Citibank Home Loan Interest Rates are linked to either TBLR or MCLR rates. This makes Citibank home loan interest rates low and affordable. Citibank offers home loans under various schemes. Also, the option of switching between TRLR and MCLR rates adds to customer convenience. With the switchover option being absolutely free, Citibank Home Loan has become the obvious choice.
|Type of Loan||Interest Rate Spread||Applicable Rate of Interest|
|Home Loans||TBLR 3M (3.35%) + 3.78% p.a. to TBLR 3M (3.35%) + 4.68% p.a.||7.13% p.a. to 8.03% p.a.|
|Home Loans with Home Credit||TBLR 3M (3.35%) + 3.93% p.a. to TBLR 3M (3.35%) + 4.83% p.a.||7.28% p.a. to 8.18% p.a.|
|Home Loan Takeover with Enhancement||TBLR 3M (3.35%) + 3.98% p.a. to TBLR 3M (3.35%) + 4.88% p.a.||7.33% p.a. to 8.23% p.a.|
|Home Loan Top-Up (with cash out portion within 100% of Home Loan amount)||TBLR 3M (3.35%) + 3.98% p.a. to TBLR 3M (3.35%) + 4.88% p.a.||7.33% p.a. to 8.23% p.a.|
Citibank has an EMI Calculator on its official webpage. Entering information such as Home Loan amount, rate of interest, and repayment tenure will give you the Home Loan EMI.
Similarly, you can calculate your Citibank Home Loan EMI using MyMoneyMantra EMI Calculator. Using the calculator is easy. You need to provide information regarding the loan amount, the repayment tenure, and the applicable rate of interest to get the EMI.
To know the interest rate applicable on your loan, you can use the Citibank Home loan interest rate calculator available online.
Check 50 lakh home loan EMI and Apply.
You will have to bear some charges on your Citibank Home Loan, including Citibank Home Loan Processing Fees, prepayment charges, and so on:
|Application fee||Non-refundable of up to Rs. 5,000 has to be paid during the processing of home loan|
|Booking fee||Non-refundable of up to 0.40% of loan amount has to be paid during loan documentation|
|Part prepayment charges|
|Full prepayment charges|
|NACH/SI/Cheque bounce charges||Rs. 500|
|Penal interest rate||2% of the prevailing rate on the outstanding loan amount for the defaulted period|
*GST as applicable will be added to all the above-mentioned charges
Check Credit score for Free before applying for a Home Loan.
Following are the features of Citibank Home Loan:
The type of home loan you are applying for is one of the most important factors that determines the interest rate. Some schemes might have the lowest Citibank Home Loan rate.
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.
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
The repo rate is the base rate for all kinds of market-related transactions. The repo rate is the interest rate at which banks borrow from the Reserve Bank of India. The Treasury Bill rate is the rate of interest provided by the Government of India on its short-term debt instruments. The Treasury Bill rate depends on the maturity of the instrument. Treasury bills are issued at a discount by the Government and can be redeemed at face value on maturity. Thus, both the repo rate and the TBLR are market-related rates.
As per the recent data available on the bank’s website, the rates for women are same as Citibank Home Loan Interest Rates for Others.
Financial Benchmarks India Pvt Ltd, an independent benchmark administrator, provides the T-bill benchmark rate on its official website.
FBIL publishes the T-bill rates for varying maturities. Citibank uses the 3-month T-bill rate as the reference rate for its TBLR calculation that is posted daily. Citibank adopts the 3-month T-bill rate as on the 12th day of each month as its reference rate. It rounds off the rate to the nearest 'five basis points' for its TBLR reference calculation.
Citibank calculates the TBLR as applicable on the 12th day of the month and adds its interest spread. The spread depends on factors like loan amount, facility type, and credit rating of the borrower.
Citibank reviews and publishes its TBLR every month. If the 12th day of the month happens to be a holiday, Citibank uses the TBLR for the next working day as the reference rate.
All new and existing borrowers are eligible to opt for the TBLR-linked interest rates. This rate is valid from January 24, 2018.
Borrowers have the option to choose MCLR-linked interest rates.
Existing customers can choose to switch over from the MCLR to TBLR-linked interest rates and vice versa. Citibank does not charge any fee for affecting this transfer. This switchover requires the borrower to execute a supplementary agreement. Customers in the Base Rate regime can also switch over from the Base Rate to MCLR/TBLR-linked interest rates. The vice versa is not permissible in this scenario.
A change in the MCLR/TBLR affects the effective rate of interest on your Home Loan. Therefore, it entails a difference in the EMI, as well. However, you have the option to maintain the EMI as constant and vary the loan tenure within permissible limits. Under such circumstances, Citibank increases or decreases the loan repayment tenure accordingly. Alternatively, you can keep the mandate constant and vary the EMI.
The TBLR is a real market rate and not owned by any bank. The Reserve Bank monetary policy and rate changes affect the T-bill rates. An independent benchmark administrator decides the rates, thereby making it a transparent mechanism. Anybody can confirm the FBIL T-bill rate at any time on the FBIL official website. Compared to the MCLR, the TBLR is beneficial, as on date. The MCLR also depends on market conditions.