Citibank Home Loan Interest Rates 2020

Citibank offers various products on home loan. Citibank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

• Citibank Home Loan Interest Rate starts from 7.20%.
• Citibank charges a processing fees of NIL.
• Loan Tenure of Home Loan ranges from 5 years to 25 years.
• Lowest EMI per lakh on home Loan from Citibank is ₹ 720 per lakh offered at the lowest interest rate of 7.20% at the longest loan tenure of 25 years.
• Citibank allows prepayment of home loans with Nil charges on floating rate loans.
• Citibank has an average customer rating of 4.1/5.0 from customers who have taken a home loan from the bank.

Current Citibank home loan interest rates are in the range of 7.20% to 7.20%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.20%. The table below gives the interest rates on various housing finance schemes of Citibank.

Citibank Home Loan Scheme	Interest Rates
Citibank Home Loan Top Up	7.20% - 7.40%
CItibank T-Bill Home Loan	7.20%

Latest Citibank home loan interest rate starts from 7.20% , as applicable based on the TBLR which is directly linked to RBI repo rate. Any change in repo rate will change the TBLR and will translate into a similar change in the bank’s home finance rate. Citibank housing finance interest rate depends upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

• Loan amount: Citibank home loan rate depends upon the loan amount you apply for.
• Occupation: Citibank offers lower rate for salaried borrowers as compared to self employed borrowers.
• Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
• Gender: Citibank also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from Citibank.
• Type of loan: Citibank runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
• Existing customers: Citibank offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.

Citibank Home Loan Processing Fee

Citibank home loan processing charges are Nil. The bank is one of the very few banks which gives a zero processing fees home loan, making it a preferred choice for home loan customer. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Citibank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Citibank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Citibank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Citibank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Citibank.

Documents for Salaried employees

• 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
• Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents 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
• Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

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:

• Under this scheme, floating rate home loans are benchmarked to Government T-Bill rate. Any change in the T- Bill rate on the reset date will result in a change in home loan interest rate for existing borrowers without any delay.

• Home Loan Borrowers get an option to choose between a 91 days T-Bill linked Home Loan or a MCLR linked Home Loan.
• Completely transparent loan pricing, as loan rates are revised as per changes in an external benchmark rate and not dependent on internal benchmark rate of the bank.
• The home loan rates will be revised as per the change in T-Bill rates on the date of reset, without any delay. For instance, If the 91 days T-Bills rates go down by 0.5% on the date of reset, home loan interest rate will also decline by 0.5%, leaving no scope for subjectivity as is the case in MCLR linked loans.

Key Loan Terms

• Home loan available at the age of 23 - 60 years
• Loan amount that you can borrow ranges from ₹ 35 Lakh to ₹ 5 Cr
• Option to apply for a maximum ltv of 80% of value of the property
• Housing loan for a maximum period of 25 years

• 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.

Key Loan Terms

• Home loan available at the age of 23 - 60 years
• Loan amount that you can borrow ranges from ₹ 35 Lakh to ₹ 5 Cr
• Option to apply for a maximum ltv of 80% of value of the property
• Housing loan for a maximum period of 25 years

• Home Loan Credit is an home loan overdraft scheme which allows the borrowers to deposit their surplus savings for any period in the overdraft account and reduce overall interest outgo on their housing loan.

• Extremely attractive loan for self employed, businessmen, professionals with uneven flow of income throughout the year. Also suitable for salaried borrowers who expect to receive year end bonuses.
• Option to choose from two home loan credit schemes. First is Home Credit Vanilla option which allows the borrower minimise his interest outgo and maintain liquidity. The second variant Home Credit Fast Track scheme allows the borrower to repay his home loan quickly and also reduce his interest payments.

Key Loan Terms

• Home loan available at the age of 23 - 60 years
• Loan amount that you can borrow ranges from ₹ 35 Lakh to ₹ 5 Cr
• Option to apply for a maximum ltv of 80% of value of the property
• Housing loan for a maximum period of 25 years

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Citibank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Maximum Annual Percentage Rate (APR)

7.2% to 7.2%

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: ₹ 1 Lakh Time period: 5 years to 25 years Citibank Home Loan Interest Rate: 7.20% to 7.20% Processing Fee payable to Citibank: Upto ₹ 10,000. Current offer for processing fee is Nil Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 720 for a 25 years ₹ 1 Lakh loan at 7.20% (lowest rate, longest time period) to ₹ 1,990 for a 5 years ₹ 1 Lakh loan at 7.20% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 7.2% to 7.2% Total cost payable over loan tenure: ₹ 29,374 for 5 years loan to ₹ 1.26 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.

✅What is Citibank Home Loan interest rate?

Citibank Home Loan interest rate ranges between 7.20% to 7.20%.

✅Why should I opt for balance transfer to Citibank?

Citibank offers competitive Home Loan rates with the best EMI of ₹ 720 per lakh availed at a low-interest rate of 7.20% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 720 per lakh, you should consider the option for a loan transfer to Citibank from your existing bank. EMIs can be calculated through Citibank Home Loan EMI calculators.

✅Do I get tax benefits on a Home Loan from Citibank?

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

✅What is the effect of part prepayments on Citibank housing finance 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 Home Loan 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 a loan.

✅What is the current Citibank Home Loan rate?

The current Citibank Home Loan rate starts from 7.20% with a processing fee of NIL