CitiBank Home Loan

Citibank offers customers a variety of home loan solutions that are tailor made to meet the requirements of customers from all types of financial backgrounds. Home loans provided by Citibank come with easy repayment facilities, extremely competitive rates of interest, and a number of attractive features and advantages, which can be availed both Indian residents as well as NRIs alike.  

Features and Benefits of Citibank Home Loan:

Home loans offered by Citibank showcase a range of attractive features and benefits

• Applicants can apply for home loans for the following purposes:
  • The purchase of residential property that is currently undergoing construction
  • The purchase of an already existing residential property

• Competitive, low and affordable rates of interest
• Applicants can apply for home loans that range from a minimum amount of Rs 5 lakhs up to a maximum amount of Rs 10 crore
• Applicants can also avail of home loans with tenures that stretch up to a maximum of 25 years
• Home loans can be availed up to 80% of the value of the property
• Applicants have the freedom to make interest payments only during the period of construction
• Interest on Citibank home loans is computed on the basis of daily reducing balance, thereby making it easier for borrowers to pay off their loans
• Applicants are not required to produce a guarantor or a co-applicant when applying for a loan
• The loan application process is quick, easy and hassle-free
• Applicants can also make repayments easily via the bank’s ECS facility
• The bank provides customers with a 24 hours CitiPhone portal through which all their queries can be attended to
• Customers also have the advantage of accessing their home loan account details through the bank’s online facility from the comfort of their homes
• Zero prepayment or foreclosure charges or fees
• Customers can also avail of the home credit facility provided by the bank

Citibank Home Loan Interest Rate:

Citibank offers customers home loans at competitive, affordable and attractive rates of interest that are designed to fit into the financial budgets of customers from all types of backgrounds.

The interest rates provided below are applicable to variable rate home loans only

Citibank Home Loan MCLR:

The MCLRs set by Citibank are as follows:

Eligibility Criteria for Citibank Home Loan:

Applicants are required to fulfil the following eligibility criteria in order to apply for a home loan with Citibank:

• The minimum age of entry of the applicant is 23 years
• The maximum age of entry of the applicant is 65 years
• The applicant must be a salaried individual or a self-employed individual drawing a regular income or salary
• Applicants are required to have at least two years of work experience

Documentation Required To Apply For A Home Loan With Citibank

Customers looking to apply for a home loan with Citibank are required to provide the following documents:

For Salaried Individuals:

• Proof of Identity - Any of the following:
  • PAN Card
  • Valid Passport
  • Voter ID Card
  • Driving License
  • Any other valid ID
• Proof of Address - Any of the following
  • Electricity Bill
  • Valid Passport
  • Latest Telephone Bill
  • Voter ID Card
  • Receipt of Property Tax
  • Driving License
• Date of Birth Proof
• Financial Documents
  • Last three months bank statement
  • Last two months salary slips
  • Latest Form 16
  • Proof of at least 2 years of work experience

For Self-Employed Individuals:

• Proof of Identity - Any of the following:
  • PAN Card
  • Valid Passport
  • Voter ID Card
  • Driving License
  • Any other valid ID
• Proof of Address - Any of the following
  • Electricity Bill
  • Valid Passport
  • Latest Telephone Bill
  • Voter ID Card
  • Receipt of Property Tax
  • Driving License
  • Address proof of the business
• Date of Birth Proof
• Financial Documents
  • Last three months bank statement
  • Most recent income tax returns, including income computation, balance sheet and last two years profit and loss account statement. All documents are to be certified by a Chartered Accountant
  • Proof of at least three years of business continuity

For Companies:

• Memorandum of Association
• Articles of Association
• Certificate showing proof of incorporation of the company
• Certificate showing the company’s director and shareholder list, certified by a Chartered Accountant

For Partnership Firms:

• Most recent deed of partnership
• Certificate showing the list of the firm’s partners along with the profit sharing ratio of each partner, duly certified by a Chartered Accountant

Citibank Home Credit Option:

Citibank also offers its customers a Home Credit Facility, via which borrowers have the freedom to choose the credit option that best suits their needs, and determine the amount of interest they would like to pay. According to the Home Credit loan scheme, a Home Credit Account is set up by the bank, which is then linked to the borrower’s home loan account. Any amount that is found to exceed the threshold limit set by the bank is automatically directed into the home loan account of the borrower. This excess amount will then be used to offset the interest charges on the borrower’s home loan, and can be withdrawn at any time in the form of an overdraft.

Citibank offers customers the following Home Credit Loan choices:

• Home Credit Vanilla:
  • This option gives the borrower the opportunity to maintain his or her liquidity
  • Fixed line of overdraft, which increases via any interest savings in the Home Credit Facility
  • This credit line increase can be withdrawn by the borrower at any time
• Home Credit Fast Track:
  • This option gives the borrower the opportunity to make quicker repayments
  • Savings on interest are directed towards lowering the outstanding loan amount
  • This helps in reducing the duration of loan repayment, resulting in faster closure of the home loan

Citibank NRI Home Loans:

Non Resident Indians can also avail of home loans through Citibank. These loans can be acquired to purchase property in select cities across India.

Features and Benefits of Citibank NRI Home Loans:

• The loan can be utilised for the following purposes:
  • Purchase of a ready made or already existing house or apartment
  • Purchase of a house or apartment that is currently undergoing construction
  • Acquisition of a loan against a property owned by the borrower
• The loan can be utilised to purchase residential property in any of the cities mentioned below:
  • Bangalore
  • Jaipur
  • Delhi
  • Kolkata
  • Coimbatore
  • Hyderabad
  • Gurgaon
  • Chennai
  • Surat
  • Ahmedabad
  • Pune
  • Noida
  • Mumbai
  • Chandigarh
• Loans can be availed of up to a maximum amount of Rs 5 crore
• Loans can be availed up to 80% of the value of the property
• Attractive and affordable rates of interest
• Facility to service the EMIs directly from the borrower’s Citibank Rupee Checking Account

Eligibility Criteria For Citibank NRI Home Loan

• For Residents of the Middle East:
  • Must be a salaried individual
  • Must have work experience of at least 2 years, with at least 1 year as an NRI
  • Must draw a minimum salary of AED 100,000 or BHD 10,000 per year
  • Must have a co-applicant to the loan who is a blood relative and is an Indian resident
• For Residents from Asia Pacific:
  • Must be a salaried individual
  • Must have work experience of at least 2 years, with at least 1 year as an NRI
  • Must draw a minimum salary of SGD 100,000 per year
  • Must have a co-applicant to the loan who is a blood relative and is an Indian resident

Documentation Required To Apply for a Citibank NRI Home Loan:

• Last one month salary slip
• Last two years work contract, P60 or B4
• Bank statement of the last three months showing credit of salary
• Most recent passport sized photographs
• Passport copy along with the visa page
• PAN Card or Driving License
• Most recent deed of sale
• Any receipts, letters of allotment or payment plans for properties undergoing construction

Citibank Home Loan EMI Calculator:

Applicants can make use of online EMI calculators to ascertain their loan repayments as well as to decide on what loan amounts and tenures match their financial budgets. In order to make an informed decision regarding the acquisition of a home loan, customers can use the EMI calculator provided by BankBazaar by following the steps below:

• Go the the BankBazaar.com web page and choose the ‘Home Loan EMI Calculator’ option in the ‘Finance Tools’ menu
• Use the slider provided to enter details such as the amount of loan, tenure, interest rate and processing fee
• The prepayment option can also be chosen by entering details such as prepayment frequency, amount and fee
• Following this, the EMI Calculator will ascertain the monthly EMIs along with the total interest due, and will also provide an amortization schedule
• The slider can be adjusted as many times as possible until the customer reaches a point of satisfaction with regards to the loan tenure, amount and repayments

Citi Bank Home Loan FAQ

1. Is it possible for a borrower to get a pre-approval for his or her loan, and acquire the loan at a later date?

   Depending on the borrower’s income and propensity to make repayments towards the loan, Citibank may allow a borrower to obtain a pre-approval for a home loan. However, the residential property that the borrower has identified for purchase must meet the parameters prescribed by the bank before any pre-approval is authorised.

2. How can an applicant apply for a home loan from Citibank?

   Applicants can apply for a Citibank home loan either through Citibank’s online portal, the Citibank priority service numbers or by visiting a Citibank branch.

3. Do existing home loan customers have the option of a top-up facility?

   Citibank offers a top-up facility to only those customers who have already acquired a home loan from the bank, and who have been making repayments towards their loan for a period of at least 12 months. However, this is entirely at the discretion of the bank.