to the cost of the loan. The more expensive the loan, the higher will be the EMI. That is the reason thorough research with respect to the prevailing interest rates in the market is necessary so that you get the best deal that can reduce the overall cost of the loan.

Tenure: The length of repayment you choose is the tenure. The longer the term, the lower will be the EMI. If you can afford to pay a higher EMI, it is advisable to go for a shorter period to save on the cost of the loan. Alternatively, you can choose a longer period initially and then cut down on the tenure by making periodical prepayments.

Additional Info: Also check 75 Lakh Home Loan EMI

What the Home  Loan EMI calculator cannot tell you

Apart from the interest, there are other charges that are applied to the home loan. Processing charges, prepayment charges, loan foreclosure charges, delay penalties, EMI dishonour charges etc., are some of the charges that enhance the overall cost of the loan. The EMI calculator does not consider these charges while arriving at the EMI.

Additional Info: How to get Bajaj Finserv Home Loan

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ What are the other details that the Canara Home Loan EMI Calculator can provide apart from the EMI?

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The Canara Bank Home Loan EMI calculator can give you an amortization chart that gives you an idea of the apportionment of the EMI towards the interest and the principal. Initially, the apportionment will be higher towards the interest, and that is the reason the principal does show much decline during the initial years. With the chart, you will get an idea as to at what stage prepayments will make a difference to the cost of the loan.

✅ Can you negotiate for a better deal with the Bank?

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Yes. You can negotiate for a better deal with the Bank if you are already a customer of the Bank and have had satisfactory dealings with the Bank. If you have made prompt repayment of earlier loans, if any, it will be the trump card. Besides, if you have a good credit score, have a stable income and are employed with reputed companies or government/public sector organizations, the chances for negotiation are higher.

✅ What is the mode of interest calculation for home loans adopted by Canara Bank?

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Interest is applied on reducing the balance of the home loan by Canara Bank. The interest is applied on the outstanding principal balance and not on the originally sanctioned amount.

✅ What are the repercussions of missing out on EMI?

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Even a single EMI miss out can cause serious repercussions. The credit score will decline by 50 to 70 points for every EMI miss out. You will be charged with delayed penalties, which will add up to the cost of the loan. Consistent EMI missouts can ruin your reputation and negate the chances of eligibility for any future loans.

✅ How do the prepayments to the home loan affect the EMI?

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If your intention of making prepayments is to reduce the cost of the loan, then you can opt for reducing the tenure by retaining the EMI. If the prepayment made is to ease your burden of the EMI, then you can retain the tenure and opt for a decrease in the EMI.