Canara Bank Home Loan EMI Calculator
Home Loan Bank Information
Introduction
Headquartered in Bangalore, Canara Bank is a nationalist bank in India and among the top banks. Over the years of its inception, the Bank has transformed and transitioned services to its customers. Though it was established in 190 6 in Mangalore, the Government of India nationalized the Bank in 1969. After Syndicate Bank merged with Canara Bank on 30 August 2019, it was able to secure 4th place in the PSU banks of the country.
Canara Bank offers an excellent range of home loans and convenient EMI to its customers with a range of home loan products.
What is a Canara Bank Home Loan EMI Calculator?
Simply put, Home Loan EMI is the payments that borrowers must pay towards their loan in a certain amount of time. Canara Bank Home Loan offers the borrower excellent interest rates and convenient EMIs that will certainly fit in their budget. In this case, the borrower will be required to pay a certain monthly amount towards the settlement of the loan. In this regard, the borrower can use the Canara Bank Home Loan EMI calculator to determine the monthly EMI that they will be needed to pay.
However, this is determined by various factors like the principal amount taken from the Bank, an interest that is levied, and the tenure that is offered.
Interest:
| Sl. NO | Loan Product | CIC – Risk Grade | RLLR | Women Borrowers | Other Borrowers | |||
|---|---|---|---|---|---|---|---|---|
| Credit Risk Premium Over RLLR | Effective ROI Under RLLR | Credit Risk Premium Over RLLR | Effective ROI Under RLLR | |||||
| 1 | Purchase/Construction/Extension/Renovation | CS:1 | 6.90 | 0.00 | 6.90 | 0.05 | 6.95 | |
| CS:2 | 6.90 | 0.05 | 6.95 | 0.10 | 7.00 | |||
| CS:3 | 6.90 | 0.45 | 7.35 | 0.50 | 7.40 | |||
| CS:4 | 6.90 | 1.95 | 8.85 | 2.00 | 8.90 | |||
Features
- The EMI will cover the borrower’s loan commitment, and it will be divided across the tenure. They will have to pay a monthly sum predetermined at the taking of the loan.
- Canara Bank Home Loan provides relaxation in matters of the women borrowers. It offers an excellent interest rate of 6.90 % to 8.90 % depending on various factors that determine the final interest being levied on the principal amount.
- The Bank offers the borrowers a starting home loan of ₹ 15, 00,000 and a maximum of 10, 00, 00,000.
- It’s equally important to mention that the EMI will be determined by the principal loan amount that the lenders will be taking from the Bank.
- The amount of the EMI will be determined by the loan amount as well as the interest that the borrowers will need to pay.
What is Canara Bank Home Loan EMI Calculator?
- Canara Bank Home Loan EMI calculator is a tool that will help lenders calculate the amount of EMI that they will be required to pay.
- The calculator takes into account their principal amount, interest rates, and tenure to use an algorithm to determine the EMI.
- The borrowers will get an estimate of the amount and the time that it will require to settle the loan amount.
- In addition to that, the Canara Bank Home Loan EMI Calculator will assist the lenders in making an educated decision and clear any doubts about the amount of the EMI.
- It’s equally important to mention that the EMI is computed differently in Home loans, and it must be kept in mind that various factors can affect the amount.
The following table shows the various loan amounts and the EMIs required to pay.
| Loan Amount | 15 Years | 20 Years | 30 Years |
|---|---|---|---|
| 25 Lacs | Rs. 22,331 | RS. 19,233 | Rs. 16,465 |
| 50 Lacs | Rs. 44,662 | Rs. 38,465 | Rs. 32,930 |
| 75 Lacs | Rs. 66,994 | Rs. 57,698 | Rs. 49,395 |
| 1 CR | Rs. 89,325 | Rs. 76,931 | Rs. 65,860 |
The initial interest rates are levied at 6.90%/annum.
| Loan Amount | 10 Year Loan | 15 Year Loan | 30 Year Loan |
|---|---|---|---|
| Rs. 10 Lacs | ₹ 11,559 | ₹ 8,932 | Rs. 6,586 |
| Rs. 20 Lacs | ₹ 23,119 | ₹ 17,865 | RS. 13,172 |
| Rs. 30 Lacs | ₹ 34,678 | ₹ 26,797 | Rs. 19,758 |
| Rs. 32,930 |
How to use Canara Bank Home Loan EMI Calculator?
Borrowers will need to follow some steps, put in some crucial details, and access the tool online. In this regard, some steps will need to be followed:
The first and the foremost are the three indicators that will be required. These are:
- Principal Loan Amount.
- Rate of interest on the loan.
- Duration of the loan.
Depending on these three factors, the Canara Bank Home Loan EMI Calculator will compute the results.
- Find the EMI Calculator online.
- The borrowers will then enter the amount of the loan.
- The tenure offered.
The tool will then run its algorithm and compute the results. This will include a chart that will offer an insight into the total amount that is to be paid. In addition to that, it will also include the principal amount, monthly EMI, and the total interest paid towards the loan. In this case, the lenders will be able to make a decision or opt for a different home loan with separate parameters that fit into their preferences and requirements.
How does Canara Bank Home Loan EMI Calculator help?
Canara Bank Home Loan EMI Calculator uses a mathematical algorithm to determine the final results. In this case, the borrower can be sure of its accuracy and plan accordingly.
- It allows the lender to compare different interest rates, tenures, as well as loan amounts so that he can make an informed decision.
The tool also sends the computation via mail so that the borrower can make an understanding of the amount of EMI that will be one of the primary factors in making a decision. In addition to that, it also ascertains whether a particular loan is affordable or unaffordable to the lender. In comparison, it offers a variety of choices, and the fact that the borrowers can compare different tenures is a boon. This way, he will be more informed about which loan amount fits in his affordability as well as financial requirements.
- The tool will help the borrower understand the nuances of the loan amount and give an insight into the process of the repayment.
In other words, it constructs an idea of the loan and gets him ready to proceed. Besides that, it also helps in planning the finances, and if the loan is affordable, the borrower can opt for the one that can be afforded.
Factors that can affect your Canara Bank Home Loan EMI Calculator
- Principal Amount:
This is the first factor that the borrowers will need to keep in mind. The determination of the EMI will depend on the principal loan amount that is taken from the Bank. In other words, if the loan amount is higher, then the EMI required to pay the amount will also be higher. Though Canara Bank offers affordable EMI options, the EMI calculator will surely help borrowers in determining whether a certain loan amount is affordable.
- Duration of Loan:
This is the time that the borrower will be given to repay the loan. Canara Bank offers its lenders a maximum of 30 years of tenure. It’s equally important to mention that if the lender has a low tenure, then that will mean a higher amount of EMIs that need to be paid.
- Interest:
This depends on various factors, and they can drastically impact the loan amount.
- Canara Bank also offers reduced interest rates for women borrowers.
The EMI amount will be in accordance with the total interest levied on the principal amount. If the interest amount is higher, then the EMI will also be. In this case, Canara Bank Home Loan EMI Calculator will help the borrower in determining the interest rates and the total amount that needs to be paid.
FAQs
What documents will the lender require to avail of the loan scheme?
The Canara Bank Home Loan will require two sets of documents. These are:
- Identity proof.
- Income Proof.
What is the minimum age to apply for the loan?
The borrower should be at least 21 years of age to apply for the home loan. The maximum age of the applicant shouldn’t exceed 70 years.
How does the Canara Home Loan EMI Calculator compute the total amount?
The tool will calculate the EMI with P*r* (1+r) ^n/ ([(1+r) ^n]-1). Here the P is the loan amount, r is the rate of interest, and n is the tenure of the loan.
Why should the borrower use the Canara Bank Home Loan EMI Calculator?
The calculator will give them an idea of the affordability and help in determining which loan amount will be better for them.
How accurate is the Home EMI calculator?
The Canara Bank Home Loan Calculator uses a mathematical algorithm to determine the final results. If the borrower puts the accurate details, then the EMI will also be accurate.
Does Canara Bank offer the Home loan to NRIs as well?
The Canara Bank Home Loan is available to anybody who lives in India as well as anyone who has an Indian origin. In other words, NRIs can avail the loan as well.
What are the employment criteria for the house loan?
The home loan can be availed by salaried as well as self-employed individuals.
What is the monthly income that the borrower needs to be eligible for the loan?
The lender needs to at least earn a minimum of 25,000 INR to be eligible for the loan.
What is the factor that can affect the total years of the tenure?
The age of the borrower will determine the duration of the repayment of the loan. In addition to that, the total income of the lender will also condition the total amount of the loan.
What is the minimum CBIL Score for a home loan in Canara bank?
The borrower will at least need a minimum CIBIL score of 650 to increase the chances of loan approval.