Canara Bank Home Loan Calculator

Canara Bank home loan calculator is a powerful tool for calculating your home loan amount. It allows you to input your desired loan amount, repayment period, and other factors to determine your monthly payments. With this calculator, you'll get an accurate estimate of your potential home loan payments and ensure you're getting the best deal possible.

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Canara Bank Home Loan Calculator - An Overview

Canara Bank Home Loan Calculator is a tool that helps you estimate the monthly EMI (Equated Monthly Installment) and the total interest payable on your home loan from Canara Bank. Canara Bank is one of the leading public sector banks in India and offers a range of home loan products with flexible repayment options.

The Canara Bank Home Loan Calculator takes into account several factors, such as the loan amount, interest rate, loan tenure, and processing fee, to give you an approximate estimate of your monthly EMI and the total interest payable over the loan tenure.

By using the Canara Bank Home Loan Calculator, you can compare different home loan options from Canara Bank and choose the one that suits your financial requirements. It helps you plan your finances better by giving you a clear idea of the monthly EMI and the total interest payable over the loan tenure, enabling you to make an informed decision.

What are Canara Bank Home Loans EMI Calculator Key Features and Benefits?

The Canara Bank Home Loan EMI Calculator provides various significant features and benefits that can assist borrowers in budgeting and making sound financial decisions. Among these traits and benefits are the following:

  • Calculations that are correct: The calculator calculates EMIs that are accurate based on the loan amount, repayment term, and interest rate.
  • The calculator is user-friendly and simple to use. Borrowers can experiment with different loan amounts, loan terms, and interest rates to see how they effect their EMI and final loan cost.
  • Time-saving: Borrowers save time by receiving an instant estimate of their EMI and loan cost, eliminating the need for difficult manual computations.
  • Assists with financial planning: Before applying for a house loan, applicants can use the calculator to plan their finances and examine their affordability.
  • Clear loan terms: The calculator makes loan terms transparent, allowing borrowers to comprehend the overall cost of the loan, including interest payments.

How Canara Bank Home Loan Calculator Works & Formula?

The following formula is used by the Canara Bank Home Loan Calculator:

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

Where EMI stands for Equated Monthly Installment.

  • P = Loan Amount
  • R = Monthly Interest Rate
  • N = Loan duration in months

This formula is used by the Canara Bank Home Loan Calculator to determine the monthly EMI that a borrower would have to pay depending on the loan amount, repayment term, and interest rate applicable to their loan.

The Canara Bank Home Loan Calculator works as follows:

  • Fill in the loan amount: On the calculator, enter the amount of the house loan you wish to obtain.
  • Select your tenure: Choose the loan term in years or months.
  • Insert the following interest rate: In the calculator, enter the interest rate for your loan.
  • Calculate EMI: To examine the EMI payable, click the "Calculate" button.

By using the above Canara bank home loan calculator, we have compiled a below table for your reference only,

Home Loan Amount₹50,00,000
Loan Tenure15 Years
Rate of Interest8.50% p.a
Home Loan EMI₹49,237
Interest Payable₹38,62,660
Total Amount Payable₹88,62,660

Disclaimer: This above table is for your reference only. The interest rate mentioned as per November 2023.

How does EMI calculation help in planning the home purchase?

The EMI calculator is a useful tool for preparing for a house purchase because it allows borrowers to assess their affordability and organise their budget appropriately. Here are some examples of how EMI calculations might aid in house-buying planning:

  • Budgeting: EMI calculations can assist borrowers in budgeting for the purchase of their dream home by estimating the monthly EMI that they would be required to pay. Borrowers can use this estimate for budgeting their monthly spending and setting aside funds for home loan repayment.
  • Affordability: Before applying for a house loan, consumers should examine their affordability using an EMI calculator. Borrowers can use the EMI calculator to estimate their monthly payments by entering the loan amount, payback term, and interest rate.
  • Affordability: Before applying for a house loan, consumers should examine their affordability using an EMI calculator. Borrowers can use the EMI calculator to estimate the EMI payable by entering the loan amount, payback term, and interest rate relevant to their loan. This will assist them in determining whether the EMI is affordable and fits inside their budget.
  • Loan amount: An EMI calculation can also assist borrowers in evaluating the loan amount that they can afford. Borrowers can estimate the greatest loan amount that they can obtain while ensuring that the EMI is affordable by altering the calculator's inputs, such as EMI amount and payback tenure.
  • Repayment period: The EMI calculation can also assist borrowers in determining the repayment period of their home loan. Borrowers can select the payback tenure that is best for their financial circumstances by altering the calculator's variables, such as loan amount and EMI.

Factors Affecting Canara Bank Home Loan EMI

Numerous things can influence the borrower's Canara Bank Home Loan EMI. Among these elements are:

  • Loan amount: The loan amount is the borrower's principal amount borrowed, and it has a substantial impact on the EMI payable. A larger loan amount results in a higher EMI, while a smaller loan amount results in a lower EMI.
  • Interest rate: One of the important aspects that can affect the EMI payable is the interest rate set by the bank. A higher interest rate means a higher EMI, while a lower interest rate means a cheaper EMI.
  • Loan tenure: The loan tenure is the length of time that the loan is taken out, and it has a substantial impact on the EMI payable. A longer loan term results in a reduced EMI, whilst a shorter loan term results in a higher EMI.
  • Prepayment: The opportunity to pay off the loan amount before the end of the term, which can have a major impact on the EMI payable. When a borrower makes a prepayment, the outstanding loan amount is reduced, which can result in a lower EMI.
  • The processing fee levied by the bank can also affect the EMI payable. The processing fee is a one-time fee levied by the bank to complete the loan application. It is typically a percentage of the loan amount.
  • Credit score: The borrower's credit score might have an impact on the EMI payable. A higher credit score may result in a lower interest rate, resulting in a reduced EMI.

Canara Bank Home Loan Amortization Schedule

Here is an example of the Canara Bank Home Loan Amortization Schedule for a loan of Rs. 25 lakh over a 10-year tenure at an annual interest rate of 8%:

YearBeginning BalancePrincipalInterestEMIEnding Balance
125,00,0001,70,1291,93,8543,63,98423,29,869
223,29,8691,84,2491,79,7303,63,98421,45,617
321,45,6171,99,5451,64,4373,63,98419,46,072
419,46,0722,16,1081,47,8753,63,98417,29,965
517,29,9652,34,0421,29,9423,63,98414,95,922
614,95,9222,53,4691,10,5133,63,98412,42,452
712,42,4522,74,51089,4743,63,9849,67,945
89,67,9452,97,29166,6913,63,9846,70,655
96,70,6553,21,96742,0153,63,9843,48,689
103,48,6893,48,68715,2943,63,9840

Canara Bank Home Loan EMI for ₹ 10 Lakh

Here's an example of a Canara Bank Home Loan EMI for an Rs. 10 lakh loan at various loan terms and interest rates:

The loan amount is Rs. 10,000,000.

Calculating the EMI:

Assume a 7% to 8% annual interest rate.

Loan Tenure (in years)Interest Rate (p.a.)Monthly EMITotal Interest PayableTotal Amount Payable
57%19,8081,88,46010,88,460
58%19,9872,04,19411,04,194
107%12,3393,81,08313,81,083
108%12,5534,27,39114,27,391
157%10,3075,79,12715,79,127
158%10,5426,82,52516,82,525

Canara Bank Home Loan EMI for ₹ 20 Lakh

The Canara Bank Home Loan EMI for a loan of Rs. 20 lahks over various loan tenures and interest rates is shown below:

The loan amount is Rs. 20,00,000

Calculating the EMI: Assume a 7% to 8% annual interest rate. 

Loan Tenure (in years)Interest Rate (p.a.)Monthly EMITotal Interest PayableTotal Amount Payable
57%39,6163,76,92023,76,920
58%39,9744,08,38724,08,387
107%24,6787,62,16527,62,165
108%25,1068,54,78228,54,782
157%20,61311,58,25431,58,254
158%21,08413,65,05033,65,050

Canara Bank Home Loan EMI for ₹ 25 Lakh

Here is a table with the Canara Bank Home Loan EMIs for various loan terms and a loan amount of Rs. 25 lakh at an interest rate of 8%:

Loan TenureMonthly EMI
5 years₹ 49,251
10 years₹ 29,794
15 years₹ 24,656
20 years₹ 22,413
25 years₹ 21,232
30 years₹ 20,612

Canara Bank Home Loan EMI for ₹ 30 Lakh

Here is a table with the Canara Bank Home Loan EMIs for various loan terms and a loan amount of Rs. 30 lakh at an interest rate of 8%:

Loan TenureMonthly EMI
5 years₹ 61,611
10 years₹ 37,342
15 years₹ 30,842
20 years₹ 28,024
25 years₹ 26,594
30 years₹ 25,861

Canara Bank Home Loan EMI for ₹ 50 Lakh

The following table illustrates the Canara Bank Home Loan EMI for various loan terms at an interest rate of 8% for a loan amount of Rs. 50 lakh:

Loan TenureMonthly EMI
5 years₹ 1,01,381.97
10 years₹ 60,663
15 years₹ 49,313
20 years₹ 44,826
25 years₹ 42,464
30 years₹ 41,223

Frequently Asked Questions (FAQs)

What happens if Canara bank's home loan EMI is missed?

If you fail to make a Canara Bank home loan EMI payment, you may face the following consequences:

  • Late payment fees: Canara Bank assesses a late payment fee on past-due EMIs. According to the bank’s policies, the late payment fee can be a percentage of the outstanding EMI amount or a flat rate.
  • Skipping an EMI payment can have a negative influence on your credit score, which is a measure of your creditworthiness. A low credit score can make it difficult to acquire credit in the future.
  • If you continue to skip EMI payments, the bank may take legal action against you, which may result in recovery actions, including property repossession.
  • Penalties: In addition to late payment costs, missed EMI payments may incur penalties, raising the overall cost of the loan.

Can I change my housing loan EMI date for Canara bank?

Yes, you can amend the Canara Bank housing loan EMI date by filing a written request to the bank. As a result, borrowers can adjust their EMI due date once a year without incurring any fees with Canara Bank. Any subsequent adjustment requests, however, may incur a cost, which varies based on the bank’s rules.

What is the rate of interest on housing loans in Canara Bank?

Canara Bank’s interest rate on housing loans is determined by many criteria, including the loan amount, payback term, loan type, and borrower’s credit score. Canara Bank’s house loan interest rates start at 6.75% p.a. for loans up to Rs. 75 lakhs with a repayment term of up to 30 years as of March 2023. The interest rate on loans exceeding Rs. 75 lakhs begins at 6.95% p.a. The bank’s real interest rate may vary depending on your credit score and other eligibility criteria.

Why should I calculate Canara bank housing loan EMI before taking a loan?

The Canara Bank Home Loan Processing Fee is the bank’s fee for processing and approving your home loan application. It covers the administrative costs of confirming your paperwork, assessing your creditworthiness, and determining the value of your property. The Canara Bank Home Loan Processing Fee is normally calculated as a percentage of the loan amount and ranges from 0.50% to 0.75%, subject to a maximum cap. The bank’s maximum processing cost is Rs. 10,000, which indicates that the processing fee will not exceed Rs. 10,000 regardless of the loan amount.

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