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Citibank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Citibank 2021

Last Updated 18th Nov 2021

Eligibility CriteriaCitibank Home Loan
Eligible Age of Borrower23 - 60 years
Work Experience for Salaried2 years
Business Stability for Self Employed2 years
Home Loan Eligibility Calculator

What is Citibank Home Loan Eligibility?

Citibank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Citibank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Citibank home loan using the Citibank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Citibank?

Citibank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Citibank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Citibank home loan age limit to get a Citibank home loan is 23 years at the time of loan commencement and maximum age limit is 60 years. Citibank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Citibank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Citibank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Citibank, the loan amount that you will be eligible for would be ₹ 26,42,055 to ₹ 44,43,081 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 52,84,110 to ₹ 88,86,162 for the same property at the same rate depending on your age at the time of loan application. However, Citibank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years44.43 Lakh66.65 Lakh88.86 Lakh
30 years44.43 Lakh66.65 Lakh88.86 Lakh
35 years44.43 Lakh66.65 Lakh88.86 Lakh
40 years40.24 Lakh60.36 Lakh80.48 Lakh
45 years34.44 Lakh51.66 Lakh68.88 Lakh
50 years26.42 Lakh39.63 Lakh52.84 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Citibank home loan eligibility.

  • Nature of employment: Citibank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Citibank requires minimum income history and job stability of more than 2 years for salaried individuals and of 2 years for self-employed individuals.

Home Loan Eligibility Citibank based on Value of Property

  • Value of property: Citibank does not finance the entire property value.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Citibank's legal team.

The housing loan eligibility calculator of Citibank can be a useful tool to assess your eligibility for the loan.

Citibank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Citibank to determine your home loan eligibility. Citibank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Citibank home loan is 0.65. Calculate your eligibility with the Citibank home loan calculator and apply for the eligible loan amount hassle-free.

Citibank Home Loan Eligibility for Women

Citibank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Citibank Home Loan

Citibank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Citibank. However, a low CIBIL score reduces your chances to get a home loan. Citibank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Citibank Home Loan Eligibility?

You can enhance the Citibank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Citibank’s Home Loan Eligibility Calculator?

To check Citibank home loan eligibility perform the following steps:-

  • Go to the Citibank website
  • Now navigate to the option Citibank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1860-210-2484.

FAQs

What is the criteria to get Citibank home loan?

The basic criteria to get a home loan from Citibank are as following:

Age23 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Citibank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Citibank?

The minimum salary required to avail home loan from Citibank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Citibank.

Is Citibank good for home loan?

The lowest interest rate provided by Citibank is 6.50% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Citibank Home Loan News - Dec 2021
  • 2021-06-08 : CitiBank revised its Marginal cost of lending rates
    With effect from 07 June 2021, CitiBank revised its MCLR rates. The MCLR for an overnight period is 5.65%, the MCLR for one and three months is 5.65% and 5.80%, respectively. Further, the revised MCLR for six and twelve months is 5.95% and 6.15% respectively.
  • 2021-04-06 : Citi Bank cut its home loan rates to 6.65%
    With effect from 6 April, Citi Bank revised its home loan rates. The new home loan rate starts from 6.65%.
  • 2020-07-09 : Citi Bank revised its home loan rates
    Citi Bank revised its home loan rates. The new home loan rate starts at 7.5%.
  • 2020-06-01 : Citi Bank revised its home loan rates
    Citi bank revised its home loan rates. The revised home loan rate is 7.75%. New home loan rates will be effective from June 1 2020.
  • 2020-01-10 : Citi Bank revised home loan interest rate
    Citi Bank cut its home loan interest rate to 8.20% which was earlier set 8.50%. The revised Home credit loan stands at 8.30% and Home loan top-up rate is 8.45%. The revised rates are in effect from 10 January 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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