Citibank Home Loan EMI Calculator

Home Loan EMI Calculator Citibank

Citibank Home Loan EMI

• Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Citibank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• With Citibank offering Home Loans with loan tenure upto 25 years, the loan EMI can be as low as Rs. 812 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Citibank on Home Loan is 8.60%.

	Loan Tenure
Loan Amount (Rs.)	10 years	15 years	25 years
2,500,000	31,130	24,765	20,299
5,000,000	62,261	49,531	40,599
7,500,000	93,391	74,296	60,898
10,000,000	124,521	99,061	81,198

• This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Citibank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Citibank Home Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 500,000 to Rs. 100,000,000

r = Rate of interest per month. Current rate is 8.60%, which is linked to Citibank 3 Month MCLR, which is currently 8.10%. Last revised on 07th Jun 17

n = tenure in month. For Citibank, this can be 300 months

Will the Citibank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

• Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Citibank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
• In case the floating rate of interest on your home loan increases, Citibank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Citibank, the bank may increase your EMI amount.
• For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

• Citibank allows prepayment at nil charges or penalty in case of floating rate home loans.
• When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.