Canara Bank Home Loan EMI Calculator

Think about a smart and time-saving online tool that allows you to know your EMIs in a hassle-free manner. Well, we are talking about a home loan EMI Calculator, a one-of-its-kind thoughtfully designed device that makes your home loan journey memorable. This tool starts to function after taking into consideration:

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Year Principal Interest Balance Amount

  • 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 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 Calculator

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 ₹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

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

Year Principal Interest Balance Amount

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

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EMI Calculator