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Citibank Home Loan

Citibank Housing Loan 2021

Last Updated 07th Apr 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 6.65%. 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

Age Min 23 and Max 60 years for Salaried
Min 23 and Max 65 years for Self Employed
Repayment Tenure 25 years
Interest Rate 6.65%
Interest Rate Linked To TBLR
Processing Fee NIL

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 Offers

Citibank offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest Citibank home loan rate for salaried is 6.65%, and for self-employed home loan borrowers, the lowest home loan rate offered is 6.65%. Different interest rates for salaried and self-employed individuals across popular Citibank home loan schemes are listed below:

Citibank Home loan schemes Interest rate for salaried Citibank Interest rate of self-employed
Citibank T- Bill Home Loan Scheme 6.65% 6.65%
Citibank Home Credit Loan 6.85% 6.85%

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 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.
      Interest Rate 6.65%
      Processing Fee NIL
      Eligible Age 23 - 60 years
      Loan Amount ₹ 50 Lakh to ₹ 10 Cr
      Maximum Tenure 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.
          Interest Rate 6.85%
          Processing Fee NIL
          Eligible Age 23 - 60 years
          Loan Amount ₹ 35 Lakh to ₹ 5 Cr
          Maximum Tenure 25 years

          Citibank Home Loan Procedure

          Getting a home loan from Citibank is fairly easy with an online application process. A home loan can be availed from Citibank in five simple steps:

          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 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. Apart, the results of home loan calculations that Citibank Home Loan EMI calculator offers is accurate and reliable.

          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.

          Documents Required for Citibank Home Loan

          To apply for a home loan in , one is required to submit the following 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 bank 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 account 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 Pradhan Mantri Awas Yojana Subsidy 2021

          Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on Citibank home loans. The repayment tenure of Citibank PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with Citibank.

          PMAY Eligibility

          • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
          • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
          • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
          • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
          • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
          • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

          Compare Citibank Home Loan with Other Banks

          FAQs

          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 lowest home loan interest rate is 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 T- Bill Home Loan Scheme, 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.

          Does Citibank Home Loan include registration fees?

          Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

          What is Citibank Home Loan procedure?

          You can apply for a Citibank Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace 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 apply by visiting Citibank Home Loan apply online portal and can check your Citibank online Home Loan status by logging into your customer account with MyLoanCare.

          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.

          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 a housing loan?

          The benchmark applicable for Home Loan in Citibank is TBLR


          Citibank Home Loan News - Apr 2021
          • 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.
          • 2019-07-09 : Citibank lowers MCLR rates by 10 basis points
            Citibank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For six-months and one-year tenure, the rate has been revised to 8.65% and 8.60% from the earlier rate of 8.75% and 8.70% respectively while for one-month and three-months the rate has been revised to 8.55% and 8.65% respectively which is also down by 10 bsp. The revised rates are effective from July 7, 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
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