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  • Canara Bank Home Loan Calculator

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  • Updated as per Latest Rates on 17 Oct 2019

    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.

    Canara Bank Home Loan EMI Calculator 2019

    Calculate Your Canara Bank Home Loan Monthly Repayment

    The table below gives you an idea of the EMIs for various tenures and loan amounts:

    Amount→
    Tenure↓
    Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh
    10 years Rs.12,133 Rs.24,266 Rs.48,531 Rs.60,664
    20 years Rs.8,364 Rs.16,729 Rs.33,458 Rs.41,822
    30 years Rs.7,338 Rs.14,675 Rs.29,351 Rs.36,688

    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.)
    2019 53,736 72,397 1,26,133 9,46,262
    2020 69,952 81,409 1,51,361 8,76,310
    2021 76,439 74,923 1,51,362 7,99,871
    2022 83,529 67,837 1,51,366 7,16,344
    2023 91,272 60,091 1,51,363 6,25,073
    2024 99,733 51,627 1,51,360 5,25,339
    2025 1,08,981 42,380 1,51,361 4,16,358
    2026 1,19,086 32,273 1,51,359 2,97,271
    2027 1,30,130 21,234 1,51,364 1,67,143
    2028 1,42,194 9,169 1,51,363 24,949
    2029 24,949 278 25,227 0

    Canara Bank Housing Loan EMI Calculator FAQs

    1. What do I get from calculating my Canara Bank loan EMI?
    2. 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:

      • You can have better control and clarity over your monthly expenses budget. By knowing exactly how much to pay every month, you can structure the rest of your expenses around it.
      • The principal-interest ratio will give you an idea of how much your loan will cost. That is, you get to know how much interest you will have to pay.
      • BankBazaar’s tool also allows you to include prepayment details to show you your repayment schedule.
    3. How do part payments or prepayments help in the long run?
    4. 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.

    5. Do all EMI calculators function in the same way?
    6. 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.

    7. Why are the interest charges in the repayment table higher during the initial months of the loan?
    8. 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.

    9. Is the result displayed accurately?
    10. 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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