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Canara Bank Home Loan EMI Calculator

Canara Bank Home Loan Calculator

Last Updated 26th May 2022

  • Canara Bank home loan EMI per ₹ 1 Lakh is ₹ 669, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in Canara Bank is calculated based on the loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for the Canara Bank home loan before applying. Use an online Canara Bank loan EMI calculator to estimate your EMI.
  • Check Canara Bank home loan EMI for different tenures at the current Canara Bank home loan interest rate of 7.05%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 11,637₹ 9,016₹ 6,687
    ₹ 20 Lakh₹ 23,273₹ 18,033₹ 13,373
    ₹ 30 Lakh₹ 34,910₹ 27,049₹ 20,060
    ₹ 50 Lakh₹ 58,183₹ 45,081₹ 33,433

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Canara Bank Housing Loan EMI Calculator

Canara Bank Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure, and interest rate. You can calculate your Canara Bank housing loan EMI in advance to plan your loan payments and expenses using a Canara Bank home loan calculator. Canara Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why Should You Use Canara Bank Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Canara Bank offers the lowest EMI per lakh at . To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Canara Bank home loan.
  • Compare Canara Bank Home Loan EMI: With the Canara Bank home loan EMI Calculator online, you can also estimate EMI on your home loan from Canara Bank with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any loan tenure period. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

How to Calculate EMI for Home Loan in Canara Bank?

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Canara Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of Canara Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 7.05%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Canara Bank Home loan plan for you.

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Canara Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of Canara Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 7.05%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Canara Bank Home loan plan for you.

Canara Bank home loan EMI is calculated for different loan amounts and tenures at 7.05% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,541 ₹ 19,458 ₹ 16,717
₹ 50 Lakh ₹ 45,081 ₹ 38,915 ₹ 33,433
₹ 75 Lakh ₹ 67,622 ₹ 58,373 ₹ 50,150
₹ 1 Cr ₹ 90,163 ₹ 77,830 ₹ 66,866

Benefits of using Canara Bank Home Loan EMI Calculator

Canara Bank Home Loan interest Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate, and tenure. Thus, using the Canara Bank Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Canara Bank Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Canara Bank Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Canara Bank gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 10,00,00,000.

Interest Rate

Higher interest rate increases your Canara Bank housing loan EMI which will increase the total cost of the loan. Canara Bank current home loan interest rate starts at 7.05%. Do a complete market research and compare rates and calculate EMI online using the 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. Your EMI will be lower if you take a 0 years loan from Canara Bank as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

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 7.05%.
  • N = tenure in month. For Canara Bank, maximum home loan tenure is 360 months

Comparison of Canara Bank Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Canara Bank 7.05% ₹ 6,687 ₹ 20,060 ₹ 33,433
HDFC 7.00% ₹ 6,653 ₹ 19,959 ₹ 33,265
ICICI Bank 6.90% ₹ 6,586 ₹ 19,758 ₹ 32,930
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.95% ₹ 6,619 ₹ 19,858 ₹ 33,097
Axis Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264

Canara Bank Home Loan Amortization Calculator

Canara Bank Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Canara Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 35 Lakh for 15 years from Canara Bank at an interest rate of 7.05%. EMI calculated for this loan amount is ₹ 31,557 and the total annual EMIs to be paid annually is ₹ 3,78,683. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 35 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 1,62,670 ₹ 89,785 ₹ 2,52,455 ₹ 34,10,215
2023 ₹ 2,35,864 ₹ 1,42,819 ₹ 3,78,683 ₹ 32,67,396
2024 ₹ 2,25,463 ₹ 1,53,220 ₹ 3,78,683 ₹ 31,14,176
2025 ₹ 2,14,305 ₹ 1,64,378 ₹ 3,78,683 ₹ 29,49,799
2026 ₹ 2,02,335 ₹ 1,76,348 ₹ 3,78,683 ₹ 27,73,451
2027 ₹ 1,89,493 ₹ 1,89,190 ₹ 3,78,683 ₹ 25,84,260
2028 ₹ 1,75,715 ₹ 2,02,968 ₹ 3,78,683 ₹ 23,81,293
2029 ₹ 1,60,934 ₹ 2,17,748 ₹ 3,78,683 ₹ 21,63,544
2030 ₹ 1,45,077 ₹ 2,33,606 ₹ 3,78,683 ₹ 19,29,938
2031 ₹ 1,28,065 ₹ 2,50,618 ₹ 3,78,683 ₹ 16,79,321
2032 ₹ 1,09,815 ₹ 2,68,868 ₹ 3,78,683 ₹ 14,10,453
2033 ₹ 90,235 ₹ 2,88,448 ₹ 3,78,683 ₹ 11,22,004
2034 ₹ 69,229 ₹ 3,09,454 ₹ 3,78,683 ₹ 8,12,550
2035 ₹ 46,694 ₹ 3,31,989 ₹ 3,78,683 ₹ 4,80,561
2036 ₹ 22,517 ₹ 3,56,166 ₹ 3,78,683 ₹ 1,24,395
2037 ₹ 1,832 ₹ 1,24,395 ₹ 1,26,228 ₹ 0

In the above illustration, on a Canara Bank Home Loan of₹ 35 Lakh, taken at the lowest interest rate of 7.05, EMI paid is ₹ 31,557 and an annual total of EMIs is ₹ 3,78,683, the interest component is ₹ 2,42,402 while the principal component is ₹ 1,36,281 in year 1 of loan disbursement. You repay only 3.89% of the total principal after paying 12 EMIs during the first year.

Canara Bank Home Loan EMI for ₹ 10 Lakh

The following table shows Canara Bank Housing Loan EMI for ₹ 10 lakh home loan for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 7.05% 5 Years ₹ 19,825
₹ 10,00,000 7.05% 10 Years ₹ 11,637
₹ 10,00,000 7.05% 15 Years ₹ 9,016
₹ 10,00,000 7.05% 20 Years ₹ 7,783
₹ 10,00,000 7.05% 0 Years

Canara Bank Home Loan EMI for ₹ 20 Lakh

The following table shows Canara Bank Housing Loan EMI for ₹ 20 lakh home loan for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 7.05% 5 Years ₹ 39,650
₹ 20,00,000 7.05% 10 Years ₹ 23,273
₹ 20,00,000 7.05% 15 Years ₹ 18,033
₹ 20,00,000 7.05% 20 Years ₹ 15,566
₹ 20,00,000 7.05% 0 Years

Canara Bank Home Loan EMI for ₹ 25 Lakh

The table below shows Canara Bank Housing Loan EMI for ₹ 25 lakh home loan for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 7.05% 5 Years ₹ 49,562
₹ 25,00,000 7.05% 10 Years ₹ 29,092
₹ 25,00,000 7.05% 15 Years ₹ 22,541
₹ 25,00,000 7.05% 20 Years ₹ 19,458
₹ 25,00,000 7.05% 0 Years

Canara Bank Home Loan EMI for ₹ 30 Lakh

The following table shows Canara Bank Housing Loan EMI for ₹ 30 lakh home loan for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 7.05% 5 Years ₹ 59,474
₹ 30,00,000 7.05% 10 Years ₹ 34,910
₹ 30,00,000 7.05% 15 Years ₹ 27,049
₹ 30,00,000 7.05% 20 Years ₹ 23,349
₹ 30,00,000 7.05% 0 Years

Canara Bank Home Loan EMI for ₹ 50 Lakh

The following table shows Canara Bank Housing Loan EMI for ₹ 50 lakh home loan for different tenures at an interest rate of 7.05%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 7.05% 5 Years ₹ 99,124
₹ 50,00,000 7.05% 10 Years ₹ 58,183
₹ 50,00,000 7.05% 15 Years ₹ 45,081
₹ 50,00,000 7.05% 20 Years ₹ 38,915
₹ 50,00,000 7.05% 0 Years

Other Loan Calculators Offered by MyLoanCare

FAQs

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

No, your Canara Bank Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Canara Bank Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

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

Canara Bank offers floating rate home loans only. If you take a floating rate loan from Canara Bank, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Canara Bank home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

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 home 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 7.05% and maximum tenure of 30 years, the Canara Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,687
₹ 12 Lakh ₹ 8,024
₹ 15 Lakh ₹ 10,030
₹ 30 Lakh ₹ 20,060
₹ 50 Lakh ₹ 33,433

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.

Compare Home Loan EMI of All Banks


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Canara Bank Home Loan News - May 2022
  • 2022-01-27 : Canara Bank Reports 116 per cent Jump in Q3 FY22 Net Profit.
    Canara Bank has reported a 116 per cent year-on-year (YoY) jump in standalone net profit at ₹1,502 crores for the third quarter. The profit stood on the back of healthy growth in net interest income and a decline in total provisions.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2021-12-09 : Canara Bank Launches Limited Period Offer on Home Loans
    Canara Bank has launched a limited offer on home loans with rates starting at 6.65%. Earlier, the bank was offering home loans at 6.90%.
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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