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Citibank Home Loan Balance Transfer

Home Loan Transfer to Citibank

Last Updated 08th Jun 2021

Interest Rate6.65%
Processing FeeNil
Lowest EMI per lakh₹ 685
Loan Tenure25 years
  • Citibank offers home loan balance transfer facility at low interest rates starting at 6.65% for a tenure of upto 25 years.
  • Transfer home loan to Citibank to reduce EMIs and save more on interest.
  • Avail top up from Citibank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Citibank Home Loan Transfer

Citibank, the largest Foreign Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Citibank at lowest interest rates. To transfer your housing loan to Citibank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Citibank.

Citibank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Citibank, compare and calculate all the costs of loan transfer. The table below mentions Citibank home loan transfer interest rate and other home loan transfer charges of Citibank.

Home Loan Rates 6.75%
Processing Fees NIL
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Citibank Home Loan Transfer

To transfer your existing home loan to Citibank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Citibank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Citibank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Citibank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Citibank will be completed.

Eligibility for Citibank Home Loan Transfer

To transfer your home loan to Citibank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Citibank.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Citibank.
  • You must be an Indian resident and fulfil the age criteria of Citibank. The minimum & maximum age to avail a Citibank home loan is 23 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Citibank Home Loan Transfer

Here are key features of Citibank Home Loan Transfer:

  • Lower Interest Rates: Citibank offers lower home loan rates starting at 6.75% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Citibank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Citibank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Citibank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Citibank.

Document Required for Citibank Home Loan Transfer

To avail of home loan balance transfer from Citibank, you need to submit the following documents to Citibank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Citibank?

Yes, transferring your home loan to Citibank is a good idea for home loan borrowers as Citibank provides lower home loan rates starting at 6.65%.

How can I transfer my Citibank home loan from one branch to another?

To transfer your Citibank home loan from one branch to another, you can place your request through net banking/mobile banking. Citibank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Citibank home loan balance transfer?

Yes, Citibank charges home loan transfer fees such as for Citibank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Citibank home loan balance transfer?

If you apply for a home loan transfer to Citibank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Citibank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Citibank home loan balance transfer?

To know your Citibank home loan status, you can call Citibank home loan customer care number or visit Citibank official website to check the status.


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Citibank Home Loan News - Jun 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, 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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