Citibank Home Loan Interest Rate Calculator - Jul 2017

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:

• Home credit OD facility
• High eligibility
• Nil prepayment charges on floating rates

Citibank Home Loan Interest Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

Citibank Fixed Floating Rate Home Loans

Citibank home loan interest rate 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.

Citibank Eligibility Criteria

Citibank has detailed criteria to determine a potential borrower’s eligibility for housing loans. Some of the key criteria are:

• Age: Age plays an important role to know your eligibility and repayment capacity. Citibank offers loan to salaried at the age of 18 to 70 years and self- employed individuals at 18 to 70 years. A borrower taking a home loan at the age of 50 cannot get a loan of more than 10 years, which may result in lower loan eligibility and monthly EMI given higher servicing burden on his existing income. A person taking a loan at the age of 25, can get loan of up to 25 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility
• Income: In case of salaried person, loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. . Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
• Job stability and Profession: Job stability is important to improve your status and eligibility for home loan. In case you are salaried, you must be in a full time job for at least 2 years. In case you are self-employed, minimum turnover and minimum net income criteria may apply. Citibank also looks for business vintage (number of years a business has been in existence of 2 years. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your loan eligibility. If you are working with a reputed company, probability of getting house loan from Citibank increases as the income is considered to be more stable
• CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your house loan eligibility. Citibank looks for a minimum credit score of 650 and above
• Loan Amount Bank gives you loan depending upon your loan eligibility. Citibank gives you an amount ranging from Rs. 500,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
• Property Value: The value of the property to be purchased is used to calculate your maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 80%. Citibank will get a detailed property assessment done to establish that all legal titles are in place, the market is saleable or liquid and to get an estimate of the fair market value of the property. LTV is calculated based on the estimated fair market value or registered value, whichever is lower
• Fixed Obligations to Income Ratio (FOIR): Citibank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the Fixed Obligations to Income Ratio, popularly known as FOIR. In summary, fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a Citibank home loan is 0.60

Citibank Loan Eligibility Calculator and EMI Calculator

Citibank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Citibank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

Further, you can also use the Citibank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

• EMI calculator of Citibank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan.
• You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
• Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI
• Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating Citibank Housing Loan EMI?

• EMI calculator helps you to calculate your monthly EMI at different rate of interest
• Citibank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
• You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Other Home Loan Charges

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

• Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Citibank allows prepayment of house loan with prepayment charges
• Processing Fee - Citibank charges a processing fee of Maximum Rs. 10,000 with applicable tax
• Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan Products

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

Housing Loan Citibank documents required

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
• ITR of last 3 years
• 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

Frequently Asked Questions

Citibank Home Loan in India