A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Citibank Home Loan EMI Calculator

    Home Loan Equated Monthly Instalment (EMI) is the amount payable against your loan on a monthly basis till the entire principal and interest is completely repaid. While majority of the initial monthly instalments are lined up to cover for the interest component, the EMIs towards the end of the tenure is mainly attributed towards the principal component. Knowing your EMIs can help you manage your finances better.

    This is where BankBazaar’s home loan EMI Calculator comes into play. All you have to do is key in the required parameters and the automized EMI calculator will provide you with the estimated home loan EMI you have to repay against your home loan. The EMI calculator will also give you access to the amortization table based on the parameters entered earlier.

    CitiBank Home Loan EMI Calculator Formula

    Home Loan EMI Calculation formula

    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 23 Apr 2019 ranges between 8.60% p.a. and 9.10% 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 you a nominal fee for the processing of the home loan. As of 23 Apr 2019, CitiBank charges a processing fee up to Rs.5,000 or 0.40% of the home loan amount availed. The processing fee is to be paid upfront while applying for 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 IBDI Bank 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 30 years. Let us assume that the interest rate associated with your home loan is 9.00% p.a. and the processing fee levied is 0.50% of the principal amount, i.e., Rs.15,000. 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. 24,139

    The break of the total amount payable on your home loan will be as follows:

    Category Amount
    Loan amount Rs.30,00,000
    Total interest due Rs.56,89,924
    Processing fee Rs.15,000
    Total Amount Payable Rs.87,04,924

    The amortization schedule illustrating the repayment of your home loan over the loan tenure from March 2019 to February 2049 will be

    Year Interest Amount Paid (A) Principal Amount Paid (B) Total Amount Paid (A + B) Outstanding Loan Balance
    2019 Rs.2,24,436 Rs.16,954 Rs.2,41,390 Rs.29,83,046
    2020 Rs.2,67,579 Rs.22,089 Rs.2,89,668 Rs.29,60,955
    2021 Rs.2,65,506 Rs.24,162 Rs.2,89,668 Rs.29,36,793
    2022 Rs.2,63,239 Rs.26,429 Rs.2,89,668 Rs.29,10,363
    2023 Rs.2,60,760 Rs.28,908 Rs.2,89,668 Rs.28,81,455
    2024 Rs.2,58,048 Rs.31,620 Rs.2,89,668 Rs.28,49,835
    2025 Rs.2,55,080 Rs.34,588 Rs.2,89,668 Rs.28,15,248
    2026 Rs.2,51,838 Rs.37,830 Rs.2,89,668 Rs.27,77,417
    2027 Rs.2,44,406 Rs.41,379 Rs.2,89,668 Rs.27,36,038
    2028 Rs.2,48,289 Rs.45,262 Rs.2,89,668 Rs.26,90,776
    2029 Rs.2,40,160 Rs.49,508 Rs.2,89,668 Rs.26,41,269
    2030 Rs.2,35,517 Rs.54,151 Rs.2,89,668 Rs.25,87,117
    2031 Rs.2,30,437 Rs.59,231 Rs.2,89,668 Rs.25,27,886
    2032 Rs.2,24,880 Rs.64,788 Rs.2,89,668 Rs.24,63,099
    2033 Rs.2,18,803 Rs.70,865 Rs.2,89,668 Rs.23,92,234
    2034 Rs.2,12,156 Rs.77,512 Rs.2,89,668 Rs.23,14,721
    2035 Rs.2,04,885 Rs.84,783 Rs.2,89,668 Rs.22,29,938
    2036 Rs.1,96,931 Rs.92,737 Rs.2,89,668 Rs.21,37,200
    2037 Rs.1,88,231 Rs.1,01,437 Rs.2,89,668 Rs.20,35,764
    2038 Rs.1,78,716 Rs.1,10,952 Rs.2,89,668 Rs.19,24,812
    2039 Rs.1,68,307 Rs.1,21,361 Rs.2,89,668 Rs.18,03,452
    2040 Rs.1,56,923 Rs.1,32,745 Rs.2,89,668 Rs.16,70,708
    2041 Rs.1,44,471 Rs.1,45,197 Rs.2,89,668 Rs.15,25,511
    2042 Rs.1,30,850 Rs.1,58,818 Rs.2,89,668 Rs.13,66,694
    2043 Rs.1,15,952 Rs.1,73,716 Rs.2,89,668 Rs.11,92,978
    2044 Rs.99,658 Rs.1.90,010 Rs.2,89,668 Rs.10,02,967
    2045 Rs.81,833 Rs.2,07,835 Rs.2,89,668 Rs.7,95,132
    2046 Rs.62,335 Rs.2,27,333 Rs.2,89,668 Rs.5,67,800
    2047 Rs.41,011 Rs.2,48,657 Rs.2,89,668 Rs.3,19,143
    2048 Rs.17,686 Rs.2,71,982 Rs.2,89,668 Rs.47,160
    2049 Rs.529. Rs.47,160 Rs.47,689 Rs.0

    Should I choose a short-term home loan or a long-term home loan?

    There are mainly three aspects you should consider before choosing the tenure on your home loan:

    • Age
    • Income
    • Interest Rate

    Age: Most home loan lenders in the country consider age of the applicant before deciding the tenure on his/her home loan. Your age is inversely proportional to your home loan tenure. If you are in your 20s or 30s, opting for a long-term home loan would be a wiser decision as you would have enough time to clear your home loan debt.

    On the other hand, if you are in your 40s/50s or nearing retirement, you can consider opting for a short-term home loan as you would only have a limited span of time to clear your home loans. However, for those nearing their retirement age, he/she can consider making their child as the co-applicant to extend the loan tenure. The lender will extend the home loan tenure based on the age of the co-applicant. The only requirement is he/she should also be the co-owner of the property. Hence, it is advised to consider your age before you decide on the tenure of the home loan to make sure your finances are not impacted by the EMIs.

    Rate of Interest: The interest rate applicable on your home loan is the cost of credit you will be paying for the loan during the tenure. The rate of interest is directly proportional to the tenure of your loan. The longer your tenure is, the higher the interest rate will be. This will also result in higher EMIs during the tenure, increasing the total cost of credit on your home loan.

    You can always utilize the home loan EMI calculator to get a better idea of how your home loan EMI payments will be. All you have to do is key in the necessary input on the EMI calculator and you will be provided with the EMI that will have to be made against your loan along with the break-up of the total amount payable during the tenure. You can also go through the amortization schedule to learn more about your EMI payments, i.e., how much of your monthly instalments are being attributed towards the principal and interest components of your home loan.

    Income: You can also choose between a short-term and long-term loan by taking your monthly income into consideration. Choosing a short-term home loan when you are having a low income would not only make it difficult to manage your expenses but could also result in defaulting your home loan repayments. Hence, it is advised to go for a short-term home loan only if you have adequate/high monthly income. Making higher Equated Monthly Instalments (EMIs) will also help you clear your home loan sooner. However, it is advised to go through your budget and revise your financials before choosing a long-term loan in order ensure that the monthly instalments do not burn your pocket.

    On the other hand, you can consider opting a home loan with a long tenure if you have a comparatively lower income. Since loans with longer loan tenures attract lower EMIs, the impact on your finances could be controlled with proper budgeting. You can also choose to increase your EMIs when your monthly income increases in the near future, allowing you to bring down the tenure or the interest rate applicable on your home loan.

    Factors affecting CitiBank Home Loan EMI

    • Principal: The principal is the initial loan amount you borrow from the home loan lender. The principal amount is directly proportional to the payable Equated Monthly Instalments (EMIs). The larger the principal is, the higher your EMIs will be.
    • Loan Tenure: The tenure on your home loan plays a major role in deciding the monthly instalments to be made against your loan. The home loan tenure is indirectly proportional to the payable EMIs. Long term home loans attract lower interest rates, bringing down your EMIs. Short-term loans, however, attract higher EMIs as you will have to clear your home loan debt in a short span of time.
    • Rate of Interest: The rate of interest associated with the home loan is directly proportional to the EMIs payable against a home loan. The higher the interest rates, the higher your EMIs will be. If you are availing a floating rate home loan, your EMIs can be revised by the lenders if there are any changes in the interest rates.

    CitiBank Home Loan EMI Calculator FAQs

    1. What is the purpose of a Home Loan EMI Calculator?

    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.

    What is Amortization Schedule?

    The Amortization Schedule is a table illustrating your home loan debt repayments over the tenure on a monthly as well as annual basis. The table also indicates the break-up of your home loan EMIs towards the principal and interest component of your home loan.

    What are the home loan EMI tax benefits?

    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.

    Is making partial pre-payments beneficial?

    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.

    How is Pre-EMI different from EMI?

    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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