Citibank India, a private sector bank, was set up in 1902 with long-standing credibility in the home loans sector. Usually, a home loan is a big amount taken for a longer period upon which interest is levied. In this article, we are going to cover all possible questions that are related to Citibank Home Loan.

1. Top home loan schemes of Citibank

Home Loan Scheme

Description

Home Loan

Get an easy home loan up to Rs.10 crore with flexible repayment tenure of up to 25 years

Loan Against Property

Loan amount up to Rs.5 crore with flexible repayment tenure of up to 15 years against residential property

Takeover Plus Enhancement

Home loan balance transfer facility from another bank of up to Rs.5 crore with a tenure of up to 20 years at improved interest rates 

Top-up Loan

The top-up option of up to Rs.5 crore over the existing home loan

2. Interest rates of Citibank home loans

The interest rates given in the table below are effective from 12 November 2020.

Home Loan Scheme

Interest Rate Applicable

Home Loans

TBLR 3M + 3.59% p.a. to TBLR 3M + 4.34% p.a.

Home Loans with Home Credit

TBLR 3M + 3.74% p.a. to TBLR 3M + 4.49% p.a.

Home Loan Takeover with Enhancement/Home Loan Top-up (with cash out portion within 100% of Home Loan amount)

TBLR 3M + 3.69% p.a. to TBLR 3M + 4.44% p.a.

*Here, TBLR stands for Treasury Bill linked Lending rate for variable rate loans referring to the 3-month Treasury bill reference rate. As on 12 January 2021, TBLR is at 3.25% p.a.

3. Features and benefits of Citibank home loan

  • Get attractive interest rates on home loans.
  • Loan amount of up to 80% of the property value is available.
  • Flexibility to pay interest only until the course construction is complete.
  • Interest is calculated on a daily reducing balance basis.
  • Get online access to your home loan account.
  • Home loans are available for the purchase of under-construction property and ready property.
  • Citibank offers home loans to both salaried and self-employed applicants.
  • Maximum tenure of the loan is 25 years.

4. Who is eligible for Citibank home loans

  • Resident Indians
    • Salaried individuals
    • Self-employed individuals
  • Age: 21 years
  • Work Experience: A minimum of 2 years

5. Documents required for Citibank home loans

Salaried Applicants

Self-Employed Applicants

Duly filled loan application form

Duly filled loan application form

2 Passport Size Photos

2 Passport Size Photos

Identity Proof – Passport/Driving Licence/Voter ID/PAN

Identity Proof – Passport/Driving Licence/Voter ID/PAN

Address Proof – Leave and License/Registered Rent Agreement/Utility Bill (last 3 months)/Passport

Address Proof – Leave and License/Registered Rent Agreement/Utility Bill (last 3 months)/Passport

Income Proof – Last 6 months’ payslips, last 2 years’ Form 16, last 6 months’ bank statement showing salary credited and any EMI debits

Business Income Proof – GST registration, incorporation details in case of companies, business address proof, profit and loss account, balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile

6. Citibank home loan EMI calculator

We offer an important tool, the home loan calculator, to help you evaluate and plan your budget for a home loan.

7. Frequently asked questions (FAQs)

Q. Is home loan pre-approval facility available with Citibank?

A. Based on your income and capacity to repay the home loan, the bank gives you an in-principle approval for a home loan.

Q. When will I be eligible for a top-up loan on my home loan?

A. Once you complete repayments for six months on your existing home loan on time, the bank will offer you a top-up loan. The decision to sanction the top-up loan is however subject to the bank’s discretion.

Q. Are prepayments allowed?

A. Citibank allows you to make prepayments on your home loan. Also, partial prepayments are allowed. However, please check the terms and conditions of your home loan agreement to understand the possible charges applicable.

Q. Is there a way for me to get reduced interest costs?

A. Citibank offers home credit facilities to help you get a reduced interest cost. A Home Credit is a current account linked to your home loan account.

The funds deposited in a Home Credit account that is in excess of the threshold limit, subject to a maximum of your outstanding loan balance, will be transferred to the loan account on a daily basis. This is to offset the interest being charged on the loan. This option will help you save on the home loan interest cost.

Similar Banks Offering Home Loans

ICICI Bank  Kotak Bank  HDFC Bank  Axis Bank 
PNB Bank  Andhra Bank  Corporation Bank  Union Bank 
IDBI Bank  Yes Bank  Bank of India  Central Bank of India 
HSBC Bank  RBL Bank  SBI  Home Loan Tax Benefit

 

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