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Citibank Home Loan

Citibank Housing Loan 2021

Last Updated 05th Jul 2021

Citibank home loan is an affordable and reliable home loan product that can help people fulfil their housing dreams. The loan can be availed for the purchase of an under-construction product or a ready-to-move home. The interest rates on the Citibank home loans are calculated on the daily reducing balance and currently begins from 6.50%. The processing fee on Citibank housing loan is NIL. The bank offers various customized home loan products to fit in the housing needs of all type of home loan borrowers. Some of the products offered under the Citi bank home loan segment are Top Up on Existing Loan, Home Extension Loan, Loan for Purchase of House and Flat, Citibank Home Loan Semi Fixed and Citibank Home Credit Loan.

  • Top Up on Existing Loan - Citibank home loan top up on existing loan is a credit facility that helps an existing home loan borrower fulfil his or her additional personal or business needs. With the Top-up facility from Citibank, home loan borrowers can borrow additional funds up to ₹ 5 crores.
  • Home Extension Loan - Citibank offers the home extension loan to home loan borrowers who wish to conduct a minor construction in their home like the construction of an additional room, revamping of the terrace, etc. With this facility, borrowers can avail the flexibility to pay interest-only during the construction period.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Citibank Home Loan Details

Citibank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Citibank

Age Min 23 and Max 60 years for Salaried
Min 23 and Max 65 years for Self Employed
Repayment Tenure 25 years
Interest Rate 6.50%
Interest Rate Linked To TBLR
Processing Fee NIL
Lowest EMI Per Lakh ₹ 675
  • Purpose of Loan: Citibank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Citibank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 23 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 25 years.
    • Interest rates in the range of 6.50% to 6.70%.
    • Citibank home loan EMI per lakh starts from ₹ 675. However, you can calculate your home loan EMI using Citibank home loan calculator 2021.
  • Special schemes: Citibank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Citibank are:

Features & Benefits of Citibank Home Loans

Citibank offers home loans at affordable rates and transparent terms. One can apply for a home loan in Citibank, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that Citibank home loans offer to the home loan borrowers are listed as follows:

  • Citibank charges zero processing fee on home loan.
  • The interest rate on Citibank home loans is calculated on a daily reducing balance.
  • Citibank offers home loans for longer tenure of up to 25 years.
  • Citibank offers home loans for up to 80% of the property value.
  • Citibank home loans are available for the purchase of under construction property and the ready to buy property.

Citibank Home Loan Processing Fee

Citibank Home loan schemes Processing Fees
Citibank Home Credit Loan NIL

How to Get Easy Home Loan from Citibank?

Getting a home loan from Citibank is fairly easy with an online application process. 5 Steps for Citibank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Citibank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Citibank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Citibank’s representative will visit your home or office to collect your documents.
  • Step 4: Citibank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Citibank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Citibank Home Loan Documents Required

To apply for a home loan in Citibank, the bank asks you to submit the following Citibank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Citibank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Citibank Home Loan Schemes

Citibank offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home amongst others. Some of the popular Citibank home loan products and their specifications are listed as follows:

Citibank Home Credit Loan

  • Citibank offers you the unique Home Credit option to decide what interest you pay on your home loan. Under this scheme, the home loan account operates through Home Credit Account, a current account linked to your loan. You can transfer the excess funds deposited in the Home Credit account more than the threshold amount daily to your loan account, which is always available for withdrawal by you as an overdraft line. There are 2 options in Home Credit Loans that you can choose depending on your needs: Home Credit Vanilla option- It allows you to minimise his interest outgo and maintain liquidity. Home Credit Fast Track option: Under this variant, you can repay your home loan quickly and also reduce your interest payments.

Citibank Home Loan EMI Calculator

Citibank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Citibank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Citibank Home Loan Eligibility Calculator

Citibank Home loan eligibility calculator is an online tool that helps the Citibank home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Citibank Home Loan with Other Banks

FAQs

What are the documents required for home loan Citibank?

To apply for Citibank Home Loan, you will be required to submit Citibank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Citibank ?

Below-mentioned is the reason why you must avail a home loan from Citibank

  • 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

Can I apply for an Citibank home loan online?

Yes, you can apply for a Citibank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Citibank home loan scheme?

Choosing the best Citibank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Citibank home loan scheme is based on one’s needs.

Is Citibank good for a home loan?

Citibank is one of the best home loan lenders in the country. Currently, Citibank home loan interest rate 2021 starts at 6.65%.

How many types of Citibank home loans are there?

Citibank offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by Citibank are listed as follows: Citibank Home Credit Loan

How can I check my Citibank home loan status?

One can check their Citibank home loan status on Citibank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Citibank mobile app

What is the eligibility for a Home Loan of Citibank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Citibank Home Loan procedure?

There are two methods to complete the application for Citibank Home Loan Process online:

  • Apply online at Citibank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does Citibank check CIBIL for home loan?

Yes, to avail home loan from Citibank, you must fulfill Citibank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 a housing loan?

The benchmark applicable for Home Loan in Citibank is TBLR . TBLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In TBLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Citibank Home Loan News - Jul 2021
  • 2021-06-08 : CitiBank revised its Marginal cost of lending rates
    With effect from 07 June 2021, CitiBank revised its MCLR rates. The MCLR for an overnight period is 5.65%, the MCLR for one and three months is 5.65% and 5.80%, respectively. Further, the revised MCLR for six and twelve months is 5.95% and 6.15% respectively.
  • 2021-04-06 : Citi Bank cut its home loan rates to 6.65%
    With effect from 6 April, Citi Bank revised its home loan rates. The new home loan rate starts from 6.65%.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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