With the Canara Bank Home Loan EMI Calculator, you can easily estimate the monthly repayment amount on your housing loan. The minimum EMI per lakh you get with Canara Bank is Rs.758.
To use the calculator, you need to know the current Canara Bank home loan interest rates, loan amount, and tenure. Enter the values and you’ll get a full break-up of your monthly repayments.
The table below gives you an idea of the EMIs for various tenures and loan amounts:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
Suppose you are applying for the Canara Bank Home Loan scheme at an interest rate of 8% p.a. and a loan amount of Rs.30 lakh, Rs.50 lakh, Rs.70 lakh or Rs.1 crore. Using the Bankbazaar Home Loan EMI Calculator, you can find the EMIs, processing fee and total interest payable on various tenures. In the above example, we’ve kept the processing fee as 0.35% and selected ‘No’ for pre-payments.
Canara Bank Housing Loan Interest Rates: As of 17 Oct 2019, Canara Bank charges the following interest rates for its home loans - 8.75% p.a. to 9.4% p.a. for general customers and between 8.7% p.a. and 9.35% p.a. for women. The Canara Home Loan Plus (term loan) carries an interest rate of 11.45% p.a.
Canara Bank Housing Loan processing fee: The bank charges you a processing fee of 0.5% of your loan. This is, however, subject to a minimum of Rs.1,500 and a maximum of Rs.10,000.
Canara Bank Housing Loan amount and Tenure: The bank offers you a property loan of up to Rs.3 crore. The maximum tenure you can choose is 30 years.
Repayment schedule of your Canara Bank Housing Loan: If you want to know how your loan from Canara Bank will be repaid over a period of 10 years, take a look at the following illustration. We’re assuming a few details for this purpose:
Loan amount: Rs.10 lakh Interest rate: 8.9% Tenure: 10 years Processing fee: Rs.5,000 (10,00,000 x 0.5%) EMI: Rs.12,614
The table given below shows you the repayment schedule:
|Year||Principal Paid - A (Rs.)||Interest Paid - B (Rs.)||Total Payment - A+B (Rs.)||Outstanding Loan Balance (Rs.)|
Calculating your monthly payments when you take a housing loan from Canara Bank can help you in a number of ways, some of which include:
When you infuse your loan account with additional payments, it reduces the outstanding principal amount, which in turn reduces the interest charges. This is because the interest is charged on a reducing balance method. This will help you clear the loan a lot quicker.
Yes, every EMI calculator that uses the principal amount, interest rate, and tenure for calculation works in the same manner. BankBazaar’s calculator also gives you the repayment details so that you know how much of each EMI goes towards repaying the principal and how much is charged as interest.
Since the interest rate is applied on the basis of “reducing balance” principle, the interest charges are slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest also comes down proportionately.
While every EMI calculator works based on the given inputs, there may be a slight difference in the result due to the inclusion of other fees and charges by the lender.
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