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Canara Bank Loan Against Property EMI Calculator

Canara Bank Mortgage Loan EMI

Last Updated 26th Feb 2021

Get monthly EMI as low as ₹ 1,658 per lakh on Canara Bank loan against property. Mortgage loan EMI in Canara Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan7 Year loan
₹ 20 Lakh₹ 42,445₹ 33,151₹ 33,151
₹ 30 Lakh₹ 63,667₹ 49,726₹ 49,726
₹ 50 Lakh₹ 1,06,112₹ 82,877₹ 82,877
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    Loan Against Property EMI Calculator Canara Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Canara Bank Loan Against Property.

    Canara Bank Loan Against Property 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 Loan Against Property of ₹ 15 Lakh from Canara Bank for 15 years at an interest rate of 9.95%, the EMI calculated for this loan amount would be ₹ 16,073 and the total annual EMIs to be paid annually is ₹ 1,92,879. The Canara Bank Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 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
    2021 ₹ 1,10,831 ₹ 33,828 ₹ 1,44,659 ₹ 14,66,172
    2022 ₹ 1,43,681 ₹ 49,198 ₹ 1,92,879 ₹ 14,16,974
    2023 ₹ 1,38,556 ₹ 54,323 ₹ 1,92,879 ₹ 13,62,651
    2024 ₹ 1,32,897 ₹ 59,981 ₹ 1,92,879 ₹ 13,02,670
    2025 ₹ 1,26,649 ₹ 66,229 ₹ 1,92,879 ₹ 12,36,440
    2026 ₹ 1,19,751 ₹ 73,128 ₹ 1,92,879 ₹ 11,63,312
    2027 ₹ 1,12,133 ₹ 80,746 ₹ 1,92,879 ₹ 10,82,566
    2028 ₹ 1,03,722 ₹ 89,157 ₹ 1,92,879 ₹ 9,93,410
    2029 ₹ 94,435 ₹ 98,444 ₹ 1,92,879 ₹ 8,94,966
    2030 ₹ 84,181 ₹ 1,08,698 ₹ 1,92,879 ₹ 7,86,268
    2031 ₹ 72,858 ₹ 1,20,021 ₹ 1,92,879 ₹ 6,66,248
    2032 ₹ 60,356 ₹ 1,32,522 ₹ 1,92,879 ₹ 5,33,725
    2033 ₹ 46,552 ₹ 1,46,327 ₹ 1,92,879 ₹ 3,87,399
    2034 ₹ 31,310 ₹ 1,61,569 ₹ 1,92,879 ₹ 2,25,830
    2035 ₹ 14,480 ₹ 1,78,399 ₹ 1,92,879 ₹ 47,431
    2036 ₹ 789 ₹ 47,431 ₹ 48,220 -₹ 0

    Each Canara Bank Loan Against Property 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 23.68% of your EMI has been used to repay the principal amount. This means that the remaining 76.32% of the EMI went into interest payment. Thus, you end up paying only 3.04% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Canara Bank.

    In year 15, the interest component of Canara Bank EMI is around 5.19%, while the principal component is around 94.81%. Upto 15 years, you have cumulatively repaid 100% of your total Canara Bank Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Canara Bank?

    After the announcement of RBI on 22nd May 2020, Canara Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Canara Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Canara Bank customer care or its nearest branch.

    FAQs

    Will the Canara Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    Canara Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property 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 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 the extent that the revised loan tenure is more than the maximum permissible by Canara Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a 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.
    • Note that Canara Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Canara Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Canara Bank?

    You can avail of a maximum loan of ₹ 10 Cr, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Canara Bank assesses the property before approving your mortgage loan application.


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    Canara Bank Loan Against Property News - Apr 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.
    • 2019-06-27 : Canara Bank to raise Rs. 1,500 crore via bonds
      Public sector lender, Canara Bank is planning to raise Rs. 1,500 crore through bonds, to fund business growth. The bank plans to raise the fund through Basel-III additional compliant tier I bonds. Also, the lender has plans to achieve significant growth across its retail loan segment, including home loans and mortgage loans during FY19-20.
    • 2019-05-23 : Canara Bank launches its presence on two most influential social media platforms Facebook and Instagram
      In a bid to serve large clientele base, Public sector lender, Canara Bank has marked its official presence on the two most influential platforms, Facebook and Instagram. The lender’s YouTube channel has nearly 25,000 subscribers and more than 35,000 followers on Twitter. The bank’s huge social presence will help it to promote its retail loan products and deposits including mortgage loan and home loans among a large base of customers.
    • 2019-04-29 : Canara Bank launches Webassurance with its life insurance partner HSBC Oriental Bank of Commerce
      Public sector lender, Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance has announced the launch of ’Web assurance’. With this launch, now the life insurance products of HSBC Oriental Bank of Commerce will be made available to Canara Bank’s customers. Also, the lender is aiming for introducing new products across its retail loans segment including home loans and mortgage loans.
    • 2019-04-08 : NTPC signs Rs. 2,000 crore term loan pact with Canara Bank
      Earlier this week, the state-run power giant, NTPC has inked a term-loan agreement with Canara Bank to raise Rs. 2,000 crore. The loan has a door to door tenure of 15 years and it would be used to part finance the capital expenditure of the NTPC. The lender also has further plans to achieve a significant growth across its retail loans including home loans, loan against property and gold loans.
    *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. Read More
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