Canara Bank Home Loan EMI Calculator

Are you planning to buy a new house? That is great news! Owning a home is a dream that the majority of us strive to achieve. Nevertheless, understanding the home loan intricacies is significant when starting a home ownership journey, such as how much you must pay monthly and how much interest rate you can expect. 

Well, you do not have to worry, as the Canara Bank home loan EMI calculator will make it easier for you. The user-friendly home loan EMI calculator helps you to make your home loan payment easy and hiccup-free. 

In this blog, we will discuss how you can use the dynamic tool to simplify your financial journey. 

A home loan is a type of secured loan that financial institutions offer to individuals wanting to purchase or construct a home or extend or renovate an existing one. It is a long-term loan and offers high-value funding at affordable interest rates. 

Home loans are repaid to the financial institutions in Equated Monthly Instalments (EMIs), and after paying off the dues, the property title gets transferred to the homeowner. If you are looking for a home loan with an attractive interest rate, you can choose Canara Bank to avail it. It has a reliable lending history and charges zero prepayment history.

After knowing the features of the Canara Bank home loan EMI calculator, you must learn how an online EMI calculator simplifies the calculation process. If you are looking for calculating the EMI manually, here is the formula that you need to follow:

Canara Bank Home Loan Calculator Formula:

EMI: P x R x (1+R) ^N / [(1+R)^N-1] 

Where,

So, let us understand this formula better with the help of an example. 

For instance, a person avails Rs. 20,00,000 home loan from Canara Bank for 36 months (3 years) with an 8% interest rate. Then according to the formula:

EMI = 20,00,000 x 8 x (1x8)^18 / [(1+8)^36-1]

EMI = Rs. 62,673

Therefore, for a loan of Rs. 20,00,000 at a yearly interest rate of 8% and a tenure of 36 months, the total interest is Rs. 2,56,218 and the total payable amount is Rs. 22,56,218. 

Hence, this is how the Canara Bank home loan EMI calculator works. If you calculate the monthly instalments manually, it can be time-consuming and filled with errors. Therefore, in such cases, using a Canara Bank home loan EMI calculator becomes significant, as it easily calculates within seconds without any errors. 

In addition, if you opt for a home loan with a fixed interest rate, you will have to pay a fixed instalment amount through the loan tenure. Nevertheless, each payment part going towards the principal amount and interest will differ. This process of calculating monthly instalments is called amortisation.  

The following represents the amortisation schedule for the home loan example we mentioned above.

Buying a home is a dream for most of us. Easy access to mortgage loans and customisable repayment tenures have made it simple to fulfill our dreams of owning a house. Usually, the loan tenure ranges between 20 and 30, making it crucial to structure the EMI correctly to lead to a stress-free repayment period. 

Nevertheless, a contingency plan is crucial if anything unexpected happens before settling the loan. Òpting for term insurance assists your family during the insurance tenure. If anything happens to you, the death benefits will cover the remaining amount. 

However, if the policyholder passes away during the loan repayment period, home loan insurance can be utilised to settle the loan amount, protecting the family in such situations.

Apart from the user-friendly interface, the ACKO Canara Bank home loan EMI calculator has several other advantages. They are - 

Using the home loan EMI calculator of ACKO is very easy. You can visit the webpage and open the EMI calculator page to determine the EMI for your home loan. To use the calculator, you must enter the loan amount, repayment tenure and interest rate. 

Moreover, ACKO provides you with customisation option for all details according to your budget to get an accurate answer instantly that fits your financial requirements. In addition, you can change the details in the calculator endless times to check and compare the instalments that suit your budget. These customisations help you to determine the EMI that perfectly fits your budget and aligns with your financial goals.

Overall, the ACKO Canara Bank home loan EMI calculator is a convenient tool for individuals opting for a home loan. It helps them to easily navigate and enter their loan details to determine their monthly instalments. Moreover, you can find various financial tools that help you plan your finances and achieve your goals.