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Citibank Home Loan Eligibility

Citibank home loans, your easiest way to unlock your dream home! With easy eligibility criteria and transparent lending terms, Citibank’s is the perfect lending partner. If you are an individual aged 21 and above, salaried or self-employed, check your Citibank home loan eligibility to get a home loan at the lowest rate of interest starting 6.65% p.a.

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Citibank Home Loan Eligibility Criteria

Below are the Citibank Home Loan Eligibility Criteria:

  • Minimum age required: 21 years or above at the time of applying for the loan. 
  • Minimum work experience required: 2 years. 
  • Maximum loan amount offered: Based on the property’s evaluation, the bank sanctions a loan of up to 80% of the property’s value or a maximum up to Rs. 10 Crores, whichever is lower.
  • Applicant must have a regular source of income to service loan.
  • The loan can be used for purchasing ready or under construction residential property only. 
  • The loan cannot be used for purchasing only land or self-construction on a plot of land.

Citibank Home Loan – Features & Benefits

Following are the key features of Citibank Home Loan and its benefits:

Minimum loan amountRs. 5 Lakhs 
Maximum loan amountRs. 10 Crores
Interest rate6.65% - 6.90%
Interest rate for Home Loan Takeover with Enhancement 6.79% - 7.54%
Interest rate for Home Loan Top-up (with cash out portion within 100% of Home Loan amount)6.79% - 7.54%
Application feeUp to Rs. 5,000 (non-refundable & upfront)
Booking fee Up to 0.40% of the sanctioned loan amount (non-refundable & should be paid during loan documentation).
Tenure of repaymentUp to 25 years
Lowest EMI Per LakhRs. 642
Benefits
  • Home Loans available for the purchase of under-construction property & ready property.
  • Get up to 80% of the property’s value
  • Facility to pay only interest during the construction period
  • Rate of interest calculated on daily reducing balance
  • Co-borrowers/ guarantors are not required
  • CitiPhone platform answers all queries
  • Anytime anywhere online access to your Home Loan account
  • Pre-approval available on home loan in some cases
  • Top-up loan available
  • Free online Home Loan Eligibility Calculator and Citibank EMI Calculator

 

Factors Affecting Citibank Home Loan Eligibility

Knowing the eligibility criteria is only the first step. The next step is to personally assess yourself to know whether you qualify for the loan. A self-assessment of your Citibank Home Loan Eligibility will place you in a good position to qualify for the loan.

Here are some factors that have been known to truncate the dreams of many applicants in need of Home Loans:

  • Age: According to Citibank Home Loan regulations, only people who are above the age of 21 years can get a Home Loan. If you are below 21, you are automatically disqualified from accessing this financial instrument. 
  • Credit score: Under this factor, the bank always evaluates the credit history of the customer. A good credit score highlights a good borrower with no late or default payments. One reason why many applicants are disqualified under this category is because they have outstanding debts that have not been cleared. The higher the debt profile of the customer, the lower is the credit score.
  • Income: Applicants with a consistent job and income will have their Home Loan request approved without a hurdle. Citibank assesses your income in order to make sure if you will be able to repay the loan within the allotted period.
  • Number of dependents: Your eligibility may be affected if you have many dependents. Spouse, children, and aged parents are all regarded as dependents. On this ground alone, your loan request may be denied even if you are within the age limit and you earn a steady and suitable monthly income.

Benefits of Using an EMI Calculator

With an EMI calculator, you can:

  • Pick an interest rate that you can afford.
  • Know your Home Loan Eligibility instantly.
  • Arrive at an accurate EMI figure without stress.
  • Be sure of the exact loan amount you can repay.
  • Evaluate ahead of time the financial strain the loan will place on your finances.
  • Pick appropriate loan tenure.
  • Keep track of your loan agreement.

Different Types of Home Loans Offered to Borrowers

Home Loan Vanilla

This option gives borrowers the opportunity to maintain financial liquidity. Borrowers have an overdraft line opened for them on their home credit account. On this account, interest savings generated from the credit is diverted towards increasing the credit line, which the borrower can always withdraw at any time.

Home Credit Fast Track

Under Home Credit Fast Track, customers have the option of repaying their debt before the end of the loan tenure. The interest amount saved in this scheme is adjusted to lower outstanding debt. Customers can significantly lower their debts and foreclose the loan sooner than the loan tenure.

Tips to Increase Citibank Home Loan Eligibility

There are many reasons why Citibank may refuse your application. To aid applicants, they release important eligibility details from time to time. However, the final decision to release funds rests with the bank. Sometimes, they reject applications for reasons that are not clear, which can be a frustrating experience for a borrower. For this reason, we have put together some essential tips that will help you increase your eligibility for a Home Loan. Passing all the requirements will improve your chances of getting the loan you seek.

  • Get a credit report: Your credit report is a documented history of your financial transactions and it is one of the essential documents the bank will consider to evaluate your creditworthiness. Before you apply for the loan, get your report and scrutinize it for any errors. Your name may have been spelt incorrectly or you may have moved houses. Whatever the case, check for errors and take steps to correct them if any is found.
  • Pay your debt: Outstanding debts affect your credit score and a low credit score is bad for your loan application. The best way to come out of debt is to pay your debt. From small debts like outstanding utility bills to large ones like loans, you need to pay up. Having a clean slate before you apply for the loan will improve your chances of eventually getting it.
  • Increase your income sources: Another smart thing you can do is to increase your income source. If you earn a monthly salary that is below the approved margin, you can take up a financial activity that will earn you extra income, however little. If you have an asset lying fallow, put it to use and document whatever income it generates. Having different sources of income will serve as a proof to the bank that you are capable of repaying the loan in due time.
  • Verify the asset: The last thing the bank wants is to get involved in a legal dispute with a third party over the property. To avoid legal wrangling, their legal department verifies property documents before approving loans to customers. Consequentially, if there is a legal issue in motion, the bank will not give you money to purchase it. To avoid such a scenario, vet the property in question properly before applying to the bank for funds.
  • Evaluate your repayment capabilities: You also need to be sure if you will be able to pay back the principal sum and the accrued interest on the loan. To arrive at an informed conclusion about this, you can use an online EMI Calculator to calculate your monthly EMI. It is a standard practice for banks to deduct EMI from income and if the leftover is too small to cater for your dependents, the loan will not be issued.
  • Go for a joint application: If your income is low or you have more dependents to cater for, you can boost your application by applying for the loan with a co-applicant. Merging your income with someone else will boost your income eligibility and greatly reduce the debt burden on you alone. Only your spouse, parents or children qualify to be co-applicants.
  • Get financial advice: It is also advisable to get financial advice from loan experts should the need arise. If you have done all you can, but your application is still being rejected, MyMoneyMantra's experts can be of great help to you.

Why Use the Citibank Home Loan Eligibility Calculator?

Planning is a very important aspect of finance management. Taking up a loan is a decision that should not be taken lightly because such a decision will affect your life long after you have taken the loan. Failing to plan for the loan before you take it up is one mistake you need to avoid. One should keep in mind the estimate of the financial cost of the loan before even availing it. Therefore, using a Housing Loan Eligibility Calculator Citibank should be a necessity, not an option.

With a Citibank Home Loan Eligibility Calculator, you can plan ahead and also assess your ability to repay the loan based on your current income. This calculator is very easy to use and it costs you nothing as it is free.

How to Use a Citibank Home Loan Eligibility Calculator?

To use Citibank Loan Eligibility Calculator, follow the steps mentioned below:

  • Open the official website of Citibank
  • Click on the Home Loans tab
  • Go to Tools & Calculators
  • Click on Home Loan Eligibility Calculator 
  • Enter the following details:
  • Your income details: Gross monthly income, rental income, and other income
  • Your monthly EMI details: Any other mortgage loan, personal loan, loan on credit card, auto loan, outstanding amount on credit card, and any other Loan.
  • The interest rate of your new Home Loan
  • Down payment amount you can afford to pay upfront
  • Tenure of your new Home Loan
  • Click on the Calculate button to Calculate Home Loan Eligibility.

How to Use MyMoneyMantra EMI Calculator?

MyMoneyMantra offers all the required tools and information to borrowers to assist them in applying for a Home Loan without stress. The website has all the details for almost all banks and NBFCs in India that offer Home Loans to borrowers. MyMoneyMantra's EMI Calculator is one such tool that helps you make projections about how much you are liable to pay as EMI for the loan you are about to take. The EMI Calculator is available for free and can be used for any number of times.

To get an accurate EMI result, there are only a few steps you need to take and these steps are listed below:

  • Log onto MyMoneyMantra.com.
  • On the homepage, move the cursor to the "Financial Tools" section and click on "EMI Calculator".
  • When the calculator opens up, you need to provide input for the following:
    • The interest rate for the loan
    • The loan amount
    • The loan tenure

Click the Calculate icon after entering details. Within seconds, MyMoneyMantra's EMI Calculator will generate an accurate EMI result based on the information you provided.

Types of Citibank Home Loans

Citibank offers the following variety of housing loans under Home Loan Vanilla and Home Credit Fast Track schemes:

  • Home Loan 
  • Takeover Plus Enhancement 
  • Top Up on Existing Loan 
  • NRI Home Loans

Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

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Citibank Home Loan Eligibility FAQs

How can I apply for a Citibank Home Loan?

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Citibank has made it easy for applicants to apply for a Home Loan by opening up different application channels. You can apply for this loan by:

  • Filling and submitting an application at the branch
  • Calling Citibank's Priority Service Numbers
  • Applying online through Citibank's website or MyMoneyMantra

What are the minimum and maximum loan amounts I can apply for?

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The minimum loan amount you can apply for is Rs. 5 Lakhs, while the maximum amount is Rs. 10 Crores.

What is the maximum loan tenure for Citibank Home Loan?

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The maximum loan tenure for this loan is up to 25 years. Customers are expected to repay the loan, including the accrued interest on or before the end of the agreed tenure.

What is the maximum loan to property value I can avail?

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The maximum loan to property value offered to customers is 80%. The borrower is expected to cover up the remaining 20% of the value.

What is the minimum age eligibility and work experience allowed by Citibank?

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Only applicants who are at least 23 years of age are allowed to apply. And they should have work experience of at least 2 years with their current employer.

Can I get a loan pre-approved before I need it?

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Yes, you can. Depending on your repayment capacity, Citibank can approve your application ahead of time. Based on the amount already approved, you can go in search of a property that is up for sale for that amount. However, you should note that Citibank would evaluate the property based on official standard protocols.

Can I get a top-up loan on an existing Home Loan?

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Yes, you can. Once you are able to meet your payments obligations for more than six months, you can apply for a top-up loan. Citibank will evaluate your application and will issue the loan to you if you qualify for it.