Which time-saving tool allows you to know the EMIs without any hassle. Well, it is the Canara Bank Housing Loan EMI Calculator, a tool that makes your home loan approval faster. This tool starts working using the following details.
- Loan Amount
- Interest Rate
When you feed the details, it generates accurate results of your EMI, Interest outgo and Total payable amount within a few seconds. The tool can be used anytime to do calculations of your monthly installments. Read this post and know about its benefits and working in detail.
Canara Bank Housing Loan EMI Calculator
A house purchase is a big responsibility and it is convenient for customers when they have a tool to manage their borrowed funds. Using the Canara Bank Housing Loan EMI Calculator, you can know the total paid interest and the EMI for the chosen tenure. See the example below and know how the tool will work for you.
Suppose, you borrowed INR 40 lakh from Canara Bank at an interest rate of 8.35% per annum. The tenure you choose is of 30 years for the loan amount and interest payment. Look at the table to know what will be the EMI, interest and of the borrowed loan.
|Loan Tenure||EMI (INR)||Interest Outgo (INR)|
How Canara Bank Home Loan Interest Rate Charged?
Your home loan interest rate is based on the income, property value, credit score and co-borrower salary. See the pointers below on which your interest rate is decided.
- Income: Your monthly salary played an important role in knowing your creditworthiness using which Canara Bank knows your payment capacity for the loan amount.
- Credit score: Your past payment records help the lender to know your repayment history with which your Canara Bank home loan interest rate is decided.
- Co-borrower income: If you borrowed a home loan with a co-applicant which is also the co-owner of the property then his or her income and credit history is also taken into account in finalizing the rate of interest.
- Property you buy: The house or land you are purchasing with the loan amount also matters because in case your default the loan is compensated by selling the property.