Citibank Home Loan Interest Rate

Last Updated 20th Feb 2018

Citibank Home Loan Rate Feb 2018

Citibank's home loan interest rate starts from 8.35%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountCitibank Home Loan Semi Fixed Interest RateRate for Female BorrowerHome Credit
Upto Rs. 28 Lakh8.35%N/A8.50%
Rs. 28 Lakh - 75 Lakh8.35%N/A8.50%
Rs. 75 Lakh - 1.50 Cr8.35%N/A8.50%
Above Rs. 1.50 Cr8.35%N/A8.50%

Option to choose home loan linked with 91 days T-Bill rate or MCLR Rate

Apply Home Loan @ 8.30%*Get Call from Banker
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Citibank Home Loan

Citibank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Citibank has the following benefits:

  • Option to choose home loan linked with 91 days T-Bill rate or MCLR Rate
  • Home credit OD facility
  • Nil prepayment charges on floating rates
  • Flexibility to pay interest during construction period
Citibank Home Loan Details
Interest Rate8.35% onwards
Processing Fee Nil
Max Tenure25 years
Lowest EMIRs. 795 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
AgeMin 23 and Max 60 years for Salaried
Min 23 and Max 65 years for Self Employed

Home Loan Interest Rates Citibank

Citibank home loan interest rates are in the range of 8.35% to 8.35%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.35%.

Citibank Fixed Rate Home Loans

Home Loan Citibank Interest Rates
Citibank Home Loan Semi Fixed8.75% - 9.25%

Citibank Home Loan Interest Rate Cut

After the recent home loan rate change, new Citibank home loan rate is in the range of 8.35% to 8.35% as announced after a change in 3 Month MCLR rates as announce on 08th Feb 18. Any change in Citibank benchmark 3 Month MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if Citibank 3 Month MCLR rate is cut by 0.15%, its current home loan rate will cut from 8.35% to 8.2%

Citibank home loan interest depends upon
  • Loan amount: Housing loan rate in Citibank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: Citibank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • Existing bank customers: Citibank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

Citibank Home Loan Charges

In addition to interest rates, home loan from Citibank also carry some other charges which include:

  • Processing Fee - charges Nil processing fees to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges - Citibank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Citibank rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Citibank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Citibank at Nil charges.

Citibank Housing Loan Details

  • Purpose of Loan: Citibank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 23 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 25 years.
    • Interest rates in the range of 8.35% to 8.35%.
    • Lowest EMI of Rs. 795 per lakh
  • Processing Fee - Nil
  • Special schemes: Citibank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Citibank are:
    • Top Up on Existing Loan
    • Home Extension Loan
    • Loan for Purchase of House and Flat
    • Citibank Home Credit Loan
    • Citibank T- Bill Home Loan Scheme
    • Citibank Home Loan Semi Fixed

Citibank Housing Loan: Apply

If you want to get a housing loan from Citibank, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Citibank’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from Citibank.

You can also do a comparison of HDFC Bank Citibank’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

Housing Loan Citibank documents

For Salaried employee
  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
For Self-Employed
  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Home Loan Citibank Schemes

Citibank offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Citibank Home Loan Semi Fixed
  • The bank's semi fixed home loan scheme offers a combination of fixed and floating rates to its home loan borrower. Under this scheme, borrowers can avail a loan at fixed rates for the 1st year of the loan.
  • The rates will remain fixed for 1 year and will convert to floating rates after completion of fixed period.
  • Your EMIs remain constant for first year allowing to manage your monthly obligations and interest rate risk.
Who is Eligible?
      Key Loan Terms
      • Home loan available at the age of 23 - 60 years
      • Loan amount that you can borrow ranges from Rs. 5 Lakh to Rs. 10 Cr
      • Option to apply for a maximum ltv of 80% of value of the property
      • Housing loan for a maximum period of 25 years
      Illustration on Home Loan Citibank
      Maximum Annual Percentage Rate (APR)8.35% to 8.35%
      Representative example of the total cost of the loan, including all applicable fees
      Here is an illustration of the total cost of the loan:
      • Total amount borrowed: Rs. 1 Lakh
      • Time period: 5 years to 25 years
      • Citibank Home Loan Interest Rate: 8.35% to 8.35%
      • Processing Fee payable to Citibank: Upto Rs. 10,000. Current offer for processing fee is Nil
      • Fee payable to MyLoanCare: NIL
      • Total Monthly Cost – From Rs. 795 for a 25 years Rs. 1 Lakh loan at 8.35% (lowest rate, longest time period) to Rs. 2,044 for a 5 years Rs. 1 Lakh loan at 8.35% (highest rate, shortest time period). This is inclusive of principal repayment.
      • Annual Percentage Rate (APR) of charge including all applicable fees: 8.35% to 8.35%
      • Total cost payable over loan tenure: Rs. 32,666 for 5 years loan to Rs. 1.49 Lakh for 25 years loan

      Citibank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Citibank.

      Frequently Asked Questions

      What is Citibank home loan procedure?

      You can apply for a Citibank home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

      Why should I opt for balance transfer to Citibank?

      Citibank offers competitive home loan rates which best EMI of Rs. 795 per lakh availed at low interest rate of 8.35% for a maximum tenure of 25 years. If you are paying an EMI more than Rs. 795 per lakh, you should consider option for a loan transfer to Citibank from your existing bank.

      What is the maximum loan tenure I can opt under Citibank house loan?

      Citibank offers you a longer tenure of 25 years to repay your loan with a benefit of paying less EMI per month.

      Do I get tax benefit on home loan from Citibank?

      As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

      Can I foreclosure my home loan? What are the charges applicable?

      Yes, you can foreclose your loan with Nil charges.

      Can I transfer my house loan from another bank to Citibank?

      Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to Citibank can allow you to save interest, pay lower EMIs and save money.

      Can I club the income of my spouse with mine and apply for joint home loan?

      You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

      What is the benchmark applicable for housing loan?

      The benchmark applicable for home loan in Citibank is 3 Month MCLR.

      What is the effect of part prepayments on Citibank housing loan EMI ?

      Part prepayments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

      How to increase my eligibility on Citibank housing loan?

      If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

      How will interest rate on Citibank housing loan change in future?
      • Floating rate on Citibank housing loan is linked to its 3 Month MCLR Rate, which is currently at 8.00%. When Bank offers a home loan at 8.35%, it applies a premium of 0.35% to its MCLR Rate to arrive at this home loan rate.
      • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
      Citibank Home Loan News - Feb 2018
      *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.