# Canara Bank Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

When planning to buy a home, knowing your financial options and responsibilities is important. The Canara Bank home loan EMI calculator is a helpful tool for anyone looking to understand their monthly repayment obligations. By inputting the loan amount, interest rate, and loan tenure into this online calculator, you can get an estimate of your monthly payments. This article will explain how to use the calculator effectively when applying for a home loan with Canara Bank.

## How to Use Wishfin Canara Bank Home Loan EMI Calculator?

Wishfin offers a smart and time-saving online EMI Calculator that calculates your monthly repayments in a hassle-free manner. To use this calculator, you need to enter the following details:

• Loan Amount
• Tenure
• Interest Rate

Soon after you feed these credentials into the device, it starts to function and gives you the exact and accurate results of your EMI, interest outgo, and the total amount payable in just a few seconds. It is absolutely easy and simple to use this online tool anytime to know the exact calculations of your monthly installments.

## Canara Bank Home Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.

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

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For example, let's say a borrower takes out a home loan of ₹60,00,000 with a term of 20 years at an interest rate of 8.40% per annum.

Here’s how the calculation would look:

Principal Amount (P): ₹60,00,000

Interest Rate (R): 8.40% per year (which is 8.40/12/100 = 0.007 per month)

Loan Tenure (n): 20 years, or 240 months

Let’s see how it works:

[60,00,000 x 0.007 x (1 + 0.007) ^ 240]/[(1+0.007) ^240 -1] = 51,690

The EMIs you will be required to pay is ₹51,690

## Canara Bank Home Loan Amortisation Schedule

Well, for more clarity on the same, let’s just take the help of an example below.

Suppose, Pooja Aggarwal, a 26-year-old, Marketing Head by profession wants to buy a beautiful home in Mumbai. Thus, she has applied for a home loan of INR 40 Lakh and the best part is that the lender is also ready to provide her the required loan amount at an interest rate of 8.35% per annum for a tenure of 30 years. So, in this case, let’s just find out, what would be the EMI and Interest Outgo calculations in the table below which came after using a home loan EMI Calculator :

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 40,00,000 8.35% 1 ₹ 3,48,601 ₹ 1,83,216 ₹ 41,83,216
₹ 40,00,000 8.35% 2 ₹ 1,81,548 ₹ 3,57,160 ₹ 43,57,160
₹ 40,00,000 8.35% 3 ₹ 1,25,992 ₹ 5,35,723 ₹ 45,35,723
₹ 40,00,000 8.35% 4 ₹ 98,310 ₹ 7,18,889 ₹ 47,18,889
₹ 40,00,000 8.35% 5 ₹ 81,777 ₹ 9,06,635 ₹ 49,06,635
₹ 40,00,000 8.35% 6 ₹ 70,819 ₹ 10,98,933 ₹ 50,98,933
₹ 40,00,000 8.35% 7 ₹ 63,045 ₹ 12,95,750 ₹ 52,95,750
₹ 40,00,000 8.35% 8 ₹ 57,261 ₹ 14,97,043 ₹ 54,97,043
₹ 40,00,000 8.35% 9 ₹ 52,803 ₹ 17,02,769 ₹ 57,02,769
₹ 40,00,000 8.35% 10 ₹ 49,274 ₹ 19,12,875 ₹ 59,12,875
₹ 40,00,000 8.35% 11 ₹ 46,419 ₹ 21,27,304 ₹ 61,27,304
₹ 40,00,000 8.35% 12 ₹ 44,069 ₹ 23,45,996 ₹ 63,45,996
₹ 40,00,000 8.35% 13 ₹ 42,108 ₹ 25,68,884 ₹ 65,68,884
₹ 40,00,000 8.35% 14 ₹ 40,452 ₹ 27,95,897 ₹ 67,95,897
₹ 40,00,000 8.35% 15 ₹ 39,039 ₹ 30,26,961 ₹ 70,26,961
₹ 40,00,000 8.35% 16 ₹ 37,823 ₹ 32,61,997 ₹ 72,61,997
₹ 40,00,000 8.35% 17 ₹ 36,769 ₹ 35,00,925 ₹ 75,00,925
₹ 40,00,000 8.35% 18 ₹ 35,850 ₹ 37,43,658 ₹ 77,43,658
₹ 40,00,000 8.35% 19 ₹ 35,044 ₹ 39,90,109 ₹ 79,90,109
₹ 40,00,000 8.35% 20 ₹ 34,334 ₹ 42,40,188 ₹ 82,40,188
₹ 40,00,000 8.35% 21 ₹ 33,706 ₹ 44,93,804 ₹ 84,93,804
₹ 40,00,000 8.35% 22 ₹ 33,147 ₹ 47,50,861 ₹ 87,50,861
₹ 40,00,000 8.35% 23 ₹ 32,650 ₹ 50,11,265 ₹ 90,11,265
₹ 40,00,000 8.35% 24 ₹ 32,205 ₹ 52,74,920 ₹ 92,74,920
₹ 40,00,000 8.35% 25 ₹ 31,806 ₹ 55,41,727 ₹ 95,41,727
₹ 40,00,000 8.35% 26 ₹ 31,447 ₹ 58,11,590 ₹ 98,11,590
₹ 40,00,000 8.35% 27 ₹ 31,125 ₹ 60,84,410 ₹ 1,00,84,410
₹ 40,00,000 8.35% 28 ₹ 30,834 ₹ 63,60,090 ₹ 1,03,60,090
₹ 40,00,000 8.35% 29 ₹ 30,570 ₹ 66,38,532 ₹ 1,06,38,532
₹ 40,00,000 8.35% 30 ₹ 30,332 ₹ 69,19,639 ₹ 1,09,19,639

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 31,162 ₹ 3,32,825 ₹ 39,68,837
2 ₹ 33,866 ₹ 3,30,121 ₹ 39,34,970
3 ₹ 36,805 ₹ 3,27,183 ₹ 38,98,165
4 ₹ 39,998 ₹ 3,23,989 ₹ 38,58,166
5 ₹ 43,469 ₹ 3,20,518 ₹ 38,14,696
6 ₹ 47,241 ₹ 3,16,746 ₹ 37,67,455
7 ₹ 51,340 ₹ 3,12,647 ₹ 37,16,114
8 ₹ 55,795 ₹ 3,08,192 ₹ 36,60,318
9 ₹ 60,637 ₹ 3,03,351 ₹ 35,99,681
10 ₹ 65,898 ₹ 2,98,089 ₹ 35,33,782
11 ₹ 71,616 ₹ 2,92,371 ₹ 34,62,166
12 ₹ 77,830 ₹ 2,86,157 ₹ 33,84,335
13 ₹ 84,584 ₹ 2,79,404 ₹ 32,99,750
14 ₹ 91,923 ₹ 2,72,064 ₹ 32,07,826
15 ₹ 99,900 ₹ 2,64,088 ₹ 31,07,926
16 ₹ 1,08,568 ₹ 2,55,419 ₹ 29,99,357
17 ₹ 1,17,989 ₹ 2,45,999 ₹ 28,81,368
18 ₹ 1,28,227 ₹ 2,35,761 ₹ 27,53,141
19 ₹ 1,39,353 ₹ 2,24,634 ₹ 26,13,787
20 ₹ 1,51,445 ₹ 2,12,542 ₹ 24,62,342
21 ₹ 1,64,586 ₹ 1,99,401 ₹ 22,97,755
22 ₹ 1,78,867 ₹ 1,85,120 ₹ 21,18,887
23 ₹ 1,94,388 ₹ 1,69,599 ₹ 19,24,498
24 ₹ 2,11,255 ₹ 1,52,732 ₹ 17,13,243
25 ₹ 2,29,586 ₹ 1,34,401 ₹ 14,83,656
26 ₹ 2,49,508 ₹ 1,14,480 ₹ 12,34,148
27 ₹ 2,71,158 ₹ 92,830 ₹ 9,62,990
28 ₹ 2,94,686 ₹ 69,301 ₹ 6,68,303
29 ₹ 3,20,256 ₹ 43,731 ₹ 3,48,046
30 ₹ 3,48,256 ₹ 15,942 ₹ 0

## The Lowest EMI Offered by Canara Bank on Home Loans

The lowest monthly installments for Canara Bank home loans, based on the highest and lowest interest rates for 20 years, are as follows:

Interest Rate of 8.40%

I nterest Rate of 11.75%

10 lakh loan amount - ₹8,615 p.m.

10 lakh loan amount -  ₹10,837 p.m.

12 lakh loan amount - ₹10,262 p.m.

12 lakh loan amount -  ₹13,004 p.m.

15 lakh loan amount - ₹12,828 p.m.

15 lakh loan amount -  ₹16,256 p.m.

17 lakh loan amount - ₹14,539 p.m.

17 lakh loan amount - ₹18,423 p.m.

20 lakh loan amount - ₹17,230 p.m.

20 lakh loan amount -  ₹21,674 p.m.

## The Main Advantages of Using Canara Bank Home Loan EMI Calculator

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

• Accurate Budgeting: It helps you accurately estimate your monthly expenses related to the home loan, enabling effective financial planning.
• Time-saving: The calculator provides quick calculations, which saves you the time and effort of manually computing EMIs.
• Loan Comparison: It allows you to compare different home loan scenarios based on changes in interest rates, loan amounts, and tenures to find a plan that best suits your capacity and needs.
• Transparency: This tool offers insights into how much you'll be paying towards interest and principal, promoting transparency in your financial decisions.

## Eligibility Criteria to Apply for Canara Bank Home Loan

Here’s the eligibility criteria you need to follow to apply for a loan with Canara Bank:

• Eligibility for Residents:

Open to both Resident Indians and Non-Resident Indians (NRIs) who possess an Indian passport, as well as Persons of Indian Origin (PIOs) with a foreign passport, and Overseas Citizens of India (OCI).

• Salaried Individuals:

Eligibility extends to individuals with a minimum of two years of regular and continuous service, including at least six months with the current employer.

• Self-Employed Individuals:

Business owners and self-employed professionals such as doctors, chartered accountants, and architects are eligible, provided they can furnish proof of income like 3 years of Income Tax Returns/IT Assessment Orders.

• Age Requirements for Borrowers:

The entry age for borrowers should be under 60 years at the time of loan application, with the loan to be repaid before reaching 75 years of age. If the primary borrower is 60 years or older, the loan must be co-signed by an earning spouse or legal heirs.

## Factors that Affect Canara Bank Home Loan EMIs

Here are the factors that play a crucial role in determining your home loan EMIs:

• Loan Amount: The principal amount borrowed is a direct influencer of the EMI. Larger loan amounts result in higher EMIs.
• Interest Rate: The rate of interest charged on the loan significantly impacts your EMI. Higher interest rates lead to higher monthly repayments.
• Credit Score: A borrower’s credit score can impact the interest rate offered by the bank. Higher credit scores may secure lower interest rates, thus reducing the EMI.
• Repayment Mode: The method of repayment chosen, such as step-up, step-down, or balloon payments, can alter the regularity and amount of EMIs.

## Limitations of Using Canara Bank Home Loan EMI Calculator

Using the Canara Bank Home Loan EMI Calculator, like any other financial tool, has its limitations. Here are some of the key constraints to keep in mind:

• Excludes Additional Costs: The calculator generally provides an EMI estimate based on the principal amount, interest rate, and loan tenure. However, it does not account for other possible charges such as processing fees, administrative fees, and legal charges, which can affect the overall cost of the loan.
• Fixed Interest Assumption: Many EMI calculators operate under the assumption of a fixed interest rate throughout the loan tenure. If the loan features a floating rate, the actual EMI can vary in response to changes in the market interest rates.
• Credit Score Impact: The calculator does not consider the borrower’s credit score, which can significantly influence the interest rate offered by the bank. A higher or lower rate than the one used in the calculator can result in different EMI amounts.
• Does Not Reflect Prepayments: If you plan to make prepayments on your loan, the calculator will not reflect the changes in interest or the reduction in loan tenure that could result from these payments.
• Lacks Personalization: The tool does not account for individual financial situations such as existing debts, other financial obligations, and personal cash flow, which are crucial for determining the actual affordability of the loan.