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Citibank Home Loan Interest Rate Calculator - Jul 2017

Last Updated 19th Jul 2017

Citibank Home Loan Interest Rates

Interest Rate 8.50% - 8.60%
Check Best Offers
Lowest EMI Rs. 805 per lakh
Max Tenure 25 years
Processing Fee Maximum Rs. 10,000
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 23 and Max 60 years for Salaried
Min 23 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
Rs.
Rs.
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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. 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

Product Interest Rates
Citibank Home Loan Floating 8.50%
Details+

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 23 - 60 years
Job Stability in case of Salaried (in years) 2 years
Business Stability in case of Self Employed (in years) 2 years
Minimum Credit Score 650 and above
Loan Amount Rs. 500,000 to Rs. 100,000,000
Loan to Value Ratio Upto 80%
FOIR (Fixed Obligations to Income Ratio) Up to 0.60
  • 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

Why to take home loan from Citibank?

Citibank offers housing loan at 8.50% rate with the lowest EMI of Rs. 805 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Citibank.

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 a benefit of paying less EMI per month.

Do I get tax benefit on home loan from Citibank?

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

Can I foreclosure 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. Loan balance transfer to Citibank offers you to 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 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 3 Month MCLR.

What is the effect of part payments on Citibank housing loan EMI ?

Part payments 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 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.

How will interest rate on Citibank housing loan change in future?
  • Floating rate on Citibank housing loan is linked to its 3 Month MCLR Rate, which is currently at 8.15%. When Bank offers a home loan at 8.50%, it applies a premium of 0.35% to its MCLR Rate to arrive at this home loan rate.
  • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

Citibank Home Loan in India

Citibank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Vijaywada 040-66662484
Varanasi 0522-2201022
Vadodara 079-26422484
Udaipur 1800-180-2484
Trichy 044-28522484
Surat 0261-6532484
Sonepat 0124-254 2484
Shimla 1800-180-2484
Salem 044-28522484
Roorkee 1800-180-2484
Rohtak 0124-254 2484
Ranchi 1800-180-2484
Rajkot 0261-6532484
Raipur 1800-180-2484
Pune 020-66012484
Pondicherry 044-28522484
Patna 1800-180-2484
Panipat 0124-254 2484
Noida Extn 0124-254 2484
Noida 0124-254 2484
Nashik 1800-180-2484
Nagpur 1800-180-2484
Mussoorie 1860-425-7000
Mumbai 022-28232484
Mohali Sas Nagar 0172-5082484
Mehsana 079-26422484
Meerut 1800-180-2484
Madurai 044-28522484
Ludhiana 0161-5012484
Lucknow 0522-2201022
Kozhikode 1800-180-2484
Kota 0141-2372484
Kolkata 033-22832484
Kolhapur 022-28232484
Karnal 0124-254 2484
Kanpur 1800-180-2484
Jodhpur 0141-2372484
Jalandhar 0181-5062484
Jaipur 0141-2372484
Jabalpur 1800-180-2484
Indore 1800-180-2484
Hyderabad 040-66662484
Gwalior 1800-180-2484
Guwahati 1800-180-2484
Gurgaon 0124-254 2484
Greater Noida 0124-254 2484
Goa 022-28232484
Ghaziabad 0124-254 2484
Gandhinagar 079-26422484
Faridabad 0124-254 2484
Durg 1800-180-2484
Delhi 0124-254 2484
Dehradun 1860-425-7000
Coimbatore 044-28522484
Cochin 0484-4042484, 6602484
Chennai 044-28522484
Chandigarh 0172-5082484
Bikaner 0141-2372484
Bhubaneswar Cuttack 1800-180-2484
Bhopal 1800-180-2484
Bhiwadi 0141-2372484
Bhilwara 0141-2372484
Bhilai 1800-180-2484
Bangalore 080-22272484
Aurangabad 0240-6632484
Anand 079-26422484
Ambala 0124-254 2484
Ahmedabad 079-26422484
Agra 1800-180-2484
Vizag 1800-180-2484
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*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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.