Citibank

Citibank Home Loan

Apply Citibank Home Loan @ 8.75%
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Interest Rate

8.75%-8.85%

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Processing fee

Upto 0.10

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Loan Tenure upto

20 years

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LTV (Loan to value)

75% to 90% of property value

About Citibank Home Loan

If the rising price of real estate is making it difficult for you to buy your dream home, then a Home Loan can ease your burden. Around 80% of the property's cost can be covered up by a Home Loan. Apart from funds for house purchase, Home Loan gives you the advantage of tax benefits.

Citibank is one of the key players in the Indian housing loans market. Citibank began operations in India in 1902 in Kolkata. Today it is a significant foreign investor in the financial market of India. The bank offers lucrative interest rates on the various housing loan schemes to make the borrowing experience convenient on your pocket. The bank charges competitive interest rates on the loan amount making it affordable and easy to repay for the borrowers. The bank offers customised Home Loans catering to all the housing finance needs of the customers.

Citibank Home Loan

Interest rate

8.75%

Loan tenure

20 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

884 Per Lakh

Why Citibank Home Loan?

Citibank Home Loans come with extensive features, competitive interest rates, and host of benefits that are specially designed to suit your housing finance needs. With the Home Credit option of Citibank, you can save on interest cost.

As a Citibank Home Loan borrower, you can enjoy the following advantages:

  • The flexibility of paying the interest only in the construction period
  • Low interest rate
  • High loan amount
  • Flexible repayment tenure
  • No co-borrowers or guarantors required
  • Online access to your Home Loan account

Features and Benefits of Citibank Home Loan

Following are the features and benefits of Citibank Home Loans:

  • Home Loans available for purchasing ready properties as well as under construction properties.
  • Attractive rates of interest
  • Home Loan amount up to 10 Crores
  • Repayment tenure of up to 25 years
  • Loan to value (LTV up to 80% of the value of the property
  • Flexibility to pay interest on Home Loan only during the construction period
  • No need to bring co-borrowers or guarantors to apply for the loan
  • Citi Phone platform answers all queries of the customers
  • Online access to the Home Loan account anytime anywhere
  • Home Credit Advantage: Under this facility your Home Loan is operated through Home Credit Account (a current account linked to your Home Loan). All threshold amount deposited in the Home Credit Account subject to a maximum of your outstanding loan amount is transferred to your loan account on a daily basis to offset the interest being charged on the loan. This amount can be withdrawal by you anytime as an overdraft line.
  • Home Credit Vanilla: This facility gives you an option to maintain liquidity. An overdraft line is set on your Home Credit Account and interest saving through the Home Credit facility goes towards increasing this line that is always available for withdrawal.
  • Home Credit Fast Track: This facility lets you repay your Home Loan faster. Interest saved is adjusted towards reducing the loan outstanding, thus, effectively reducing the tenure of your loan and helping you close your loan faster.

Citibank Home Loan Interest Rates

Citibank Home Loans interest rates are linked to its TBLR (Treasury Bill Benchmark Linked Lending Rate) and MCLR (Marginal Cost of Funds Based Lending Rate).

Below is the table showing interest rates applicable (linked to 3-months MCLR) on various housing loan schemes of Citibank:

Type of Loan Spread Interest Rates

Home Loan/ Home Loan Takeover (Home Loans)

3-months MCLR + 0.90% to 3-months MCLR + 1.75%

9.70% to 10.55%

Home Loan/ Home Loan Takeover (Home Loans with Home Credit)

3-months MCLR + 1 to 3-months MCLR + 1.90%

9.80% to 10.70%

Home Loan Takeover with Enhancement/ Home Loan Top-up

3-months MCLR + 1.40% to 3-months MCLR + 2.40%

10.20% to 11.20%

 *The current 3-month MCLR of the bank is 8.80% (as updated on 07.04.2019)

Types of Home Loans Offered by Citi Bank

Home Loan: Citibank offers Home Loans for purchase of both ready property and properties in under construction status. The maximum loan approved for a Home Loan can be 10 Crores with the maximum repayment term of 25 years. You can borrow up to 80% of the property value as a Home Loan from Citibank under this loan.

Key Highlights

Purpose

Purchase of under construction property and ready property

Loan Amount

Up to 10 Crores

Tenure

Up to 25 years

LTV

Up to 80%

Home Credit Advantage

Available

Home Credit Vanilla

Available

Home Credit Fast Track

Available

Takeover Plus Enhancement:If you are not comfortable with the interest being charged against your existing Home Loan, you may transfer your balance loan to Citibank under this loan scheme to get better rates and terms. This, in turn, can help you save more for your interest cost. If additionally, you get a top up on the existing loan, it prepares you better for the unforeseen expenses. Citibank's Home Loan Takeover Plus Enhancement provides you with a combination of both. It provides you with a lower rate of interest on your existing balance transfer and additionally provides you with a top up on the existing loan to cushion your immediate financial requirements. To make things even better, you can opt for the Home Credit Fast Track facility to save on your interest payment and also reduce your tenure.

Key Highlights

Purpose

Transfer your Home Loan from another lender to Move to Citibank Home Loan to reduce your monthly payments.

Loan Amount

  • Up to 5 Crores
  • An additional amount of up to 3 Crores can be availed for any personal, business or professional needs

Tenure

Up to 20 years

Home Credit Advantage

Available

Home Credit Vanilla

Available

Home Credit Fast Track

Available

Top Up on Existing Loan:With a good repayment history and basis the present value of your property, you can avail a Top-Up on your existing Home Loan. The requirement can be anything like renovating your home, education of your children, and so on. Having an existing mortgage loan can make the paperwork for your Top Up loan almost negligible. You can avail up to 5 Crores as Top Up loan.

Key Highlights

Purpose

Get top up on your existing Home Loan for funding child's education or to meet any other personal/professional needs.

Loan Amount

Up to 5 Crores

Home Credit Advantage

Available

Home Credit Vanilla

Available

Home Credit Fast Track

Available

NRI Home Loans: As an NRI, it may be difficult for you to give enough time to buy a home in India. Citibank takes you through this process beginning from application up to disbursement of the loan amount. NRI Home Loan is available for the purchase of ready to occupy apartment or under construction house. NRIs are eligible for a Home Loan for an amount not exceeding 5 Crores. You can avail such loans online and round the clock at lucrative rates of interest and make up for up to 80% of the value of your chosen property.

Key Highlights

Purpose

Purchase of under construction property and ready property

Loan Amount

Up to 5 Crores

Tenure

Up to 25 years

LTV

Up to 80%

Citibank Home Loan Eligibility

Below mentioned are the factors that can influence your eligibility for a Home Loan at Citibank:

  • The age of the applicant must be a minimum of 23 years at the time of applying for the loan
  • You must have minimum of 2 years of work experience to avail the loan
  • The tenure of your Home Loan gets determined by your present age and the probable age of your retirement, which in turn help in determining the amount of your equated monthly instalment (EMI).
  • Your Gross Monthly income, whether you have any rental or, other sources of income and your monthly obligations taken together, determine the quantum of surplus funds at your disposal which can be utilised to pay your EMIs.
  • Your credit history and your credit score help the bank to understand your creditworthiness from your past repayment history, and that obviously influences your eligibility for a Home Loan.
  • A local co-applicant is mandatory for NRI Home Loan
  • Citibank offers Home Loans only in: Delhi/NCR, Mumbai, Pune, Chandigarh, Kolkata, Ahmedabad, Surat, Jaipur, Bengaluru, Hyderabad, Chennai, and Coimbatore.

Documents Required for Citibank Home Loan

KYC Documents

  • Recent coloured passport size photograph
  • Photocopy of passport
  • Photocopy of residence proof (recent bank statement/ utility bill)
  • Postpaid bill (if the landline is not available)
  • Photocopy of PAN Card
  • Proof of signature (any of the above KYC document)
  • For NRIs:
    • Photocopy of valid permanent resident card/ valid visa (if holding Indian passport), and valid work permit.
    • KYC of local co-applicant in India (Identity proof, residence proof, signature proof) available in a mortgage location.

Income documents

  • Copy of recent salary slips for the last 3 months with bank credits established via bank statements.
  • Bank statement of last 3 months showing salary credits for each month
  • Bank statement or loan statement confirming running EMIs
  • For NRIs:
    • Last 2 years' B4/ P60/ IR8/ Work Contract/ Employment Contract or Certificate
    • Bank statement or loan statement confirming running EMIs (both for loans in India/ abroad)

Property documents

  • Copy of latest Sale Deed along with the previous chain of Allotment Letter, Payment Plan, and Receipts for under construction properties.
  • Agreement of Sale, Sanction Plans, Chain link title papers, Tax Paid receipts, and other documents for ready properties.

Note:

  • The income documents must provide adequate information regarding the year of income, total income, company's name, etc.
  • All documents must be self-attested
  • The bank may ask for additional documents depending on the loan facility and the nature of the property.
  • In case of NRI applicants, the repayment has to be done via Citibank NRO/NRE account

Other Products by Citibank

In addition to Home Loans, Citibank also provides the following products and services to its customers:

Loan Against Property

Personal Loan

Loan on Your Credit Card

Loan Against Securities

Ready Credit

Loans for Commercial Vehicle and Construction Equipment

CitiBusiness - SME Business Loans

Life Insurance

Health Insurance

Commercial Property Insurance

Gruh Suraksha Home Insurance Plan

Mutual Funds

Deposits

Demat Account

Wealth Insights

Wealth Management

Internet Banking

Online Payments

Online Security

Credit Cards

Personal Banking

Global Bank

Business Banking

Citi Commercial Bank

Corporate Banking

How to Calculate Citibank Home Loan EMI?

EMI stands for equated monthly instalments. The instalments are made up of two components. The first part includes the principal and the second part includes the interest. Following are the factors that can impact your EMI:

  • Interest Rate: Citibank offers Home Loans on fixed variable/ floating interest rates that are linked to its 3 months MCLR or TBLR. Changes in the reference rates (MCLR or TBLR), automatically lead to a change in the Home Loans rates associated. It needs to be noted that owing to change in the interest rates, the EMI or, the tenure of the loan can also change and Citibank can at its own discretion demand revised EMIs from you or, allow you to continue with the existing EMI by changing the tenure of your loan.
  • Loan Tenure: The maximum repayment tenure for a Citibank Home Loan is for 25 years
  • Loan Amount: The bank offers a Home Loan for a maximum amount of 10 Crores and 5 Crores (depending on the scheme chosen).

Citibank Home Loan Processing Fees, Other Charges

The Citibank levies following fees and charges on its Home Loans:

Application fee/ Processing fee (non-refundable)

Up to 5,000

Booking fee

Up to 0.40% of the sanctioned loan amount: For Home Loans

Charges for NACH/ Cheque/ SI Bounce

500

Penal interest for non-payment of EMI

2% over the prevailing rate of interest on the outstanding loan amount for the defaulted period

Part-prepayment charges

  • NIL for fixed/floating interest rate loans
  • For semi fixed interest rate loans (during the period when the rate of interest is fixed):
    • NIL if the part-prepayment amount is below 25% of the sanctioned loan amount in a financial year
    • For part-prepayment of more than 25% of the sanctioned loan amount in a financial year/ If the loan is closed under 12 months post part-prepayment date: 2%

Foreclosure charges

  • NIL for floating interest rate loans/ semi fixed interest rate loans (for the period when the interest rate is variable)
  • For fixed rate loans/ semi fixed interest rate loans (during the period when the rate of interest is fixed): 2% on the outstanding loan amount

GST (Goods & Services Tax)

GST is applicable on all the charges mentioned above

Citibank Home Loan Customer Care

You can contact Citibank Customer Care through the following ways:

At the following 24*7 CitiPhone Numbers (applicable across India) from Monday to Saturday from 9 am to 7 pm:

  • 1860 210 2484 (Local charges are applicable)
  • +91 22 4955 2484: For calling from outside of India

You can send registered or certified mails to:

Citibank N.A., Mail Room,

ACROPOLIS, 9th Floor,

New Door No.148 (Old No.68),

Dr. Radhakrishnan Salai, Mylapore,

Chennai - 600 004.

You may register online at:

https://www.online.citibank.co.in

You can also download the Citi Mobile App and avail their mobile banking facility.

Frequently Asked Questions

How can I apply for a Citibank Home Loan?

You can apply for a Citibank Home Loan through the following ways:

  • Online through Citibank's website
  • Through CitiPhone Priority Service Numbers
  • By visiting Citibank branch
  • Through MyMoneyMantra

What is the maximum repayment tenure available for Citibank Home Loan?

Yes can get up to 25 years of repayment tenure for Citibank Home Loans.

What is the maximum amount offered under Citibank Home Loan?

The bank provides Home Loan amount from anywhere between 5 Lakhs to 10 Crores.

What is the maximum Loan-to-Value (LTV) available for Citibank Home Loan?

The bank provides a maximum LTV of up to 80% of the cost of the property.

What is the minimum age required to apply for Citibank Home Loan?

The applicant must be a minimum of 23 years of age at the time of applying for a Citibank Home Loan.

Does the bank provide pre-approval for Home Loan?

Yes, you can get pre-approved Home Loan based on your income and repayment capacity. Based on the pre-approved loan amount, you can identify the property that you need to buy (subject to obtaining the final sanction by the bank).

Can I get a top-up loan on the existing Home Loan from Citibank?

Yes, after repayment on your existing Home Loan for more than 6 months, the bank offers an additional top-up loan to the customer on their existing Home Loan.

What are the repayment modes available with the bank to repay my Home Loan?

You can repay your Citibank Home Loan through NACH (National Automated Clearing House) or through SI (Standing Instruction) to your Citibank account.

Can I prepay my Citibank Home Loan?

Yes, the bank permits prepayment of Home Loan in part or full.

What is Semi Fixed Rate Loan?

Semi Fixed Rate Loan is a loan facility wherein the interest rate offered is directly linked to the bank's MCLR or TBLR. The interest rates on these loans remain fixed for an initial tenure and then subsequently become variable after completing the initial tenure

Citicank Home Loan Latest News

Citibank's net profit in India dips for FY18

Citibank's net profit declared to be 3,403 Crores for FY 2017-18 which is 6% less than the profit incurred during FY 2016-17. The rising yields on the investment portfolio were considered to be the cause of loss.

Citibank has bagged the award for being the best corporate trust in Asia for the third time

For the third consecutive time, Citibank has been awarded as the "Best in Corporate Trust" in Asia by The Asset magazine. The assessment included the service providers on the sell side and institutions on the buy side in the dynamic Asian asset servicing industry.

Citibank to offer housing loans linked to TBLR following RBI's suggestion

Citibank has announced its new housing loan product. The interest rates for these loans are linked to the 3-month TBLR (Treasury Bill Benchmark Linked Lending Rate) of the Government of India, to keep rates at par with the RBI's (Reserve Bank of India) policy rates. The newly introduced TBLR-linked housing loan rate is based on the 3-month TBLR published on the 12th of every month by Financial Benchmarks India Pvt. Ltd. and is available to all new as well as existing home loan customers.

Pramit Jhaveri to step down as Citibank India's CEO

After serving nine years at the helm, a top India Inc rainmaker Pramit Jhaveri will step down as Citibank India's CEO on January 31. Jhaveri will take on the role of vice-chairman (banking, capital markets & advisory) for Asia-Pacific, based in Mumbai. Till March 31, he will continue as interim CEO, by that time a successor will be finalised. The reason for such an abrupt exit is still not known. Jhaveri is the longest-serving head of Citibank. Since his charge, the bank's net profit has increased to 3,403 Crores in March 2018 from 860 Crores in March 2010.

Citibank goes paperless for trade payments

The bank launched a cross-border digital payment solution. The efforts eliminated the need for physical documents and thereby reduced time, effort and cost for trade payments.

Why Apply for Citibank Home Loan On MyMoneyMantra?

While applying for a Home Loan is only a matter of clicks, however, the guidance provided by MyMoneyMantra's housing loan specialists is absolutely indispensable. So, while the minute details can escape your observation, you can trust our professional team to the core. Our dedicated team can help you choose the best plan that suits your purpose and your pocket. They guide you at every step starting from deciding on the best loan up to disbursement of the amount.

How to Apply for Citibank Home Loan on MyMoneyMantra?

Applying for a Citibank Home Loan through MyMoneyMantra is easy. You just need to register on the website, fill and submit all the details on the Home Loan page. Loan specialists from MyMoneyMantra will then get in touch with you, and guide you through the rest of the process.

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