A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • CitiBank Home Loan is Rated as "Great!" by 30 Users

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    Home Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 30 users

    CitiBank Home Loan

    Citibank Home Loan Interest RatesUpdated on 13 Dec 2017

    Citibank Home Loan Details
    Interest Rate 8.60% to 9.10%
    Guarantor Requirement Nil
    Loan Tenure 25 Years
    Processing Fees Upto 5000/-
    Partial pre-payment Charges Nil
    Pre-closure Charges Nil

     

    Citibank Housing 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

    Home Loan Amount Type of Applicant Rate of Interest Per Annum
    Upto Rs 28 Lakhs All types 9.30% - 9.80%
    Greater Than Rs 28 Lakhs Salaried 9.50% - 10.05%
    Greater Than Rs 28 Lakhs Self-Employed 9.75% - 10.25%

    Citibank Home Loan MCLR:

    The MCLRs set by Citibank are as follows:

    Loan Tenor MCLR
    Overnight 8.2%
    1 month 8.55%
    3 months 8.6%
    6 months 8.65%
    1 year 8.6%

    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.

    News About Citibank Home Loan

    • Citibank cut its interest rate on home loans from 9.5% to 8.8%

      The government of India had recently urged banks to cuts its lending rates. On January 9th, Citibank had cut its interest rate on home loans from 9.5% to 8.8%. Citibank’s Head of Secured Lending, Rohit Ranjan said that the current cut in interest rate on home loans is a move to help consumers who are interested in purchasing properties that are under construction or already constructed. The final cost of a loan will be calculated based on the loan amount, risk assessment, and the type of loan facilities offered by Citibank.

      16th January 2017

    CitiBank Home Loan Reviews

    • Citibank Home Loan
      "Good card to use"
      0.5 5.0/5 "Blown Away!"
      I am using Citi bank credit card from last 5 years, the credit card services provided by Citi bank is good when compared to all other credit cards. I get good offers like cash back, reward points and discounts. I use this credit card for booking tickets and for shopping. I am also satisfied with the credit limit.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 04, 2017
    • Citibank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The service from CITI for my home loan service was very good the documents have been submitted directly with CITI bank branch the interest rate was little high with CITI compare to others in the market which was 12%. It has been 15 years now since i had utilized the services of CITI Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 29, 2017
    • Citibank Home Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Citibank has been good in the home loan services and to get this loan through, it was a easy task. I never faced any inconvenience to get the disbursement and even after the loan was disbursed. The interest rate and charges are also normal. Services are good in all.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 16, 2017
    • Citibank Home Loan
      "Bad home loan team - Bangalore"
      0.5 1.5/5 "Bad"
      No timely or no response to the emails from the home loan team in Bangalore. Not helpful at all. The staff will behave as though they are giving the loan for free. Bad attitude. Worst experience ever. Never will recommend to any one. Customer care service is OK.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 30, 2017
    • Citibank Home Loan
      "Descent"
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the CITI bank and the interest rate was around 8.5% and now they have increased it up to 14% like I got it before thirteen years of time. Tenure is around four to five years of times are remaining. Rest of the rate of interest everything works in the good way.
      Was this review helpful? 1
      , satara
      Reviewed on May 24, 2017
    • Citibank Home Loan
      "Average service"
      0.5 4.0/5 "Great!"
      Citi bank is good at response, CITI gave me the loan when I was working with a MNC company. Availed a home loan for 5 Lakhs and closed it within 2 to 3 years of time, foreclosed just to avoid the interest rates and charges. Over all service is good with CITI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 28, 2017
    • Citibank Home Loan
      "satisfactory"
      0.5 4.0/5 "Great!"
      I applied for ICICI bank home loan considering that I will purchase the property once its finalized but the negotiation failed with the concern party and I had to cancel the home loan from ICICI bank.The agent informed about the rate of interest and requested someone will come and collect the documents but I denied stating I still did not confirm the property.I have account with ICICI bank and its a good bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 29, 2016
    • Citibank Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My home loan process is pretty simple and good with CITI Bank. The services offered by them was good and the process was good. It was a smooth and easy. The documents were collected on time. They also offered a reasonable rate of interest and processing charge.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 17, 2016
    • Citibank Home Loan
      "Average service "
      0.5 2.0/5 "Expected more"
      There was a negative response provided for the home loan application which is being submitted with CITI Bank.There is no proper communication provided from their end related to the loan process.The charges applied by CITI Bank was on the higher side related to the home loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 15, 2016
    • Citibank Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I do have the home loan with the CITI bank and the interest rate was quite high with them. I am not okay with the CITI bank because of the interest rate and lot of hurdles with them. The loan amount got disbursed with them in fourteen days of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 07, 2016
    • Citibank Home Loan
      "Easy process "
      0.5 5.0/5 "Blown Away!"
      The CITI Bank service is good.I have not faced any drawback with them.It was taken before 7-8years I have taken a home loan and till now the process was smooth.The interest rate applied was quite high with CITI Bank compared with other banks
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 23, 2016
    • Citibank Home Loan
      "Quick disbursal!"
      0.5 4.0/5 "Great!"
      In the year 2010, I have taken a home loan disbursed from CITI bank. Relevant documents were collected as per the bank norms. It took maximum of 3 weeks for them to disburse the loan amount. They quoted a high interest rate for the home loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 19, 2016
    • Citibank Home Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      I have closed the home loan with the CITI bank and the rate of interest was around 8.25%. I would like to say its an excellent one because they have given me the fixed rate of interest and it was the lowest on time. I dint faced any issues with them till now.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 08, 2016
    • Citibank Home Loan
      "Competitive rates"
      0.5 3.0/5 "Satisfactory"
      They are taking too much of time to process the loan.The interest rate applied was also good and it was a competitive rate in the market.The customer service provided was really good with CITI Bank based on the home loan application being submitted.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 19, 2015
    • Citibank Home Loan
      "Best and smooth "
      0.5 5.0/5 "Blown Away!"
      I have taken this Home loan with CITI Bank before 10-11years and I havenâ??t faced any difficulties in the loan process.I get the best service from CITI Bank based on the application being submitted.The complete process was smooth and after completion also I received the documents on time.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Nov 26, 2015
    • Citibank Home Loan
      "Fine"
      0.5 4.0/5 "Great!"
      The rate of interest is around 10.1% for the home loan with the Citi bank which is okay but other banks are giving the low rate of interest rather than this. It took around a month of time to disburse the loan. Due to the verification it got some time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2015
    • Citibank Home Loan
      "Citibank Home Credit Review"
      0.5 3.0/5 "Satisfactory"
      I had a loan with LIC and I wanted it to be transferred to any other bank with Overdraft facility. SBI, SCB, IDBI and Citibank offers the same facility. When I approached Citibank for the balance transfer, They have given all the information clearly and it was quite convincing deal but at last they said, the bank generally gives you the interest benefit for amount maintained over and above 1Lac. Now, this is something they are making fool to there customer. Other banks, don't have such conditions. So, I would request everyone to kindly double check before opting for the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 12, 2015
    • Citibank Home Loan
      "Citibank Home Credit Review"
      0.5 3.0/5 "Satisfactory"
      I had a loan with LIC and I wanted it to be transferred to any other bank with Overdraft facility. SBI, SCB, IDBI and Citibank offers the same facility. When I approached Citibank for the balance transfer, They have given all the information clearly and it was quite convincing deal but at last they said, the bank generally gives you the interest benefit for amount maintained over and above 1Lac. Now, this is something they are making fool to there customer. Other banks, don't have such conditions. So, I would request everyone to kindly double check before opting for the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 12, 2015
    • Citibank Home Loan
      "Need to improve"
      0.5 3.0/5 "Satisfactory"
      I took the loan with citi bank for the rate of interest as 7.25%.It was very long so the rate of interest was a bit cheaper.The service , process are really fine.Only end of the part took more time because they took so much of time to release my documents from them because they sent it to mumbai head office and released my documents.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2015
    • Citibank Home Loan
      "Home Credit"
      0.5 3.0/5 "Satisfactory"
      I hope you all know SBI Maxgain facility. I had a loan with LIC and when my ROI was increased I contacted CITI bank official as I have salary account with them. They are very good w.r.t giving you clear information. Home Credit, similar to SBI Maxgain is a service offered by CITIBank but there is a catch, when I negotiated with the official, he informed me that the HOME Credit facility comes with a bit higher rate of interest and you will get benefit for amount deposited which is more than 1 lakh. So for example, if have parked 3 lakhs in the overdraft account you will get only 2 lakh benefit.
      Was this review helpful? 2
      , kolkata
      Reviewed on Apr 26, 2015
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