Citibank Loan Against Property 
Eligibility Criteria

Citibank loan against property eligibility requirements are easy to meet. Both salaried and self-employed applicants can avail Citibank loan against property for up to Rs 5 crore, subject to 70% of property value. The applicant should be at least 21 years of age and have work experience of 2-3, based on the profile. You can instantly check eligibility using LAP Calculator.


About Citibank Loan Against Property

Citibank is one of the top multinational banks functioning in India since 1902. The bank offers a range of home loans and mortgage loans to its customers situated across the country. Citibank was the first bank in India to provide external benchmark-linked interest rates on home loans and other retail loans. While the commercial banks in India started offering such rates from October 2019, Citibank has been doing so since January 2018.

Citibank Loan Against Property enables its customers to get access to funds in an emergency. These funds are available to cater to individual and business needs. Business requirements can be for meeting working capital requirements or business expansion.

Individual needs can range from educational expenses to medical emergencies. Citibank Loan Against Property allows you to make full use of your idle property to get funds for running your business.

Features of Citibank Loan Against Property

The features of Citibank are mentioned below:

  • Loan Against Property are available up to 5 Crores
  • Citibank offers loan only against residential property
  • Loans are available up to 70% of the value of the property
  • Citibank offers attractive rates of interest linked to an external benchmark market rate
  • Loans against property are available to meet business and personal needs
  • Top Up loans are also available after six months of availing the Loan Against Property
  • Citibank offers flexible repayment tenures extending up to 15 years
  • Simplified eligibility norms make it easy for anyone to apply for Citibank Loan Against Property
  • Citibank offers facilities to Apply for a Loan Against Property online


Loans Against Property

Purpose of the loan

  • Meet Business emergencies, such as:

a) Day-to-day working capital needs

b) The margin for purchasing long-term business assets

c) Business expansion

d) Other legitimate business expenses

  • Cater to personal needs, such as:

a) Educational expenses of children

b) Marriage expenses

c) Medical emergencies

d) Foreign travel

e) Buy new property

f) Repay existing debts

g) Repairs to home

h) Any other purposeful expenditure

Loan amount

  • Minimum - 5 Lakhs
  • Maximum - 5 Crores

Rate of interest

  • TBLR-3M + 3.69% to TBLR-3M + 5.24%

Repayment tenure

  • Maximum - 15 years

Additional Info: Also Check Loan Against Fixed Deposit in detail.

Citibank Loan Against Property - Eligibility

The eligibility criteria for Citibank Loan Against Property are as follows:

Loans Against Property

General Eligibility Norms

  • Salaried persons and self-employed individuals/professionals are eligible for a Loan Against Property.
  • The applicant's age should be a minimum of 23 years when applying for this loan facility
  • The applicant should have a PAN Card
  • If salaried, the employee should have a minimum experience of three years in the current job
  • If self-employed, the business should be in existence for at least two years
  • The business should have earned cash profit for the last two years
  • The minimum amount of loan that you can borrow is 5 Lakhs
  • Citibank offers loans against property up to 70% of the property value
  • The upper ceiling in the loan amount is 5 Crores
  • The property should be located in any of the following cities in India, Ahmedabad, Chennai, Bengaluru, Hyderabad, Delhi/NCR, Kolkata, Jaipur, Pune, Mumbai, Chandigarh, Coimbatore, and Surat.
  • The loan amount will depend on your income and repaying capacity
  • Citibank offers loan against a residential property, and not against commercial, industrial, or agricultural plots.
  • The property should be in the name of the applicant and not have any encumbrances
  • Customers having existing home loans with Citibank can extend the security towards Loan Against Property. It is subject to the satisfaction of LTV norms.
  • Top-up loans are also available after six months of availing the Loan Against Property

Documents Required for Citibank Loan Against Property

Applicant needs to submit the documents mentioned below to apply for the loan:

Documents - Salaried Customers
  • Latest payslip not more than 60 days old
  • Latest Form 16 and Income Tax Return
  • Proof of total work experience (Minimum of two years for home loans and three years for other loans).
  • Bank statement for the last three months
Documents - Self-employed Customers
  • Income Tax Returns along with Financial statements (Profit and Loss Statement, Balance Sheet, and other schedules).
  • A Chartered Accountant should certify all documents
  • These documents are required for two years for a home loan and three years for a Loan Against Property.
  • Business Continuity Proof for three years
  • Bank statement for the last three months
  • Partnership firms - Should produce a copy of the partnership deed
  • Companies - Memorandum and Articles of Association
  • Companies - CA certificate on the shareholding pattern, profit sharing ratio, and list of directors
  • Limited Liability Partnership - LLP Agreement
General Documents - KYC requirements

Identity Proof

  • Valid Passport
  • MAPIN Card
  • Voter's ID Card
  • PAN Card
  • Aadhar card
  • Valid Driving License
  • A valid ID card issued by a statutory body
  • Birth Certificate

Signature Proof

  • Passport
  • MAPIN Card
  • PAN card
  • Driving License
  • Valid ID Card issued by a regulatory body
  • Banker's certificate

Address Proof

  • Passport
  • Voter's ID Card
  • Aadhar Card
  • Driving License
  • Valid ID Card issued by the employer or any other professional body
  • Utility Bills like electricity bill, telephone bills, and so on (not older than two months)
  • Ration Card

Date of Birth

  • Passport
  • PAN card
  • Driving License
  • Birth Certificate
  • School Leaving Certificate
Title Documents
  • Property documents to establish the chain of ownership and genuineness of title

Citibank Loan Against Property - Know Your EMI

Citibank charges interest on a daily reducing balance method. The ideal mode of repayment for this method is EMI. Citibank offers facilities to calculate your EMI online. It enables you to determine your eligibility before you apply for the Loan Against Property.

  • Access the online EMI Calculator
  • Enter the loan amount, interest rate, and repayment tenure
  • Hit the Calculate button to get the EMI
  • This calculator also provides you with the repayment schedule, also known as an amortisation schedule.

It helps you to determine the breakup of the EMI into the principal and interest repayment components.

Citibank Loan Against Property - Interest Rate Structure

Citibank refers to an external benchmark rate for determining the interest rate on Loan Against Property. It uses the 3M-T-Bill rate as a reference rate. Citibank is the pioneering banking institution to do so in India. Other commercial banks started adopting the external benchmark reference rates from October 2019. RBI stipulates that all banks should switch over to an external benchmark reference rate for its retail loans. These reference rates can include the repo rate, the T-Bill rate, or any other independent market rate. The objective is to pass on the benefit of Citibank Loan Against Property interest rate fluctuations to the customer.

The T-Bill rate, announced by FBIL, is an independent reference rate. FBIL publishes these rates daily. Citibank refers to the 3M T-Bill rate for determining the interest rate on Loan Against Property. Citibank announces its reference rate every month between the 12th and 15th. This rate structure is available only for the floating interest rate loans alone.

The TBLR-3M reference rate as of February 12, 2020, is 5.10%. Though the reference rates change every month, the resets on the individual loans take place on the first day of every quarter beginning March every year.

Home Loan / Home Loan Takeover
Loan ProductRate of InterestEffective ROI
Home LoansTBLR-3M + 3.19% to TBLR-3M + 3.94%8.29% to 9.04%
Home Loans with Home CreditTBLR-3M + 3.39% to TBLR-3M + 4.14%8.49% to 9.24%
Loan Against Property also known as Property Power Loans
Loans offered to medium and small enterprises under Priority Sector CreditTBLR-3M + 3.69% to TBLR-3M + 4.44%8.79% to 9.54%
Loans offered to small and medium enterprises under Priority sector with Home CreditTBLR-3M + 3.79% to TBLR-3M + 4.54%8.89% to 9.64%
All other non-priority sector lendingsTBLR-3M + 4.24% to TBLR-3M + 4.99%9.34% to 10.09%
All other loans with Home CreditTBLR-3M + 4.49% to TBLR-3M + 5.24%9.59% to 10.34%
Home Loan Takeover with Enhancement / Home Loan Top Up facility
Home loan takeover with enhancement and top-up (Cash out portion within 100% of the home loan amount)TBLR-3M + 3.44% to TBLR-3M + 4.19%8.54% to 9.29%

Citibank Loan Against Property - Factors that affect the interest rate

Following factors can impact the interest rate on your loan:

  • Citibank uses the 3M T-Bill rate as a reference rate. It is a market-linked external benchmark rate. The customer gets the benefit of the market rate fluctuations. However, it can result in a frequent change in the EMI amounts.
  • The credit rating of the borrower affects the individual interest rate structure
  • The purpose of the loan also plays a crucial role. Loans for business purposes and home repairs qualify as priority sector loans. Such loans get the benefit of an interest rate concession.
  • Customers availing the Home Credit Advantage have a different interest rate structure

Citibank Loan Against Property - Factors That Affect the Eligibility

Following factors can affect your eligibility for Citibank Loan Against Property:

  • The income, coupled with the repaying capacity of the borrower affects the overall eligibility
  • The purpose of the loan entitles the borrower to receive interest rate concessions
  • The credit rating of the applicant has a bearing on the interest rate, and thereby the eligibility, as well.
  • The value of the property is also a deciding factor

Citibank Loan Against Property - How to Enhance the Eligibility

You can improve your loan eligibility through the following ways:

  • The best way to improve eligibility is to increase income. Bringing an eligible co-applicant with a regular source of income can increase the overall eligibility.
  • Closing some of the existing loans can improve the repaying capacity and thereby the eligibility

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SBI Loan Against Property FAQs

Can we borrow as much as we want under the Loan Against Property products?


No, there are specific stipulations regarding the eligibility amount. It depends on the value of the security, the income, and the repayment capacity.

The last-named condition considers the EMI/NMI factor. It is the most crucial one to decide the maximum loan eligibility.

What factors decide the rate of interest applicable to the Loan Against Property?


The rate of interest depends on the following two factors:

  • The loan amount: There are three different amount slabs, up to 1 Crore, up to 2 Crores, and more than 2 Crores.
  • The nature of income: If the salary makes up for more than 50% of the income, the rates are less as compared to a business or rental income.

How does the rate of interest affect the eligibility of the Loan Against Property?


The rate of interest determines the EMI for the loan. The EMI/NMI plays a crucial role in deciding the final eligibility.

Can I bring in a co-applicant to enhance my eligibility?


Yes, an eligible co-applicant with a stable source of income can enhance the overall eligibility of the loan. SBI considers such income while determining the combined eligibility.

Who can be an eligible co-applicant?


Similar to the home loan, all co-owners of the property have to be co-applicants. If any of these applicants have a regular source of income, the bank considers such income for eligibility. Besides, the bank accepts spouse, parents, children (subject to age criteria), and even siblings as co-applicants.

Which is a better option, a Loan Against Property or personal loan?


It depends on the amount you need. If the requirements are less, a personal loan should be the ideal product. However, if your requirements are more, it is beneficial to opt for a Loan Against Property.

What are the documents necessary for a Loan Against Property?


The applicant should provide the following documents when applying for a Loan Against Property.

  • The regular KYC documents (ID proof and residential address proof)
  • Income documents
  • The property documents

What is the security for the Loan Against Property?


The borrower has to create the equitable mortgage of the property as security for the Loan Against Property. Besides, the SBI Rent Plus scheme requires the borrower to assign the rent receivables in the bank's favour.

What undertaking should the borrower give when availing the Loan Against Property?


The borrower should undertake to use the Loan Against Property for non-speculative purposes alone.

What activities qualify as speculative?


Any activity that promises high income from a small investment in a short time is a speculative activity. Some of the examples are:

  • Gambling and participation in races
  • Purchasing shares with the sole intention of making a quick buck
  • Investing in bullion and real estate

The Loan Against Property is not available for speculative activity.