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Does Canara Bank Home Loan Calculator Provide the Accurate Repayment Estimates?

Buying a home remains one of the most ambitious goals of todayu2019s generation at the expense of hefty rent payments and the hassles one goes through living in a rental accommodation. Thanks to the emergence of attractive home loans, it has become easier to buy homes than was the case earlier. These loans are offered by numerous lenders in India, including one of the most popular public sector banks i.e. Canara Bank. With a PAN India presence, the bank is able to meet the home dreams of most. Before you go gung-ho, itu2019s imperative to check Canara Bank Loan Calculator. The reason being it puts before you the repayment estimates. Once you know the estimates, it becomes easy for you to plan your routine. Letu2019s check out in this post as to how Canara Bank Home Loan Calculator sums up your repayment.

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Does Canara Bank Home Loan Calculator Provide the Accurate Repayment Estimates?

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  1. Does Canara Bank Home Loan Calculator Provide the Accurate Repayment Estimates?

  2. Buying a home remains one of the most ambitious goals of today’s generation at the expense of hefty rent payments and the hassles one goes through living in a rental accommodation. Thanks to the emergence of attractive home loans, it has become easier to buy homes than was the case earlier. These loans are offered by numerous lenders in India, including one of the most popular public sector banks i.e. Canara Bank. With a PAN India presence, the bank is able to meet the home dreams of most. Before you go gung-ho, it’s imperative to check Canara Bank Loan Calculator. The reason being it puts before you the repayment estimates. Once you know the estimates, it becomes easy for you to plan your routine. Let’s check out in this post as to how Canara Bank Home Loan Calculator sums up your repayment.

  3. How Does Canara Bank Home Loan Calculator 2019 Sum Up Your Repayment? It does it in a jiffy. All you need to do is to enter the amount of loan, interest rate and tenure in the calculator to figure out the Equated Monthly Installment (EMI) and interest applicable to the loan. The EMI constitutes both principal and interest portions of a loan. The calculator also shows the amount of interest you’ll be paying to Canara Bank over the course of a loan.

  4. Catch Canara Bank Home Loan Details Before You Calculate Repayment Estimates Canara Bank offers home loans for a maximum of 30 years at varied interest rates according to the loan amount the individual applies for and the profession he/she’s into. Loan to salaried is available at 1-year MCLR, abbreviated for the Marginal Cost of Lending Rate, which as of now is 8.50% per annum. Doesn’t matter how much loan they seek, this will be the interest rate at which they will be servicing the debt. Other than salaried would have to service loans up to ₹30 lakh, above ₹30 lakh-75lakh and above ₹75 lakh at 8.55%, 8.65% and 8.70%, respectively. Now that you have got Canara Bank home loan details, you can use the calculator and experiment with figures to arrive at the repayment you’ll have to make.

  5. Is Canara Bank Home Loan Calculator Restricted to Just Showing the Repayment Estimates? Not really, it even tells you the loan amount you would most likely receive from Canara Bank. Yes, Canara Bank Home Loan Eligibility Calculator is also there. Based on your earnings, the property value, the calculator will estimate the loan amount you can pouch on. However, you always have the provision to talk to the bank to ease terms & conditions for you. If you are already having an existing relationship with Canara Bank, it will help you avail more loan so that the dream home no longer remains a dream.

  6. Can You Prepay Canara Bank Home Loan Using the Calculator? Prepaying the home loan comes with a host of benefits. Firstly, it comes with zero fee provided the loan is provided on a floating rate basis. The fact that home loans are usually on a floating rate basis, the scope for prepaying the loan at no cost becomes prominent. Secondly, the prepayment helps you save on the interest payment. The key question, however, remains, how can you prepay? It would most probably require a lump sum amount. Now, you can’t rely on an assumption that you’ll get one big bonus to pay off the loan. And so, there’s a need to save regularly so that you accumulate one big sum over time to pay off in full. What the calculator does is show you an amortization schedule indicating the payments made and the remaining balance at the end of every year. So, you can have a glance at the calculator and figure out the time by which you can accumulate adequate sum to prepay the loan.

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