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Canara Bank Home Loan EMI Calculator

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Home / Life Insurance / Calculators / Articles / EMI Calculators / Home Loan EMI Calculators / Canara Bank Home Loan EMI Calculator

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Canara Bank Home Loan EMI Calculator

Calculate your Canara Bank Home loan EMI & plan your finances wisely

Loan Amount
Rate of Interest(p.a)
Loan Tenure
Monthly EMI
₹ 1,135
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Total Interest
₹ 36,258
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Principal Amount
₹ 1,00,000
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Total Amount Paid
₹ 1,36,258

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. 

Canara Bank Home Loan EMI Calculator - Quick and Accurate Housing Loan EMI Calculation Online
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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.

How Can a Canara Bank Home Loan EMI Calculator Enhance Your Financial Strategy?
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There are various benefits of a Canara Bank home loan calculator that you can utilise before you start paying your monthly instalments. Some of the benefits are as follows:

Help You Plan Your Finances
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In case you already have a personal loan for which you are paying its monthly instalments and want to avail a home loan, you can use the Canara Bank home loan EMI calculator. It helps you understand how much EMI gets added to your monthly expenses. Moreover, using this tool, you can analyse whether it is feasible for you to repay all EMIs and still have adequate funds to live a comfortable life.

Help You Understand the Loan Tenure
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Canara Bank allows applicants to repay home loans within 30 years. The more extended the loan tenure, the lower will be your monthly instalments. However, it will increase the repayment amount. So, using this online EMI calculator, you can choose the exact tenure that will suit you the best.

Hassle-Free Calculation of Your Monthly Instalments
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You can easily calculate your home loan EMI using an online calculator. It becomes easier to calculate the repayment amount in a few seconds without any errors than manual calculation. Moreover, you can use different combinations by changing the interest rate and loan tenure and see how EMI value changes in seconds.

A Guide to How Canara Bank Home Loan EMI Calculator Calculates EMIs
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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.

Month

Beginning Balance (Rs.)

EMI  (Rs.)

Principal (Rs.)

Monthly Interest  (Rs.)

Remaining Balance  (Rs.)

1

20,00,000

62,673

49,339

13,333

19,50,661

2

19,50,661

62,673

49,668

13,004

19,00,992

3

19,00,992

62,673

49,999

12,673

18,50,993

4

18,50,993

62,673

50,333

12,340

18,00,660

5

18,00,660

62,673

50,668

12,004

17,49,992

6

17,49,992

62,673

51,006

11,667

16,98,986

7

16,98,986

62,673

51,346

11,327

16,47,639

8

16,47,639

62,673

51,688

10,984

15,95,951

9

15,95,951

62,673

52,033

10,640

15,43,918

10

15,43,918

62,673

52,380

10,293

14,91,538

11

14,91,538

62,673

52,729

9,944

14,38,809

12

14,38,809

62,673

53,081

9,592

13,85,728

13

13,85,728

62,673

53,435

9,238

13,32,294

14

13,32,294

62,673

53,791

8,882

12,78,503

15

12,78,503

62,673

54,149

8,523

12,24,353

16

12,24,353

62,673

54,510

8,162

11,69,843

17

11,69,843

62,673

54,874

7,799

11,14,969

18

11,14,969

62,673

55,240

7,433

10,59,730

19

10,59,730

62,673

55,608

7,065

10,04,122

20

10,04,122

62,673

55,979

6,694

9,48,143

21

9,48,143

62,673

56,352

6,321

8,91,791

22

8,91,791

62,673

56,727

5,945

8,35,064

23

8,35,064

62,673

57,106

5,567

7,77,958

24

7,77,958

62,673

57,486

5,186

7,20,472

25

7,20,472

62,673

57,870

4,803

6,62,602

26

6,62,602

62,673

58,255

4,417

6,04,347

27

6,04,347

62,673

58,644

4,029

5,45,703

28

5,45,703

62,673

59,035

3,638

4,86,669

29

4,86,669

62,673

59,428

3,244

4,27,240

30

4,27,240

62,673

59,824

2,848

3,67,416

31

3,67,416

62,673

60,223

2,449

3,07,193

32

3,07,193

62,673

60,625

2,048

2,46,568

33

2,46,568

62,673

61,029

1,644

1,85,539

34

1,85,539

62,673

61,436

1,237

1,24,103

35

1,24,103

62,673

61,845

827

62,258

36

62,258

62,673

62,258

415

0

How to Use ACKO Canara Bank Home Loan EMI Calculator: Simplifying Your Canara Bank Home Loan Planning
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Home loans empower you to build your dream house and secure your life ahead. Here is how you can simply calculate your Canara Bank home loan EMIs using ACKO:

Step 1: Gather Your Loan Details
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You must gather all your loan details, like loan amount, tenure and interest rate, before using an EMI calculator. All these details are available in your loan agreement, or you can contact your lender.

Step 2: Visit ACKO’s Home Loan EMI Calculator Page
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Scroll up to use the ACKO home loan EMI calculator. The user interface of the webpage is simple and hassle-free, containing all reliable features which will help you calculate the EMI within a fraction of a second with accurate information.

Step 3: Enter Your Loan Details
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After opening the EMI calculator webpage, you must enter your loan details. Ensure you enter the accurate information to get an accurate EMI amount. 

Step 4: Assess the Results
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Once you enter the information, click the ‘Continue’ button to get the EMI details. After the screen displays the details, you can analyse them to see if they suit your budget. Moreover, you can change the loan details to see how they affect your EMI amount.

Step 5: Save the Results
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Once you are pleased with your EMI amount, you must save the details for future reference. Moreover, ACKO empowers you to take printouts of the same so you can keep it as a record.

Home Loan and Term Insurance 
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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.

Difference Between Home Loan Insurance and Term Insurance
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Although home loan insurance and term insurance are helpful, there are certain differences between them. These differences are as follows:

Premiums
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Home loan insurance has higher premiums than term insurance. You can easily calculate the term insurance premiums via term insurance calculators on a quarterly, half-yearly or yearly basis.

Plans
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Home loan insurance and term insurance have specific additional coverages to cover several things like unemployment, illnesses, disabilities, etc. Availing such add-ons on the home loan insurance comes with a higher cost, as they are optional. Nevertheless, all your liabilities are covered by term insurance.

Coverage
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Home loan insurance offers coverage till the repayment period. If the borrower passes away before the end of tenure, his family can use insurance to repay the loan. On the other hand, term insurance offers coverage for a specific period. If the policyholder passes away within the specified period, the family will receive a lump sum amount as a death benefit to repay the loan amount.

Tax Benefits
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You can claim a tax benefit of Rs. 1.5 lakh for both home loan insurance and term insurance on your taxable income. However, the tax duration benefits depend on the tenure of term insurance and home loan insurance.

Advantages of Using ACKO Canara Bank Housing Loan EMI Calculator
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Apart from the user-friendly interface, the ACKO Canara Bank home loan EMI calculator has several other advantages. They are - 

Customisation Options in the ACKO Canara Bank Home Loan EMI Calculator
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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.

Final Words
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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.

Frequently Asked Questions
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Here are answers to some commonly asked about the Canara Bank home loan EMI calculator.

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What is the Canara Bank home loan EMI calculator?

The Canara Bank home loan EMI calculator is an online financial tool that helps you determine the monthly instalments for your home loan. You can easily access this tool at ACKO’s website from anywhere and anytime.

Is the ACKO Canara Bank home loan EMI calculator free to use?

Yes, the ACKO Canara Bank home loan EMI calculator is free to use. Moreover, you can use it multiple times to determine the right loan amount according to your budget and financial requirements.

How can I use the Canara Bank home loan EMI calculator?

To use the Canara Bank home loan EMI calculator, visit the ACKO webpage. Open the Canara Bank’s EMI calculator webpage and enter the loan amount, interest rate and loan tenor. The calculator will provide the EMI amount and repayment details within a fraction of a second with zero errors. 

Can the Canara Bank home loan EMI calculator showcase the total interest payable?

Yes, the Canara Bank home loan EMI calculator will showcase the total interest payable you must pay during the entire tenure. It also provides details of the total amount you will end up paying at the tenure end. 

What are the benefits of using the Canara Bank home loan EMI calculator?

Using the Canara Bank home loan EMI calculator empowers you to get accurate EMI details within a split second with zero errors and save time from manual calculations. It also helps you plan your finances accordingly, compare various home loan rates and manage other loans. 

How can the Canara Bank home loan EMI calculator help manage my finances?

You can use the Canara Bank home loan EMI calculator to manage your finances by getting accurate EMI amounts. It will help you plan your repayment process and make informed financial decisions. 

Are home loan EMI calculators reliable?

Yes, home loan EMI calculators are reliable. It provides you with EMI details within a split second with 100% accuracy. Moreover, you can access this online tool anytime and anywhere.