Citibank Loan Against Property

Citibank offers loan against property to people who require funds to meet their business as well as personal needs against the mortgage of their existing property. Taking a loan from Citibank has the following benefits:

• Rates linked to T-Bill Lending Rate
• Overdraft facility available
• Low EMIs with 15 year loan
• Loan against residential property
• Excellent customer service

Product	Interest Rates
Citibank Loan Against Property	8.70%
Citibank Home Credit Loan	8.60%

• Loan amount: Property loan rates in Citibank depends upon the loan amount you apply for. You can get minimum loan of ₹ 35 Lakh from Citibank.
• Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity which will increase your eligibility for higher loan amount.
• Type of loan opted for: Citibank offers differential rates for different profile of customers and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan product.
• Type of property: Typically, loan against prime residential properties are easier to get and can be availed at the lowest rates compared to loan against commercial and industry properties.
• Your profession: Citibank may charge a higher interest rate on a mortgage loan by a salaried as compared to a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried who will most likely take a mortgage loan for his personal purposes.

Citibank has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

Eligibility Criteria	Details
Age	23 to 60 years
Minimum Income	₹ 25,000
Loan Amount	₹ 35 Lakh to ₹ 5 Cr
Minimum years of business existence	3 years
Minimum work experience	3 years
Minimum Credit Score	650 and above
Loan to Value Ratio	Upto 70%
FOIR (Fixed Obligations to Income Ratio)	0.60

• Age: Age is one of the important factors to examine your eligibility. Citibank offers loan to salaried and self employed from the age of 23 years. Any person taking loan at the age of 23, can get loan of up to 15 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility.
• Income: Property loan is mostly taken by self employed individuals primarily to meet their business requirements. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings.
• Business Stability: Self employed person should be in business for a minimum of 3 years during which the business should be profitable.Citibank will ask for ITRs of 2 years to consider you as eligible for LAP.
• CIBIL Score: Past CIBIL history and repayment record of existing loans and credit cards has adverse impact on your loan eligibility. If you have a poor repayment record, then you may find it difficult to get a loan. A regular repayment record not only improves your chances of getting a loan, but also increases your loan eligibility. Citibank grants loan to borrowers with a CIBIL score of 650 and above.
• Loan Amount: Citibank gives you an amount ranging from ₹ 35 Lakh to ₹ 5 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
• Property Value: The value of the property to be mortgaged is used to calculate maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 70% depending on the type of property. Citibank will conduct a detailed property assessment to establish that all legal titles are in place, assess the market value of the property, and its sale ability. LTV is calculated based on the estimated fair market value or registered value, whichever is lower.
• Fixed Obligations to Income Ratio (FOIR): The bank will also calculate the proportion of your fixed obligations to your income to calculate the Fixed Obligations to Income Ratio, known as FOIR. Fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a Citibank mortgage loan is 0.50.

Citibank Property 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. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

You can also use online Citibank Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan 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 LAP.
• Higher the loan amount, higher the EMI. You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
• Loan tenure matters equally as higher loan tenure reduces your EMI.
• Another factor which affects your EMI is interest rate on the loan. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly high in a longer tenure loan compared to a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.

• EMI calculator helps you to calculate your monthly EMI at different rate of interest
• Citibank Mortgage loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
• Getting an EMI estimate will help you ascertain the monthly EMI you can comfortably service, thus allowing you to choose the right combination of loan amount and loan tenure.

In addition to interest rates, property 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 loan against property with Nil prepayment charges.
• Processing Fee - Citibank charges a processing fee of NIL.
• Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Transfer of LAP from another bank to Citibank

Citibank offers mortgage loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Citibank.

You can avail additional top-up loan against property from Citibank, subject to your eligibility.

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:

Description:

• Get hassle free loan
• Long repayment tenure offered up to 15 years
• Loan can be availed from Rs. 5,00,000 to Rs. 50,00,000 at the LTV of 70 percent

• Loan against residential property is the basic loan given against mortgage of property.

Who is Eligible?

• Salaried, Self employed applicants more than 23 years of age, having 3 years of ITR and CIBIL score above 650 are eligible to avail this loan

Description:

• Property Mortgage Loan for Commercial Use is a loan offered by the Citi bank to fulfil the commercial requirements. With this loan, borrowers can borrow up to Rs 5 crores, that is to be repaid within fifteen years.

Who is Eligible?

• The loan can be taken against residential property owned by the applicant.

Description:

• Avail benefits over loan by depositing surplus funds available
• Home Credit Loans are priced 0.50 percent over and above a normal loan against property
• The overdraft line can be increased with the interest earned over the deposited amount
• This overdraft option loan is available from Rs. 30,00,000 to any limit at the LTV of 75 percent
• Flexible repayment tenure of 25 years is available

• This scheme is an OD facility which helps in maintaining liquidity. In this account, you can deposit and withdraw amount anytime.

Description:

• Interest rate rises by 0.50 percent in comparison to a normal loan against property
• Interest earned over the deposited amount is also exempted from tax under section 80C
• Flexible repayment tenure of 25 years is available

• This scheme also gives an OD facility which helps in repaying loan faster. Surplus funds can be deposited in the home credit account and interest will be adjusted towards the outstanding loan amount which effectively reduce the tenure of loan.

Who is Eligible?

• Salaried, Self employed applicants more than 23 years of age, having 3 years of ITR and CIBIL score above 650 are eligible to avail this loan

Description:

• Mortgage 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 loan against property 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, LAP interest rate will also decline by 0.5%, leaving no scope for subjectivity as is the case in MCLR linked loans.

• Under this scheme, floating rate property loans are benchmarked to Government T-Bill rates. Any change in the T- Bill rate on the reset date will result in a change in property loans interest rate for existing borrowers without any delay.

For Self-Employed

• Filled up loan application form
• 2 Passport Size Photo
• ITR of last 2 years
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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

• Filled up loan application form
• 2 Passport Size Photo
• ITR of last 2 years
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
• Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

• Registered Sale Deed/ Conveyance/ Lease Deed
• Past Sale Deeds Chain (each transaction in respect of this property since first allotment
• Latest House Tax Return/ Receipt
• Approved Building Plan from Municipal Corporation

✅What is Citibanks loan against property interest rate?

Citibank offers loan against property at rate of 8.45% with the lowest EMI of ₹ 982. If you are currently paying higher interest rate than Citibank rate, you can opt for balance transfer of loan to Citibank.

✅How to increase my eligibility on Citibank Mortgage 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.

✅Do I get tax benefit on Loan against property from Citibank?

There are no tax benefits available for loan against property.

✅Can I foreclose my Mortgage loan? What are the charges applicable?

Yes, you can foreclose your loan anytime you want with Nil foreclosure charges.

✅What is the maximum loan tenure I can opt under Citibank Property loan?

Citibank offers maximum tenure of 15 years to repay your loan.

✅What is the benchmark rate applicable for Mortgage loan?

The benchmark rate applicable for property loan in Citibank is TBLR

✅Can I transfer my LAP 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 Property loan?

Yes, 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 Citibank mortgage loan processing fees?

The loan processing fee charged is NIL.

✅What is Citibank property loan procedure?

You can apply for a Citibank property loan by contacting the bank directly or by approaching them through online marketplaces like MyLoanCare. Approaching the bank through an online market place improves the chances of getting 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 property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

✅What security do I need to provide?

Citibank requires registered mortgage of the property against which the bank will provide you loan.

✅What are the five things to check before applying for loan against property in Citibank ?

• Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
• Your total EMIs on all loans and credit cards (from Citibank and other banks) are no more than 60 - 70% of your net monthly income.
• You have not defaulted on loans or credit card dues to Citibank and other banks and all EMI's have been paid. Note that Citibank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Citibank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
• If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
• If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

✅Are prepayment or foreclosure charges applicable on Citibank loan against property?

You can prepay loan against property (LAP) without any penalty or charges in case:

• Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
• The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP