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Canara Bank Home Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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What is the Canara Bank Home Loan EMI Calculator?

Angel One brings you the Canara Bank home loan EMI calculator to help you calculate home loan EMIs. It considers the loan amount, interest rate, and loan tenure to help you with details about your loan repayment.

With the online Canara Bank home loan EMI calculator, you can effortlessly estimate your monthly EMI, total interest payable, and the overall payable amount. It simplifies your financial planning process by helping you understand the financial commitment associated with your Canara Bank home loan.

How Does the Canara Bank Home Loan EMI Calculator Work?

Calculating your home loan EMI is easy with a Canara Bank home loan EMI calculator. It helps you estimate the monthly instalment you need to pay based on the principal loan amount, interest rate, and loan tenure. EMI calculation formulae involve complex mathematical calculations that would be tedious and error-prone if done manually. However, an EMI calculator simplifies the process and generates quick and precise results.

What Is the Canara Home Loan EMI Calculator Formula?

The Canara Bank home loan EMI calculator formula is below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

P is the amount of money you borrow from the bank

R is the rate of interest per month charged by the bank

N is the tenure by which the loan has to be repaid (in months)

How to Use the Canara Bank Home Loan EMI Calculator?

Here’s how you can use the Canara Bank home loan EMI calculator:

  • Access the Canara Bank home loan EMI calculator on the Angel One website. 
  • Enter the loan amount you require for your dream home. 
  • Fill in the yearly interest rate.
  • Next, input the loan tenure in years.

Once you've entered all the required information, the online Canara Bank home loan EMI calculator will instantly display your monthly EMI, total interest payable, and the overall cost of your home loan.

Explore different combinations by adjusting the loan amount, tenure, or interest rate to find the perfect fit for your financial plan.

Here’s an example to help you understand:

Let's say you are considering a home loan. You wish to borrow Rs. 25,00,000 for 10 years, with an annual interest rate of 12%. Using the Canara Bank home loan EMI calculator, you can determine the monthly instalments. Inputting the necessary values in the calculator, you will get the EMI as Rs. 35,868. The total amount to be repaid over the loan tenure will be Rs. 43,04,128, with the interest component totalling Rs. 18,04,128.

Benefits of Using the Canara Bank Home Loan EMI Calculator

Here are the key benefits of using the online Canara Bank home loan EMI calculator:

  • Accurate loan estimation: With the Canara Bank home loan EMI calculator, you can precisely calculate your EMIs based on your loan amount, interest rate and tenure. It saves you time and effort. 
  • Enhanced budgeting: Knowing your EMIs in advance allows you to plan your monthly budget more effectively. The online Canara Bank home loan EMI calculator gives you a clear picture of your financial obligations, allowing you to allocate funds for other essential expenses.
  • Comparison and flexibility: The Canara Bank home loan EMI calculator on the Angel One website allows you to compare different loan options and scenarios to find the most suitable loan structure. 

Types of Home Loans Offered by Canara Bank

Canara Bank offers the following types of home loans:

  • Canara Home Loan Plus

Canara Home Loan Plus extends its eligibility to individuals aged between 18 and 75. You can avail a loan of up to 24 months' gross salary, capped at Rs. 50 lakhs for salaried individuals, or two times the average gross income of the applicant over three years, also capped at Rs. 50 lakhs for self-employed individuals. The loan tenure is determined based on the remaining repayment period of your existing housing loan or a maximum of 180 EMIs, whichever is less. 

  • Canara Site Loan

Canara Site Loan lets you purchase residential sites from authorised entities such as State Development or Town Planning Development Authorities. It is available to both new and existing bank customers, Non-Resident Indians (NRIs) and even bank employees. 

To be eligible, you should be below 60 years of age. The loan amount is determined based on either three times the gross annual income or 75% of the cost of the site, whichever is lower. The repayment tenure is up to 10 years or until the borrower reaches the age of 65, whichever comes earlier.

  • Canara Home Loan Super Gain (CASA)

Canara Home Loan Super Gain (CASA) is designed for individuals looking to finance the purchase of a house, flat, or plot of land and for the construction, extension, repair, or renovation of a new or second-hand residential property. 

This loan is available to individuals who already have a home loan with a sanctioned or outstanding amount of Rs. 20 lakhs or more, and the loan amount can range from a minimum of Rs. 20 lakhs with no upper limit. The repayment period, including any repayment holiday, will not extend beyond 30 years or the borrower attaining 75 years of age, whichever comes earlier.

  • CANARA Kuteer - Housing Loan Scheme

CANARA Kuteer housing loan enables you to acquire a residential site and construct a house, not limited to new or old dwelling units but also extends to constructing a house on an already-owned site or plot. You are eligible if you have a household income ranging from up to Rs. 1 lakh to Rs. 3 lakhs per annum (encompassing rural, urban, and metro areas) and are a member of a self-help group. The loan amount varies based on the household income, with up to Rs. 5 lakh available for incomes up to Rs. 1 lakh and up to Rs. 10 lakh for incomes ranging from Rs. 1 lakh to Rs. 3 lakh. The loan tenure is set at 30 years or until the borrower reaches 75 years of age, whichever comes earlier.

  • Housing Loan to Agriculturists

Canara Bank offers housing loans for agriculturists who own and cultivate agricultural land of more than 5 acres of irrigated land or 10 acres of dry land, have a satisfactory dealing record of at least two years, or be engaged in allied activities with a minimum gross annual income of Rs. 5 lakhs. The loan tenure allows you to opt for EMIs for a maximum period of 30 years or until you reach the age of 75 years, whichever comes earlier.

  • Home Loan for NRIs scheme

Canara Bank offers a Home Loan for NRIs scheme that allows NRIs who have held NRI status for a minimum of 3 years, along with PIOs possessing a foreign passport, to avail of the benefits. To be eligible, individuals must have a valid Indian passport, a steady source of income, and a minimum of 2 years of employment abroad with a valid job contract or work permit. The loan amount can be up to 4 times the annual gross income, with some cases considering 5 times the annual gross income. The loan tenure offers flexibility, allowing for EMIs up to 30 years or until the borrower reaches 60 (or 70 years in some instances).

FAQs

What is the Canara Bank home loan EMI calculator?

The Canara Bank home loan EMI calculator is a financial tool that helps you determine the EMIs for your home loan. It allows you to calculate the monthly repayment amount based on the loan amount, interest rate, and tenure.

How to use the Canara Bank home loan EMI calculator online?

Visit the Angel One website and access the online Canara Bank home loan EMI calculator. Enter the loan amount, interest rate, and tenure. The calculator will provide the EMI amount and details of the repayment.

Is the Canara Bank home loan EMI calculator free to use?

Yes. The Canara Bank home loan EMI calculator is available for free on the Angel One website. You can use it multiple times.

How is the total interest of the Canara Bank home loan calculated?

The total interest on a home loan is calculated based on the loan amount, interest rate, and tenure. It is computed using a mathematical formula considering the reducing balance method. The EMI amount paid over the loan tenure contributes to the principal repayment and interest payment. The interest is calculated on the outstanding loan balance each month.

Is there a penalty on the prepayment of the Canara Bank home loan?

Some lenders charge a penalty for early repayment of a home loan before the end of the loan term. Prepayment penalties for home loans can vary depending on the terms set by the lender.

Enjoy Zero Brokerage on
Equity Delivery

Enjoy Zero Brokerage on Equity Delivery

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