Citibank Home Loan Interest Rate 2020

Last Updated 07th Mar 2020

Citibank Housing Loan Apr 2020

Notice: MyLoanCare team is fully functional. You can apply for Home Loan, check eligibility and submit documents online.

Citibank's home loan interest rate starts from 8.20%, which is one of the best home loan rates in India. Check Best Offers

Loan AmountCItibank T-Bill Home Loan RateRate for Female BorrowerTBLR Linked Home CreditCItibank T-Bill Home Loan Rate New Repo Rate
Upto ₹ 28 Lakh8.20%N/A8.40%
₹ 28 Lakh - ₹ 75 Lakh8.20%N/A8.40%
₹ 75 Lakh - ₹ 1.50 Cr8.20%N/A8.40%
Above ₹ 1.50 Cr8.20%N/A8.40%

1st bank with loan rate linked to T-bill

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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. Citibank Housing loan rate of interest is best in the market. Taking a loan from Citibank has the following benefits:

  • 1st bank with loan rate linked to T-bill
  • Home credit overdraft facility
  • Nil prepayment fees for floating rates
  • Pay low EMI with 25 years tenure
  • Loan up to 80% of property value

Citibank Home Loan Rate

Citibank home loan interest rates are in the range of 8.20% to 8.20%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.20%.

ProductsInterest Rates
CItibank T-Bill Home Loan8.20%
Citibank Home Loan Top Up8.45%

Citibank Housing Loan

Lowest Citibank Home Loan Rate8.20% Compare Offers
Interest Rate Linked toTBLR
Processing Fee NIL
Max Tenure25 years
Lowest EMI₹ 785 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 23 and Max 60 years for Salaried
Min 23 and Max 65 years for Self Employed

Latest Citibank home loan rate starts from 8.20% , as applicable based on the TBLR. Any change in TBLR will translate into a similar change in the bank’s home finance rate. Citibank housing finance interest rate depend upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

  • 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 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.
  • Type of loan opted for: 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 loan, adding a women co-applicant can help you get the lowest rates from Citibank.
  • Existing bank 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 loan.

Citibank Home Loan Processing Fee

Citibank charges processing fees of upto 0.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The processing fees has to be paid at the time of loan application and is generally non refundable. In addition to 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 rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Citibank. 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 Procedure

If you want to get a housing loan from Citibank, the process of getting 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 finance. You will also be assisted by MyLoanCare’s 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 make a comparison of Citibank’s Home Loan Interest rates and other charges using the 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.

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 Manti 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: Its 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 encourage 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)8.2% to 8.2%
              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: Rs. 1 Lakh
              • Time period: 5 years to 25 years
              • Citibank Home Loan Interest Rate: 8.20% to 8.20%
              • 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. 785 for a 25 years Rs. 1 Lakh loan at 8.20% (lowest rate, longest time period) to Rs. 2,037 for a 5 years Rs. 1 Lakh loan at 8.20% (highest rate, shortest time period). This is inclusive of principal repayment.
              • Total cost payable over loan tenure: Rs. 32,233 for 5 years loan to Rs. 1.46 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.

              Citibank Home Loan during Coronavirus

              Citibank has not changed its Home Loan Interest Rate during the Coronavirus period with lowest rate continues to be at 8.20%. However, interest rate can be expected to come down post the RBI repo rate cut of 75 bps announced on 27th March 2020. You may expect some delay in getting a loan from Citibank during the COVID-19 outbreak due to social distancing norms.

              Frequently Asked Questions

              What is Citibank home loan procedure?

              You can apply for a Citibank home finance by contacting the bank directly or by applying through online marketplaces like Availing a loan through an online market place improves the chances of getting the 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 the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your Citibank home loan status by logging into your customer account with MyLoanCare.

              Why should I opt for balance transfer to Citibank?

              Citibank offers competitive home loan rates with the best EMI of ₹ 785 per lakh availed at a low-interest rate of 8.20% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 785 per lakh, you should consider the 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 the benefit of paying less EMI per month.

              Do I get tax benefit on 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.

              Can I foreclose 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 home 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 TBLR .

              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 loan.

              What is the current Citibank home loan rate?

              The current Citibank home loan rate starts from 7.15%

              Citibank Home Loan News - Apr 2020
              *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