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Canara Bank Home Loan EMI Calculator

Canara Bank Home Loan Calculator

Last Updated 09th Jun 2021

  • Canara Bank home loan EMI per ₹ 1 Lakh is ₹ 659, which is one of the lowest EMI offered by banks.
  • Housing loan EMI in Canara Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Canara Bank home loan before applying. For this you can use, home loan emi calculator Canara Bank. Check Best Offers
  • Check Canara Bank home loan EMI for different tenures at current Canara Bank home loan interest rate of 6.90%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 20 Lakh₹ 23,119₹ 17,865₹ 13,172
    ₹ 30 Lakh₹ 34,678₹ 26,797₹ 19,758
    ₹ 50 Lakh₹ 57,797₹ 44,662₹ 32,930
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Canara Bank Home Loan EMI Calculator Online

When you take a home loan from Canara Bank you have to pay an Equal Monthly Installment (EMI) against the borrowed loan amount, to repay the loan and the interest to the bank. Every month, the EMI is due on a fixed day of the month till your loan is fully paid back.

To calculate your Canara Bank housing loan EMI you can use a home loan calculator Canara Bank online to check how much you will have to pay every month. The Canara Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm to give accurate results based on loan requirements that you enter, such as loan amount, tenure and rate. You can easily calculate EMI online and get reliable results without any hassle.

Canara Bank Housing Loan EMI Calculator at Different Tenures

Canara Bank home loan EMI for different Loan amounts and tenures @ 6.90% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,331 ₹ 19,233 ₹ 16,465
₹ 50 Lakh ₹ 44,662 ₹ 38,465 ₹ 32,930
₹ 75 Lakh ₹ 66,994 ₹ 57,698 ₹ 49,395
₹ 1 Cr ₹ 89,325 ₹ 76,931 ₹ 65,860
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest as offered by Canara Bank, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30years.
  • Your EMI consists of both interest payment and principal repayment. Though the Canara Bank home loan EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.You can check this based on your requirement using Canara Bank housing loan emi calculator.

How can Canara Bank Home Loan EMI Calculator be Beneficial?

  • Canara Bank Home Loan EMI calculator is a quick and straightforward solution to pre-plan and balance your inflow and outflow of money so that you don’t run short of money at any point of time. It is an online device to compute the home loan EMI payments.
  • Emi calculator home loan Canara Bank is easily accessible and can be availed without bearing any cost. It is user friendly and calculates the EMIs in a matter of seconds and thus helps in saving time.
  • As the Canara Bank home loan generally involves a long tenure and high amount you need to be extra cautious in the selection of home loan. The Canara Bank emi calculator provides you with an option to change the various factors of the home loan like tenure, rate of interest and loan amount.
  • The accuracy of the home loan calculator is 100%, and it can also be helpful in computing the interest amount and EMIs in case of Canara Bank home loan prepayment.

Factors Affecting Canara Bank Home Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Canara Bank. If you apply for a higher loan amount, your EMI will be high. Canara Bank gives a minimum home loan of ₹ 15,00,000 upto an amount of ₹ 10,00,00,000.
  • Interest rate - Interest rates is the rate charged by Canara Bank on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. Canara Bank current home loan interest rate starts at 6.90%. Do a complete market research and compare rates and calculate EMI online using Canara Bank home loan calculator before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in Canara Bank. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, Canara Bank offers house loans for a maximum tenure of 30 years.

Canara Bank Home Loan EMI Calculator Formula

Canara Bank Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Canara Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Canara Bank home loan amount can range from ₹ 15,00,000 to ₹ 10,00,00,000
  • r = Rate of interest per month. Current Canara Bank housing loan rate 6.90%.
  • n = tenure in month. For Canara Bank, maximum home loan tenure is 360 months

Tips to Decide the Right Amount of Canara Bank Home Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Canara Bank for a loan, you are aware of the loan amount you need to borrow. House loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible.
  • Review your current obligations: Before taking a home loan from Canara Bank it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably.
  • Calculate your Canara Bank home loan eligibility: Your home loan eligibilityis a function of the value of the property and assessment of your repayment capacity based on your monthly income. Canara Bank provides a LTV upto 80% and expects the borrower to fund the remaining value of the property by their own money. For example, at its lowest LTV 80%, Canara Bank would expect its borrowers to provide margin money of 20%.
  • Canara Bank will also estimate your Fixed Income to Obligations Ratio to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations.Canara Bank’s assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

Canara Bank Home Loan Details

  • Purpose of Loan: Canara Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Canara Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 55 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 Years years.
    • Interest rates in the range of 6.90% to 8.90%.
    • Canara Bank home loan EMI per lakh starts from ₹ 659. However, you can calculate your home loan EMI using Canara Bank home loan calculator 2021.
  • Processing Fees: 0.50% of loan amount Minimum ₹ 1,500 Maximum ₹ 10,000
  • Special schemes: Canara Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Canara Bank are:
    • Yuva Awas Rin
    • Canara Home Loan Plus
    • Canara Site Loan

Canara Bank Home Loan Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Home Loan of ₹ 25 Lakh from Canara Bank for 25 years at an interest rate of 6.90%, the EMI calculated for this loan amount would be ₹ 17,510 and the total annual EMIs to be paid annually is ₹ 2,10,124. The Canara Bank Home Loan EMI schedule for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,00,243 ₹ 22,329 ₹ 1,22,572 ₹ 24,77,671
2022 ₹ 1,69,697 ₹ 40,427 ₹ 2,10,124 ₹ 24,37,243
2023 ₹ 1,66,817 ₹ 43,307 ₹ 2,10,124 ₹ 23,93,937
2024 ₹ 1,63,733 ₹ 46,391 ₹ 2,10,124 ₹ 23,47,546
2025 ₹ 1,60,429 ₹ 49,695 ₹ 2,10,124 ₹ 22,97,850
2026 ₹ 1,56,889 ₹ 53,235 ₹ 2,10,124 ₹ 22,44,616
2027 ₹ 1,53,097 ₹ 57,026 ₹ 2,10,124 ₹ 21,87,589
2028 ₹ 1,49,036 ₹ 61,088 ₹ 2,10,124 ₹ 21,26,501
2029 ₹ 1,44,685 ₹ 65,439 ₹ 2,10,124 ₹ 20,61,062
2030 ₹ 1,40,024 ₹ 70,100 ₹ 2,10,124 ₹ 19,90,962
2031 ₹ 1,35,031 ₹ 75,093 ₹ 2,10,124 ₹ 19,15,869
2032 ₹ 1,29,683 ₹ 80,441 ₹ 2,10,124 ₹ 18,35,428
2033 ₹ 1,23,953 ₹ 86,171 ₹ 2,10,124 ₹ 17,49,258
2034 ₹ 1,17,816 ₹ 92,308 ₹ 2,10,124 ₹ 16,56,950
2035 ₹ 1,11,241 ₹ 98,883 ₹ 2,10,124 ₹ 15,58,067
2036 ₹ 1,04,198 ₹ 1,05,925 ₹ 2,10,124 ₹ 14,52,142
2037 ₹ 96,654 ₹ 1,13,470 ₹ 2,10,124 ₹ 13,38,672
2038 ₹ 88,572 ₹ 1,21,552 ₹ 2,10,124 ₹ 12,17,120
2039 ₹ 79,915 ₹ 1,30,209 ₹ 2,10,124 ₹ 10,86,911
2040 ₹ 70,640 ₹ 1,39,483 ₹ 2,10,124 ₹ 9,47,427
2041 ₹ 60,706 ₹ 1,49,418 ₹ 2,10,124 ₹ 7,98,009
2042 ₹ 50,064 ₹ 1,60,060 ₹ 2,10,124 ₹ 6,37,949
2043 ₹ 38,663 ₹ 1,71,460 ₹ 2,10,124 ₹ 4,66,489
2044 ₹ 26,451 ₹ 1,83,673 ₹ 2,10,124 ₹ 2,82,816
2045 ₹ 13,369 ₹ 1,96,755 ₹ 2,10,124 ₹ 86,061
2046 ₹ 1,490 ₹ 86,061 ₹ 87,552 -₹ 0

Each Canara Bank Home Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 18.48% of your EMI has been used to repay the principal amount. This means that the remaining 81.52% of the EMI went into interest payment. Thus, you end up paying only 1.55% of the loan amount of ₹ 25 Lakh after paying 12 EMIs in the first year to Canara Bank.

In year 25, the interest component of Canara Bank EMI is around 3.64%, while the principal component is around 96.36%. Upto 25 years, you have cumulatively repaid 100% of your total Canara Bank Home Loan.

Canara Bank Home Loan Interest Rate Calculator

EMI calculator home loan Canara Bank can also be used as an Canara Bank interest rate calculator to determine the total interest you will pay on a housing loan at different loan tenure.

Home Loan EMI for ₹ 1 Lakh loan amount at lowest 6.90% interest rate offered by Canara Bank for different tenures
Calculated Results for Canara Bank Home Loan EMI 5 years 10 years 15 years 30 Years years
Canara Bank EMI for a loan amount ₹ 1 lakh at 6.90% ₹ 1,975 ₹ 1,156 ₹ 893 ₹ 659
Total amount you pay back to the bank including principal and interest ₹ 1.19 Lakh ₹ 1.39 Lakh ₹ 1.61 Lakh ₹ 2.37 Lakh
Interest you have to pay during the loan tenure ₹ 18,500 ₹ 38,720 ₹ 60,740 ₹ 1.37 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 30, you pay the lowest EMI of ₹ 659 . However, you pay an interest of ₹ 1,37,240 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Canara Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of ₹ 1,975 and pay an interest of only ₹ 18,500 which is less than half of what you paid in a 30 Years years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. Calculation of Canara Bank name home loan interest payout can be done using emi calculator home loan Canara Bank

Other Loan Calculators Offered by MyLoanCare

FAQs

Will the Canara Bank home loan EMI remain constant or change in future?

Typically, the home loan EMI remains unchanged unless you request for a change in tenure or prepay your loan amount. This however is subjected to approval by the bank. Canara Bank home loan emi can also change in case you opt for a floating rate of interests.

What happens in case of increase or decrease in Canara Bank interest rate?

In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your Canara Bank home loan. For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement. You can plan your EMIs with Canara Bank Home loan EMI calculator 2021.

Will Canara Bank home loan EMI change in case of prepayment?

Canara Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Canara Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Canara Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Canara Bank home loan calculator.

Why should I calculate Canara Bank loan EMI before taking a loan?

It is advised to calculate Canara Bank home loan EMI before taking a home loan. There are several benefits of calculating your Canara Bank housing loan EMI which can be done using Canara Bank loan calculator Canara Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Canara Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Canara Bank.

What is the EMI for home loan in Canara Bank?

The Canara Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Canara Bank home loan calculator. Based on the lowest rate of 6.90% and maximum tenure of 30 years, the Canara Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,586
₹ 12 Lakh ₹ 7,903
₹ 15 Lakh ₹ 9,879
₹ 30 Lakh ₹ 19,758
₹ 50 Lakh ₹ 32,930

You can compare Canara Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Canara Bank Housing Loan EMI calculator?

Online Canara Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Canara Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Canara Bank Home loan EMI Online?

To pay the EMI of Canara Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Canara Bank home loan EMI calculated?

The Canara Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 lakhs home loan in Canara Bank?

You can use a 10 lakh home loan emi calculator Canara Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 6.90% 10 years loan ₹ 11,559
₹ 10 Lakh 6.90% 15 years loan ₹ 10,719
₹ 10 Lakh 6.90% 20 years loan ₹ 11,540

What is the EMI for a 25 lakhs home loan in Canara Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Canara Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 6.90% 10 years loan ₹ 28,898
₹ 25 Lakh 6.90% 15 years loan ₹ 22,331
₹ 25 Lakh 6.90% 20 years loan ₹ 19,233

What is the EMI for 12 lakhs home loan in Canara Bank?

A borrower will pay ₹ 12,277 if he/she takes loan for 12 years at an interest rate of 6.90%. The 12 lakh home loan emi Canara Bank may vary across Canara Bank home loan interest rate.

How to check my home loan balance in Canara Bank?

To check the home loan balance in Canara Bank, a borrower should log in to the Canara Bank net banking portal, click on ‘Loans’. Select Know balance or a borrower can use MISSED CALL BANKING or SMS Banking to know the status. You can also contact the Canara Bank customer care at 1800-425-0018.

How can I avail income tax benefits on a Canara Bank home loan?

You can avail income tax benefits on a Canara Bank home loan under Section 24B, you can claim deduction for upto #&8377; 2 Lakh for the accrual and payment of interest on Canara Bank housing loan. Under Section 80EEA, you can claim deduction for upto #&8377;1.50 Lakh for the interest payment of home loan availed during the financial year. You can declare all the information in income tax returns form and you will be able to get the benefits.

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Canara Bank Home Loan News - Jun 2021
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
  • 2020-01-24 : Canara Bank Q3 profit increased by 3.8%
    State-owned Canara Bank Q3 profit rose by 3.8% due to an increase in Home Loans and Personal Loans. The earning stood at Rs 329.62 crores and total income was Rs 14001.63 crores. Further, the net non-performing asset was 5.05% of the total asset which was 6.37% a year ago.
  • 2020-01-08 : Canara Bank revised its home loan interest rates
    With effect from 7 January 2020, Canara Bank revised its home loan interest rate. The new rate lies between the range of 8.05% to 10.05%.
  • 2019-11-07 : Canara Bank reports profits in Q2 due to reduced bad loans
    State-owned bank, Canara Bank, posted a profit of about Rs 405.49 crores, leading to a 14% rise for the quarter ending on September 30. The bank reports an increase in interest income from retail loans like personal and home loans, that stood at Rs 12, 500.37 crores. Further bad loans reduced to Rs 2,297.43 crores from Rs 2,406.84 crores.
  • 2019-10-01 : Repo rate linked loans by Canara Bank
    With effect from October 1, 2019, Canara Bank will provide loans at lending rates linked to RBI’s repo rate. The bank will provide retail and MSME loans charged at an interest of 8.30%. RBI linked repo rates will bring in more transparency and easier transmission of rate cuts on lending rates.
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