Citibank Loan Against Property Interest Rate Jun 2018

Last Updated 12th Jun 2018

Citibank Mortgage Loan Interest Rates

Citibank offers Loan Against Property starting at interest rate of 8.50% which is one of the best mortgage loan rates in India. Current 3 Month MCLR benchmark rate is 7.95%. Citibank also offers mortgage loan benchmarked to 3 month Government Treasury Bill Rate to its borrowers.Check Best Offers

Citibank Loan Against Property Features
Processing Fee Upto 0.25%
Max Tenure 15 years
Lowest EMI Rs. 985 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 23 and Max 60 years for Salaried
Min 23 and Max 65 years for Self Employed

Option to choose with T- Bill or MCLR Rate

Apply Loan Against Property @ 8.50%*Get Call from Banker
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Citibank Loan Against Property in India

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:

  • Option to choose with T- Bill or MCLR Rate
  • Overdraft facility available
  • Low EMIs with 15 year loan
  • Excellent customer service

Citibank Fixed Rate Loan Against Property

Product Interest Rates
Citibank Loan Against Property 8.50% - 9.25%
Loan against property rate in Citibank depends upon
  • Loan amount: Property loan rates in Citibank depends upon the loan amount you apply for. You can get minimum loan of Rs. 25 Lakh from Citibank.
  • Your Net Monthly Income: 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 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.

Interest Rate and its impact on Citibank Loan Against Property Eligibility

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 Rs. 25,000
Loan Amount Rs. 25 Lakh to Rs. 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 at the age of 23 years. Any person taking loan at the age of 25, 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 Rs. 25 Lakh to Rs. 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 0.60.

Citibank Loan Eligibility Calculator

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.

Citibank Mortgage Loan EMI and Interest Calculator

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 compared 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

What are the benefits of calculating Citibank Mortgage loan EMI?

  • 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.
Other Charges

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 0.25% loan amount.
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.
Citibank Loan Against Property Top up, Transfer

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.

Loan Agaiinst Property Citibank 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:

Loan Against Residential Property
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

    Loan Agaiinst Property Citibank 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:

    Citibank T- Bill Loan Against Property Scheme
    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.
    Who is Eligible?

        Loan Agaiinst Property Citibank 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:

        Citi home credit vanilla option
        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.
        Who is Eligible?

            Loan Agaiinst Property Citibank 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:

            Citi home credit fast track option
            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
            • 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

              Citibank Loan against property documents required

              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
              For Salaried employee
              • 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
              Property documents
              • 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

              Frequently Asked Questions

              What is Citibank's loan against property interest rate?

              Citibank offers loan against property at rate of 8.50% with the lowest EMI of Rs. 985. If you are currently paying higher interest rate than Citibank rate, you can opt for balance transfer of loan to Citibank.

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

              Citibank offers you a longer tenure of 15 years to repay your loan with a benefit of paying less EMI per month.

              What is the benchmark rate applicable for Mortgage loan?

              The benchmark rate applicable for property loan in Citibank is 3 Month MCLR.

              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.

              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.

              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.

              How will interest rate on Citibank LAP change in future?
              • Floating interest rate on Citibank property loan is linked to its 3 Month MCLR, which is currently 7.95%. So, when Citibank offers a loan against property at 8.50%, it applies a 0.55% premium to its MCLR to arrive at this rate
              • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new loan against property 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 loan account customers.
              What is Citibank mortgage loan processing fees?

              The loan processing fee charged is 0.25% of the total loan amount.

              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.in. 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 existing 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 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 in your own business or practice, 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

              For loans from banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.

              For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

              Please contact myloancare at 8448389600 or care@myloancare.in in case you need any assistance or clarification on this subject.

              Citibank Loan Against Property 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

              Citibank Loan Against Property News - Jun 2018
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