How the Canara Bank Home Loan Calculator helps you estimate your EMI amount?

1. How the Canara Bank Home Loan Calculator helps you estimate your EMI amount?    It is quite sad that not many individuals know the importance of estimating their EMI amount. You must have met  with one or two of those persons who have told you about how their home loan monthly installments are making  their pockets empty at the end of every month and they’re on the verge of becoming a defaulter. These are the same  people who didn’t have a pre-estimation about the Equated Monthly Installments (EMI) before settling on to the final  loan amount. Canara Bank Home Loan calculator gives all individuals who are looking to opt for a home loan to get a  rough guess about the EMI amount.     Also, it’s important to keep one thing in mind that you must choose the loan amount according to your financial  requirement and repayment capability otherwise you may face the same situation as those individuals who do not  give heed to such facts. Canara Bank home loan calculator is such an amazing tool that gives you the exact EMI  amount with the help of a few basic details provided by you. Gone are those days when it would take minutes to get  the EMI amount through manual calculation, now you can do it within seconds with the help of the ​Canara Bank  home loan calculator​.     What are the details that you will need to use the EMI Calculator?    In order to use the EMI calculator, there are a few basic details that you will need to have at your disposal. You can  have a detailed look at them below.    Required Loan Amount​: This the first thing that you will need. When you decide to take a ​home loan​, there must be  a certain loan amount in your mind which you want to borrow from the bank. If you come from the salaried class, you  can get a maximum of 4 times your gross annual salary as the loan amount. While if you come from the  self-employed class, then you can get 4 times of gross average annual income of the business. If you want to take the  loan amount for repair or renovation purposes, then you can opt for a maximum loan amount of INR 15 lakhs. You  need to choose this amount carefully and within your repayment capability.    Canara Bank Home Loan Interest Rate:​ The interest rate ranges from 8.35% to 10.35% per annum if you want to opt  for a Canara bank home loan. If you’re a woman borrower then the interest rate will cost you a bit less as it ranges  from 8.30% to 10.30% per annum. You need to keep this fact in mind that interest rate also depends on a number of  factors of which your CIBIL score holds a pretty important place.     Required Tenure:​ Third and the last thing that you need to fill in the ​Canara Bank home loan​ calculator is the  number of months for you want to take the loan amount. Usually, Canara Bank offers the loan amount for a period of  a maximum of 30 years. But you should try to take the home loan amount for as less duration as possible as you  would have to pay higher interest if you choose a longer repayment period.    As soon as you will put all these details into the calculator, it will give you the exact EMI amount, Interest outgo and  total repayable amount for your loan facility.