A loan EMI calculator would help you know the future payments in advance. Home loans at Citibank can be taken for the maximum tenure of 25 years. Checking the EMIs in advance can help you choose the suitable tenure. The borrowers should know that paying the EMIs on time not only helps you build a strong CIBIL score but also to avoid late payment charges. It is thus suggested that you must choose the tenure for which you can pay the particular EMI without any breakage. For calculation purposes, an EMI calculator is used which is an online tool.

Citibank Home Loan EMI calculator

The calculation of EMI is very simple with this online tool. All you have to do is fill in some of the basic details in the tool. You can use the calculator as many times as you want in advance to check how much amount can you pay through EMI to the bank. The calculator takes into account the following details:

• Loan Amount
• Tenure
• Interest Rate

On the basis of these details, you get the results for EMI, the total interest outgo and the total repayment that has to be made towards the loan. There is also the graphical representation of the payments. You also get to know the amortization amount which is the balance amount at the end of each year.

How does the EMI Calculator work?

The calculator works on a simple algorithm, wherein the device calculates the EMIs and other payments in a hassle-free manner. The tool gives you the exact value of the payments in just a few seconds which saves a lot of time. In today’s time, this smart tool helps you make the right choice in order make a responsible choice.

What is the formula used for EMI calculation?

The calculation of the payments is done by the calculator with the below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

How can you calculate your Home Loan EMI?

Let us suppose, Sehaj Sharma is a young professional who is working with an MNC. Sehaj wants to apply for a home loan at Citibank. He wants to take the loan amount of INR 25,00,000. The bank has offered him 8.60% per annum interest rate for the tenure of 15 years. He wants to know the EMI payments in advance so that he can prepare himself accordingly and make the payments smoothly. Let us see the payments Sehaj has to make to the bank for the following details:

• Loan Amount- INR 25,00,000
• Interest Rate- 8.60% per annum
• Tenure- 15 years

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount	Interest Rate	Tenure	Monthly Instalment	Total Interest Amount	Total Amount
₹ 25,00,000	8.60%	1	₹ 2,18,165	₹ 1,17,983	₹ 26,17,983
₹ 25,00,000	8.60%	2	₹ 1,13,754	₹ 2,30,086	₹ 27,30,086
₹ 25,00,000	8.60%	3	₹ 79,035	₹ 3,45,251	₹ 28,45,251
₹ 25,00,000	8.60%	4	₹ 61,739	₹ 4,63,465	₹ 29,63,465
₹ 25,00,000	8.60%	5	₹ 51,412	₹ 5,84,714	₹ 30,84,714
₹ 25,00,000	8.60%	6	₹ 44,569	₹ 7,08,978	₹ 32,08,978
₹ 25,00,000	8.60%	7	₹ 39,717	₹ 8,36,232	₹ 33,36,232
₹ 25,00,000	8.60%	8	₹ 36,109	₹ 9,66,448	₹ 34,66,448
₹ 25,00,000	8.60%	9	₹ 33,330	₹ 10,99,594	₹ 35,99,594
₹ 25,00,000	8.60%	10	₹ 31,130	₹ 12,35,635	₹ 37,35,635
₹ 25,00,000	8.60%	11	₹ 29,352	₹ 13,74,529	₹ 38,74,529
₹ 25,00,000	8.60%	12	₹ 27,891	₹ 15,16,235	₹ 40,16,235
₹ 25,00,000	8.60%	13	₹ 26,671	₹ 16,60,707	₹ 41,60,707
₹ 25,00,000	8.60%	14	₹ 25,642	₹ 18,07,894	₹ 43,07,894
₹ 25,00,000	8.60%	15	₹ 24,765	₹ 19,57,745	₹ 44,57,745

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year	Principal	Interest	Balance Amount
1	₹ 85,501	₹ 2,11,682	₹ 24,14,498
2	₹ 93,151	₹ 2,04,032	₹ 23,21,347
3	₹ 1,01,485	₹ 1,95,698	₹ 22,19,862
4	₹ 1,10,565	₹ 1,86,617	₹ 21,09,296
5	₹ 1,20,458	₹ 1,76,725	₹ 19,88,838
6	₹ 1,31,235	₹ 1,65,947	₹ 18,57,603
7	₹ 1,42,977	₹ 1,54,205	₹ 17,14,625
8	₹ 1,55,770	₹ 1,41,413	₹ 15,58,855
9	₹ 1,69,707	₹ 1,27,476	₹ 13,89,148
10	₹ 1,84,891	₹ 1,12,292	₹ 12,04,256
11	₹ 2,01,433	₹ 95,749	₹ 10,02,822
12	₹ 2,19,456	₹ 77,726	₹ 7,83,366
13	₹ 2,39,091	₹ 58,091	₹ 5,44,274
14	₹ 2,60,484	₹ 36,699	₹ 2,83,790
15	₹ 2,83,966	₹ 13,393	₹ 0