Using the Citibank Home Loan EMI Calculator, you can find out the EMI that needs to be paid for the home loan you availed or is planning to avail. The minimum EMI per lakh you get with Citibank is Rs.785 for a tenure that ranges 25 years.
To use the calculator, you need to know the Citi bank Home loan interest rates, loan amount, and tenure. Enter the values and you’ll get a full break-up of your monthly repayments.
Citibank COVID-19 Home Loan EMI Moratorium
In adherence with RBI's COVID-19 regulatory measures, Citibank is currently offering up to 3 months of moratorium to its existing home loan customers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.
You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.
The table below gives you an idea of the EMIs for various tenures and loan amounts:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
The table listed above provide the EMIs for a loan amount of Rs.10 lakh, 20 lakh, 40 lakh, and 50 lakh that has a repayment tenure of 10, 20 and 25 years respectively. The interest rate is taken as 8.20% p.a. with the processing fee being nil.
CitiBank Home Loan EMI Calculator Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where, P: Principal amount, n: Number of monthly instalments, r: Interest rate associated with your home loan
CitiBank Home Loan Interest Rates: The rate of interest associated with CitiBank home loan as of 11 Jul 2020 starts at 8.20% p.a. The interest applicable can be changed by the bank depending on the risk factor of the applicant.
CitiBank Home Loan Processing Fee: CitiBank charges no fee for the processing of the home loan.
CitiBank Home Loan Amount and Tenure: Eligible borrowers can avail CitiBank home loans starting from Rs.5 lakh and up to Rs.10 crores. CitiBank also extended loan tenures up to 25 years to its customers.
Example of CitiBank Home Loan EMI: Let us consider an example where you are availing a home loan of Rs.30 lakh from CitiBank for a term of 25 years. Let us assume that the interest rate associated with your home loan is 8.20% p.a. and no processing fee is levied on the principal amount. Click on ‘Calculate’ once you have entered all the required input on the BankBazaar Home Loan EMI Calculator.
As per the values you have entered, the EMI calculated on your home loan would be Rs.23,553
The break of the total amount payable on your home loan will be as follows:
|Year||Interest Amount Paid (A)||Principal Amount Paid (B)||Total Amount Paid (A + B)||Outstanding Loan Balance|
The Home Loan EMI Calculator is a simple tool that helps you get an idea of how much your Equated Monthly Instalments (EMIs) can be by taking various components such as the principal amount, tenure of your home and interest rate into account.
Under Section 24 B of the IT Act, you can avail tax benefits up to Rs.2 lakh on the interest paid against your home loan. Under Section 80 C of the Income Tax Act, taxpayers are eligible for tax deductions up to Rs.1.50 lakh on the principal repayment on the loan.
Yes, you can make prepayments on your loan during the tenure. This will allow you to bring down the outstanding principal which you can either choose to reduce the tenure of your loan or lower the rate of interest, resulting in reduced EMIs.
Pre-EMI is the interest paid on the loan amount disbursed until the complete disbursal of your home loan. The pre-EMI is to be made on a monthly basis until the final disbursal is made. Only after the last disbursement is made will the regular EMIs commence.
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