fbimg

Citibank Home Loan Interest Rate

Last Updated 03rd Dec 2019

Citibank Home Loan Rate Dec 2019

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

Citibank's home loan interest rate starts from 8.50%, 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 Lakh8.50%N/A8.60%
₹ 28 Lakh - ₹ 75 Lakh8.50%N/A8.60%
₹ 75 Lakh - ₹ 1.50 Cr8.50%N/A8.60%
Above ₹ 1.50 Cr8.50%N/A8.60%

1st bank with loan rate linked to T-bill

Apply for Home Loan @ 8.10%* Get upto ₹ 5,000* Cashback Get Call from Banker
+91

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 Details
Lowest Citibank Home Loan Rate8.50%
Compare with Other Banks
Interest Rate Linked toTBLR
Processing Fee NIL
Max Tenure25 years
Lowest EMI₹ 805 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

Home Loan Interest Rates Citibank

Citibank home loan interest rates are in the range of 8.50% to 9.25%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest rate of 8.50%.

ProductsInterest Rates
CItibank T-Bill Home Loan8.50% - 9.25%

Latest Citibank home loan rate starts from 8.50% , 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 rates 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 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 differential rates for women borrowers under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers as per its features.
  • 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 Processing Fee and Other Charges

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

  • 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 apply 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.

Affordable Housing Loan Scheme by Citibank

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) Pradhan Mantri Awas Yojna: Launched in 2015 to provide houses to the homeless. You can apply for PMAY scheme at Citibank if you fulfil the eligibility criteria.

b) Pradhan Mantri Gramin Awas Yojna: 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 Yojna: 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.

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

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
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 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 ₹ 5 Lakh to ₹ 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
      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 ₹ 5 Lakh to ₹ 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
          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 ₹ 5 Lakh to ₹ 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 Citibank Home Loan Interest Rates
              Maximum Annual Percentage Rate (APR)8.5% to 9.25%
              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: 8.50% to 9.25%
              • 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. 805 for a 25 years Rs. 1 Lakh loan at 8.50% (lowest rate, longest time period) to Rs. 2,088 for a 5 years Rs. 1 Lakh loan at 9.25% (highest rate, shortest time period). This is inclusive of principal repayment.
              • Annual Percentage Rate (APR) of charge including all applicable fees: 8.5% to 9.25%
              • Total cost payable over loan tenure: Rs. 35,279 for 5 years loan to Rs. 1.52 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 finance 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 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 ₹ 805 per lakh availed at a low-interest rate of 8.50% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 805 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.

              Citibank Home Loan News - Dec 2019
              *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