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Citibank Home Loan Interest Rates 2020

Citibank Housing Loan Interest Rate

Last Updated 17th Sep 2020

Current Citibank Home loan interest rates for Sep 2020 starts at 7.20% p.a. for a maximum tenure of 25 years. Processing fee on its housing loans is NIL.

Loan AmountCItibank T-Bill Home Loan RateTBLR Linked Home Credit
Upto ₹ 28 Lakh7.20%7.35%
₹ 28 Lakh - ₹ 75 Lakh7.20%7.35%
₹ 75 Lakh - ₹ 1.50 Cr7.20%7.35%
Above ₹ 1.50 Cr7.20%7.35%

1st bank with loan rate linked to T-bill

Citibank Home Loan Interest Rates

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.

Citibank Home Loan Rate

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 Up7.20% - 7.40%
CItibank T-Bill Home Loan7.20%

Citibank Bank Home Loan Charges

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 Home Loan Prepayment

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.

Citibank Home Loan Documents

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

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 T- Bill Home Loan Scheme

  • 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

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.
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

Citibank Home Credit Loan

  • 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

Citibank Pradhan Mantri Awas Yojana

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.

Illustration on Citibank Home Loan Interest Rate
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.
  • 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.

FAQs

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

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Citibank Home Loan News - Sep 2020
  • 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.
  • 2019-07-09 : Citibank lowers MCLR rates by 10 basis points
    Citibank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For six-months and one-year tenure, the rate has been revised to 8.65% and 8.60% from the earlier rate of 8.75% and 8.70% respectively while for one-month and three-months the rate has been revised to 8.55% and 8.65% respectively which is also down by 10 bsp. The revised rates are effective from July 7, 2019.
  • 2019-04-11 : Aditya Birla Health Insurance Partners with Citibank
    One of the leading health insurance providers, Aditya Birla Health Insurance company has announced its partnership with Citibank. Through this partnership, the bank aims to provide best-in-class products related to health to its customers. Besides this, Citibank also has plans to achieve a strong growth across its retail loans segment including personal loans, home loans and mortgage loans.
*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. Read More
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