Kuchh Baat Aapke Interest Ki

Canara Home Loan EMI Calculator

Last Updated 17th Apr 2017

Canara Home Loan - Lowest EMI is Rs. 780 per lakh

  • Get monthly EMI as low as Rs. 780 per lakh with Canara Bank now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by Canara Bank is 8.65%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 994 for a 15 year loan and Rs. 877 for a 20 year loan.
  • Check the EMI for other tenures using the Canara Bank home loan EMI calculator on this page.
Home Loan EMI Calculator
Rs.

Home Loan EMI Calculator Canara Bank

Canara Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Canara Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Canara Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 780 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Canara Bank on Home Loan is 8.65%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 24,83921,93419,489
    5,000,000 49,67843,86738,978
    7,500,000 74,51665,80158,468
    10,000,000 99,35587,73477,957
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Canara Home Loan EMI calculator formula

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

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

In above formula,

P = Loan amount. This can range from Rs. 1,500,000 to Rs. 100,000,000

r = Rate of interest per month. Current rate is 8.65%, which is linked to Canara 1 Year MCLR, which is currently 8.45%. Last revised on 07th Apr 17

n = tenure in month. For Canara Bank, this can be 360 months

Will the Canara home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Canara Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Canara Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Canara Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

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

Check
Lowest EMI
Check
Home Loan Eligibility
Canara Home Loan News - Apr 2017
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.