Canara Bank Home Loan EMI Calculator

Canara Bank Home Loan EMI Calculator

The Canara Bank Home Loan EMI Calculator helps you estimate your monthly loan repayments quickly and accurately. Whether you’re planning to buy a new house, build one, or renovate an existing property, this tool gives you a clear picture of your financial commitments.

How the Canara Bank Home Loan EMI Calculator Works

This calculator uses three primary inputs to compute your Equated Monthly Installment (EMI):

• Loan Amount: The total amount borrowed from Canara Bank
• Loan Tenure: The duration of the loan is typically between 1 and 30 years
• Interest Rate: The applicable home loan interest rate (Canara Bank currently offers rates starting from 8.40% p.a. as of Q1 FY 2024–25)

EMI Formula

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Loan amount
• R: Monthly interest rate (annual rate ÷ 12 ÷ 100)
• N: Loan tenure in months

Output Provided

• Estimated EMI
• Total interest payable
• Total amount to be repaid

Benefits of Using the EMI Calculator

• Quick, accurate, and easy-to-use
• Helps compare different loan scenarios
• Improves financial planning
• Gives a clear view of total interest outgo

Example Calculation

• Loan Amount: ₹40,00,000
• Tenure: 20 years
• Interest Rate: 8.40% p.a.
• Monthly EMI: ₹34,489
• Total Interest Payable: ₹42,77,306
• Total Repayment: ₹82,77,306

(Values are approximate and may vary based on actual loan terms.)

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.