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Citibank Loan Against Property

Citibank Mortgage Loan Interest Rates 2021

Last Updated 16th Sep 2021

Citibank is one of the largest Foreign Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 6.90% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Citibank Loan against property are mentioned below: Check Best Offers

Max Tenure 15 years
Lowest EMI ₹ 893 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

    Rates linked to T-Bill Lending Rate

    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Cashback Get Call from Banker

    Citibank Loan Against Property

    Citibank offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial 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

    Citibank Loan Against Property Fees and Other Charges

    Along with Citibank Loan against Property Rates, Citibank also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Citibank LAP Loan is 0.75%. This fee is charged by Citibank to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Steps to Apply for Citibank Loan Against Property

    You can apply for Citibank Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official Citibank bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for Citibank Loan against Property online, you need to follow these steps:-

    • Visit the official website of Citibank and navigate to Loan Against Property.
    • Before applying, now check your eligibility for Citibank Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a Citibank Loan against property. Here, you can compare offers Citibank with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. Citibank Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare Citibank Loan Against Property Interest Rate with Top Banks

    Citibank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars Citibank SBI HDFC
    Interest Rate 6.90% - 7.90% 8.80% - 13.10% 8.75% - 9.90%
    Processing Fees NIL Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 15 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 23 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate TBLR RLLR PLR
    Lowest EMI Per Lakh ₹ 893 per lakh ₹ 1,256 per lakh ₹ 999 per lakh

    Citibank Fixed Rate Loan Against Property

    Product Interest Rates
    Citibank Loan Against Property 6.90% - 7.30%
    Citibank Home Credit Loan 6.90% - 7.30%

    Citibank Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    04 Oct, 2021 7.10%
    03 Aug, 2021 6.90%
    29 Jul, 2021 7.10%
    20 Jul, 2021 7.30%
    15 Jul, 2021 7.20%
    07 Jun, 2021 7.20%
    10 May, 2021 7.20%
    22 Apr, 2021 7.00%
    06 Apr, 2021 7.40%
    01 Apr, 2021 7.65%
    31 Mar, 2021 7.65%
    07 Jan, 2021 7.65%
    17 Nov, 2020 7.45%

    Factors Affecting Citibank Loan against Property Interest Rates

    Some of the factors that impact Citibank Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Citibank depend upon the loan amount you apply. You can get a 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 increasing your eligibility for higher loan amount.
    • Type of loan opted for: Citibank offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: Citibank may charge a higher interest rate on a mortgage loan to a salaried person than 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 people who will most likely take a mortgage loan for his personal purposes.

    Citibank Loan Against Property Eligibility Criteria

    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 ₹ 0 Cr
    Minimum years of business existence 3 years
    Minimum work experience 3 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.60

    Citibank Mortgage Loan Interest Rate and EMI Calculator

    You can also use an 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

    • The Citibank Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • 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 that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than 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.
    Loan Against Property Top up, Transfer in Citibank

    Citibank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Citibank at an affordable interest rate, higher loan amount and convenient loan tenure. Citibank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Citibank are 6.90%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against 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

    • Get hassle free loan
    • Long repayment tenure offered up to 15 years
    • Loan can be availed from ₹ 5,00,000 to ₹ 50,00,000 at the LTV of 70 percent
    • Loan against residential property is the basic loan given against mortgage of property.
    • 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

      Property Mortgage Loan for Commercial Use

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

          Citi home credit vanilla option

          • 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.

              Citi home credit fast track option

              • 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.
              • 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 T- Bill Loan Against Property Scheme

                • 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.

                    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

                    FAQs

                    What is Citibanks loan against property interest rate?

                    Citibank offers loan against property at a rate of 6.90% with the lowest EMI of ₹ 893. If you are currently paying a higher interest rate than Citibank rate, you can opt for a balance transfer of loan to Citibank.

                    Did Citibank Loan against property rates drop?

                    Yes, Citibank loan against property rates has decreased by 0.2% from the previous rate of 7.10% to 6.90%. The lowest mortgage rates of Citibank are effective from 04 Oct, 2021.

                    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 a loan.

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

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

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

                    Citibank offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

                    What is the benchmark rate applicable for Mortgage loan?

                    The benchmark rate applicable for property loans 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 and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Citibank are 6.90%.

                    What is Citibank mortgage loan processing fees?

                    The loan processing fee charged is NIL.

                    What security do I need to provide for Citibank Mortgage Loan?

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

                    • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a 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 the 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

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                    Citibank Loan Against Property News - Oct 2021
                    • 2021-07-05 : Change in LAP interest rates for Citibank
                      Citibank revised its interest rates on Loan Against Property. With effect from July 01, 2021, the ROI is 7.20%-7.90%. The bank has also changed the processing fee to nil, i.e no processing fee will be charged on LAP.
                    • 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.
                    • 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.
                    • 2019-04-11 : Aditya Birla Health Insurance Partners with Citibank
                      One of the leading health insurance providers, Aditya Birla Health Insurance company has announced its partnership with Citibank. Through this partnership, the bank aims to provide best-in-class products related to health to its customers. Besides this, Citibank also has plans to achieve a strong growth across its retail loans segment including personal loans, home loans and mortgage loans.
                    • 2019-04-09 : Citibank revises MCLR rates by 10 basis points
                      Citibank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 25 basis points across all tenors for the month of April. The move is supposed to make home loans, auto loans and mortgage loans cheaper. Now for 1 year, the MCLR stands at 8.85% as compared to 8.75% earlier. For overnight, 3 months, 6 months and 1 year the rate is 8.75%, 8.80%, 8.90%, 9.70% respectively. The base rate stands at 8.60%. The revised rates are effective from April 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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