how much interest and EMI to pay Rs 5 lakh home loan for Canara Bank?

 5 lakh  Interest and EMI  for Canara Bank home Loan 

 In today's situation, if we need money or any other needs, we do not have to wait for others. Because he buys money in his name in banks or financial institutions. We are one of the largest home loan providers. Before taking a home loan, it is important to consider the interest rate of the bank, the monthly installment and the loan amount. In this way, if you get a home loan of Rs 5 lakh from Canara Bank today, you will get to know about the interest, monthly installment and other details in detail in today's banking post.

What is a home loan?

 A home loan is a type of loan in which you borrow a certain amount of money to purchase a property.
In this type of home loan, the loan amount can be increased or decreased according to the value of the property. The loan amount can be repaid in the form of EMI.

Canara Bank Home Loan Details.

 Canara Bank offers home loan interest rates ranging from 8.40% to 11.25%.

How much EMI will you have to pay if you take a home loan of Rs 5 lakh from Canara Bank?

To calculate the EMI and interest for a ₹5 lakh home loan from Canara Bank, the main factors you'll need are:

1. Loan Amount (Principal): ₹5,00,000
2. Interest Rate: This varies based on the bank’s terms, customer profile, and loan tenure. Canara Bank’s home loan rates often range between 8% and 9% per annum for most borrowers.
3. Loan Tenure: Common options are 10, 15, 20, or 30 years.

Formula for EMI

The Equated Monthly Installment (EMI) is calculated with the formula:

$$EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}$$

where:

• $P$ = Principal loan amount
• $r$ = Monthly interest rate (Annual Rate/12/100)
• $n$ = Loan tenure in months

Let's calculate two examples for a ₹5 lakh loan at 8.5% interest for 15 and 20 years.

For a ₹5 lakh home loan from Canara Bank at an 8.5% interest rate, the estimated EMI and total interest payable are as follows:

15-Year Tenure

• EMI: ₹4,923.70
• Total Interest: ₹3,86,265.60
• Total Payment: ₹8,86,265.60

20-Year Tenure

• EMI: ₹4,339.12
• Total Interest: ₹5,41,387.88
• Total Payment: ₹10,41,387.88

Note: The loan amount, interest rate and EMI mentioned above are approximate. It all depends on the amount you buy and the interest rate.