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  • Citibank Home Loan Balance Transfer

    Citibank offers Takeover Plus Enhancement—a balance transfer plus top up scheme that lets you transfer your existing home loan debt to Citibank home loan account. You can enjoy attractive interest rates on your transferred amount starting from 10.15% p.a. You can also get a top up of Rs.3 crore with this facility.

    Key Highlights

    Loan Type Home loans
    Loan Amount Up to Rs.5 crore
    Interest Rate 10.15% p.a. to 11.15% p.a.
    Loan Tenure Up to 20 years
    Processing Fee Nil

    Citibank Top Up Home Loan Interest Rate

    You can take a top-up loan of up to Rs.3 crore with Takeover Plus Enhancement. The interest rate is same as balance transfer ranging from 10.15% p.a. to 11.15% p.a. The facility aims to reduce your loan interest payments considerably.

    Benefits of Citibank Home Loan Balance Transfer

    Switch your existing home loan to Citibank and enjoy lower rates. This will help you reduce your monthly instalments and save on interest. Here’s an example.

    Suppose the outstanding principal of your home loan is Rs.15 lakh and the remaining tenure is 10 years. The interest rate charged is 10.85% p.a. Upon calculation, your EMI (Equated Monthly Instalment) will come down to Rs.20,535.

    You have the option to transfer the principal amount to Citibank. The applicable interest rate is 10.15% p.a. Upon calculation, your EMI will be Rs.19,947. This way, you can save Rs.588 every month on your prepayments.

    Eligibility Criteria

    Age Above 23 years
    Type of Employment Salaried with at least 2 years of work experience
    Nationality Resident Indian

    Documents Required

    For salaried
    • Passport size photograph
    • Identity proof
    • Residential Address proof
    • Documents related to the existing loan
    • Last 3 month’s salary slips?or Form 16
    • Last 6 months’ bank statements
    • Property-related documents
    For self-employed
    • Identity proof
    • Passport size photograph
    • Residential address?proof
    • Office address proof
    • Business details
    • Documents related to the existing loan
    • Last 3 years’?Income?Tax Returns along with computation of income
    • Last 6 months’ bank statements?
    • Last 3 years’ balance sheet and profit and loss account statements

    How to Transfer Your Loan to Citibank?

    You can make transfers through three network channels such as:

    1. Citibank Online—the official website of Citibank
    2. 24x7 CitiPhone—the bank’s priority service numbers
    3. Your nearest Citibank branch

    Features of CitiBank Home Loan Transfer

    Some of the features of CitiBank Home Loan Transfer is:

    • You can transfer your home loan of up to Rs.5 crore
    • Flexible repayment tenure and which goes up to 20 years
    • Your existing loan repayment record determines whether you can avail the loan transfer facility or not
    • You can save interests by depositing your surplus funds and save on interest. This will allow you to repay your loan faster
    • You can avail an enhancement of up to Rs.3 crore in order to meet your financial needs

    FAQ’s

    1. What is the maximum loan to value (LTV) amount that I can avail for a loan transfer taken along with an enhancement?
    2. The maximum loan to value (LTV) amount that I can avail is up to 80% of the value of the property.

    3. How can I repay my loan EMI?
    4. You can pay your loan EMI through a standing instruction on your CitiBank account or using the National Automated Clearing House (NACH) facility. In both the cases the EMI amount will be deducted from your bank account on the due date.

    5. Can I prepay my loan?
    6. Yes, you have the option of prepaying your loan. You must however read the terms and conditions before prepaying your loan.

    7. How can you transfer your loan to CitiBank?
    8. You can make transfers through three network channels such as:

      • Citibank Online—the official website of Citibank
      • 24x7 CitiPhone—the bank’s priority service numbers
      • Your nearest Citibank branch
    9. How to apply for a CitiBank Home Loan Balance transfer?
    10. Given below are the steps you will have to follow if you wish to avail the CitiBank Home Loan balance transfer facility:

      • Visit the official website of CitiBank
      • Under ‘Loans’ click on ‘Home Loan’.
      • Click on ‘Home Loan takeover enhancement’.
      • Click on ‘Apply Now’. You will be directed to a separate page. Enter the details such as your mobile number, email ID, name, and city of residence. Click on the box which states that you agree with the terms and conditions and allow the bank to contact you. You also confirm that all the details provided by you is correct. Click on ‘Submit’.
      • Follow the instructions and upload the necessary documents. The bank will verify the documents and submitted by you and if it is correct, the bank will allow you to transfer your home loan balance.
      

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