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  • Home Loan BYTES FROM OUR KITCHEN

    Citibank Home Loan Balance Transfer

    Citibank provides its customers a home loan transfer facility through which an existing home loan can be transferred to another bank offering loan at an attractive rate of interest. Borrowers can opt to switch their home loan plan when they are dissatisfied with their current home loan scheme and the other lender is offering better rates as well as terms and conditions.

    By opting for a home loan transfer, borrowers can enjoy the following advantages:

    • Save additional money from the new loan plan.
    • When transferring home loan balance to another account, you can opt for lower interest rates and lessen the financial burden on you.
    • By lowering loan repayments, you can lower your EMIs.
    • Loan transfer facilities allow you to choose customized repayment options according to your needs and ability.

    Features of Citibank Home Loan Transfer:

    • Citibank provides home loan transfers up to a limit of 5 crores.
    • Borrowers have an option of a repayment tenure of up to 20 years. EMIs are calculated based on the term chosen by the borrower. In case of a higher repayment term, EMIs are lower and in case of a lower repayment term, EMIs are higher.
    • Citibank sanctions loan transfers depending on the loan repayment record in the earlier bank.
    • Apart from transferring your home loan from an existing lender to Citibank and providing a lower EMI, Citibank customers can also avail an enhancement facility of up to 3 crores. The enhancement feature can be utilized for personal, business or professional purposes as well as for paying off loans from other lenders.
    • The loan transfer can be initiated by either applying online or phone baking by calling on the priority service numbers or visiting the bank branch.
    • Loan repayment is carried out by EMIs (Equated Monthly Installments) and is paid via post-dated cheques, ECS (Electronic Clearing Systems) or by giving standing instructions to Citibank to debit the EMI amount from saving’s account of any bank.
    • The loan margin offered by Citibank is 80% of the property’s price. A customer opting for a loan transfer and enhancement can combine it to avail a maximum of 80% of the property’s value.
    • Loan repayment is done either in full or partially prepaid depending on certain terms and conditions.

    FAQs:

    1. What is the maximum repayment tenure that can be availed on a Citibank Home Loan Takeover?

      Citibank offers a flexible maximum repayment term of up to 20 years on the home loan takeover.

    2. What is the maximum loan amount that I can avail once I move my loan to Citibank from another bank?

      The bank gives you a maximum of Rs.5 Crore in a Home Loan Takeover.

    3. Is there an option of loan enhancement offered under the Citibank Home Loan Takeover?

      Yes, a loan enhancement of Rs.3 crore is available once you transfer your loan from an existing lender to Citibank.

    4. What are the ways I can apply for a Citibank Home Loan Takeover?

      Citibank Home Loan Takeover can be applied in the following ways:

      • By applying online on the website.
      • By calling on the bank’s priority service numbers.
      • By visiting the bank’s branch.
    5. If I opt for to transfer my loan to Citibank, what is the maximum LTV (Loan to Value) that the bank will offer, combining the enhancement?

      The bank will allow LTV up to 80% of the value of the property, along with the enhancement. However, it will also depend on the valuation of the property.

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