Canara Bank Home Loan EMI CalculatorAs the name suggests, it helps you know your monthly payment, which you must know before choosing a loan product. Though the calculator cannot give you the exact value, but the result it shows can certainly give you an idea to begin with or compare with a similar loan offer. There are basically three kinds of inputs required to get this calculator working. These are loan amounts, interest rates and repayment terms.
Loan Amounts: There is no minimum or maximum loan amount defined at Canara Bank. However, your maximum may depend on your monthly or annual income as the case may be. Use an eligibility calculator to know how much you can borrow from Canara Bank. You can have more information on this in the paragraphs under Eligibility section.
Interest Rates: The housing loan interest rates are a few percentages above the base rate. The current base rate of the bank is 10.75% and your effective rate may be different depending on your loan amount and repayment term. Check our page on Canara Bank home loan interest rate.
Repayment Term: The maximum tenure for which Canara Bank can offer a home loan is 25 years. You may opt for a lower term also. However, if the final year of payment goes past 70 years of your age, you must adjust your term to get your loan fully paid before reaching this age.
At Canara Bank, you are offered much flexibility in choosing your repayment tenor. You can even go for Step up or Step down EMI depending upon your future financial prospects.
Canara Bank Home Loan EligibilityCanara Bank offers home loans to different categories of borrowers – salaried, self-employed, businessman, and NRI. The maximum loan amount depends on the income of the borrower. For example, a salaried person is eligible for a loan amount that is 48 times of his/her gross monthly salary. The businessman or self-employed persons on the other hand can borrow a maximum of four times of their annual gross income.
The rules regarding a non-resident Indian is rather stringent, and they can qualify for a loan amount up to two times of their gross annual income or salary. With these facts, you can use a simple calculator to compute the maximum amount you are eligible for borrowing from Canara Bank. Use this value in an EMI calculator to find your monthly payment.