Citibank Home Loan

You can fulfill the dream of owning a new home with the help of Citibank. Citibank offers a variety of Home Loans with competitive interest rates. You can apply for a home loan if you want to purchase a home, renovate or extend, etc. The house itself acts as a security to the loan. It is the first bank with the loan rate linked to treasury bill (T-Bill). Go through this page and find out all about Citibank Home Loans.

Related Articles:

• CitiBank Personal Loan
• CitiBank Debit Cards
• Citibank Business Loans
• Register for Citibank Internet Banking
• Citibank Loan Against Property

Features of Citibank Home Loan

• Attractive Interest Rates.

• Flexible repayment tenure of up to 25 years.

• Easy Home Loan up to Rs. 10 crores.

• Offers Home Loans up to 80% of the property value.

• Offers flexibility to pay interest-only during the construction time.

Benefits of Citibank Home Loan

• No guarantors/co-borrowers required.

• Interest is calculated on daily reducing balance.

• Avail online access to your Home Loan account.

• Provides CitiPhone platform to answer all your queries.

Interest Rates and Other Fees

Type of Home Loan	Interest Rate
Home Loans	8.75% p.a. (till 31st July 2019) Applicable TBLR 3 Months + 2.25% p.a. (From August 1, 2019)
Home Loans with Home Credit	8.85% p.a. (till 31st July 2019) Applicable TBLR 3 Months + 2.40% p.a. (From August 1, 2019)
Home Loan Takeover with Enhancement	9.25% p.a. (till 31st July 2019) Applicable TBLR 3 Months + 2.90% p.a. (From August 1, 2019)
Home Loan Top-up	9.25% p.a.(till 31st July 2019) Applicable TBLR 3 Months + 2.90% p.a. (From August 1, 2019)

Other Fees

Description	Citibank Home Loans
Application Fee	Up to Rs. 5000 taken upfront on loan application. It is non-refundable even if the loan is not sanctioned.
Penal Interest	@2% on the applicable interest rate on the outstanding amount of loan for the default period in case of late payment of EMI
Booking Fee	Up to 0.40%-0.75% of the loan amount sanctioned is collected at the time of loan documentation and is non-refundable
Processing Fee	Yes
Technical and Legal Charges	Yes
Prepayment Charges	Nil
Cheque/ECS/SI Bounce Charges	Rs. 500

Types of Citibank Home Loans

Citibank offers tailored schemes for specific customer segments designed in order to meet their loan requirements. Some of the popular Citibank Home Loan products are as follows:

Citibank Home Credit Loan

Home Loan Credit is a home loan overdraft scheme which allows borrowers to deposit their surplus savings for any period in the overdraft account and reduce overall interest outgo on their housing loan.

Eligibility

• Offers Loan to self-employed/businessmen/professionals with the uneven flow of income throughout the year, and for salaried borrowers who expect year-end bonuses.

• Individuals between the age of 23 and 60 years can apply.

• The loan amount ranges from Rs. 5 Lakh to Rs. 10 Crores.

• A maximum of 80% of the property value is offered.

• A maximum period of 25 years tenure is offered.

• A decent Credit Score is needed for the applicant.

Loan Against Property

You can leverage your property and purchase machinery, close existing high-cost debts, buy a new property, finance a wedding, pay for your child's education or any other business/personal/professional need.

Eligibility

• The Loan is given against residential property.

• A maximum loan of up to Rs.5 crore can be offered.

• A maximum of 70% of the property value is offered.

• A maximum period of 15 years tenure is offered.

Takeover Plus Enhancement

You can transfer your existing Home Loan to Citibank and avail lower interest rates. Hence you can close your high-cost debts and reduce your monthly payments.

Eligibility

• Transfer your Loans of up to Rs. 5 Crore.

• A maximum period of 20 years tenure is offered.

• Loan Sanction is based on your existing Loan repayment record.

• Avail an enhancement of up to Rs.3 Crore for any business/personal/professional need.

Top-up Existing Home Loan

You can renovate your home/fund a medical emergency/plan for your child's education/meet any other personal/professional needs. The top-up facility can be availed based on your repayment record, current property value, and debt-to-income ratio.

Eligibility

• Attractive interest rates making the top-up loan one of the cheapest loans.

• You can get a Top-up of up to Rs 5 Crore.

• There is an option to take a separate facility that keeps your existing home loan intact.

• Attractive interest rates that make the top-up loan unique and cheap.

• You can reclaim your entire principal repaid with a simplified documentation process.

NRI Home Loans

NRIs can also apply for Citibank Home Loan for purchasing a ready-to-occupy home/apartment, or any under-construction property by an approved developer. You can simply download the NRI Home Loan application form and apply for the loan.

Add-Ons

Home Credit

Citibank offers the unique home credit loan that combines the benefits of both the regular term loan with the current account transactional features. This helps you to repay your loan faster and save on interest. Citibank offers 2 different options in Home Credit loans that can be chosen depending on your needs:

• Home Credit Vanilla Option: It gives you the option to maintain liquidity. An overdraft line is set on the Home Credit account and interest saved out of the Home Credit facility go towards increasing this line, which is available for withdrawal.

• Home Credit Fast Track Option: It gives you the option to repay your home loan faster. Interest saved is adjusted towards reducing your outstanding loan, which effectively reduces the tenure of your loan and helps you close your home loan faster.

Gruh Suraksha

Gruh Suraksha is a Home Insurance Plan that offers a comprehensive package of insurance benefits designed to cover Building and Household articles. It offers 5 options (Bronze, Silver, Gold, Platinum, and Diamond) in 2 different sections, namely Household articles and building.

How to Apply for Citibank Home Loan

Online Method(Through Citibank Portal)

• Visit the Citibank Home Loans Portal.

• Enter the required details such as name, mobile number, email ID, city of residence, property details and annual income.

• Declare that the information is true and click on ‘Submit.’

• A customer care executive will assist you with the required information and guide you through the process.

Online Method (Through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.

• Fill in your Name, Email address, PAN, and Phone number.

• Our customer care executive will get in touch with you and give you the best and the lower interest rate schemes.

• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.

• After verification, your loan will be approved.

Offline Method (Through Branch)

• Visit the nearest Citibank branch.

• Fill in the Home Loan Application form.

• Submit the form along with the required documents.

• Your documents will be verified by the bank.

• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Documents Required for Processing Your Citibank Home Loan

For Salaried Employees:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • 3 months pay slip

  • Latest Form 16 and IT Returns

  • 6 months bank statement showing salary credits

• Property related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Own Contribution Proof

  • Employment Contract/Appointment Letter if current employment is less than a year old.

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • 6 months Bank Statements that show the repayment of any ongoing loans.

  • A cheque for processing fee favoring Citibank.

For Self-employed Individuals:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • Income Tax Returns along with computation of income for the last 3 Assessment Years (of the individual and the business entity attested by a CA)

  • Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of the individual and the business entity attested by a CA)

  • 6 months Savings Account Statements of the individual.

  • 6 months Current Account Statements of the business.

• Property related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Latest Form 26 AS

  • Own Contribution Proof

  • Business Profile

  • Partnership deed for a business entity that is a partnership firm

  • Memorandum and Articles of Association of the Company

  • List of Directors and Shareholders with their individual shareholding that is certified by a CS/CA in case of the business entity being a company

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • Details of ongoing loans of the business entity and the individual including the installments, outstanding amount, security, purpose, balance loan term, etc.

  • A cheque for processing fee favoring Citibank.

For NRIs:

• Identification documents

  • Passport Size photograph

  • Copy of Passport

  • Photocopy of valid Permanent Resident Card/valid Visa (if Indian passport)/valid work permit.

  • Photocopy of address proof (Recent bank statement/Utility Bill)

  • Post Paid Bill if landline is not available

  • Photocopy of PAN Card

  • Signature proof (any of the above KYC document)

  • KYC of local co-applicant in India (ID proof, Address Proof, Sign proof) and should correspond with the mortgage location.

• Income documents:

  • last 3 months salary slips with corresponding bank credits established through bank statements

  • Last 2 years B4/P60/IR8/Employment Contract/Work Contract/Certificate for last 2 years

  • Last 3 months bank statement

  • Bank statement/loan statement confirming EMIs running (both for loans in India/abroad) for loan eligibility calculation purposes (in addition to salary a/c statement if other loans are running)

• Property documents:

  • Copy of latest Sale Deed with chain-link Allotment Letter

  • Payment Plan and Receipts in case of property that is under construction

  • Agreement of Sale, Sanction Plans, Tax Paid receipts, Chain link title papers, etc. in case the property is ready.

Citibank Home Loan Eligibility Based on the Value of Property

The maximum home loan that can be sanctioned based on the value of the property by Citibank Home Loans is as follows:

• For any value of the property, 80% of the amount can be sanctioned for salaried and self-employed men.

Citibank Home Loan Eligibility Based on the Salary

The table given below shows the approximate loan amount that can be sanctioned based on the age, and maximum loan tenure. The EMI amount is between 40%-65% of the Net Income or in-hand income. In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 8.75%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	25 years	19.76	39.53	59.29	79.06
30 years	25 years	19.76	39.53	59.29	79.06
35 years	25 years	19.76	39.53	59.29	79.06
40 years	20 years	18.38	36.77	55.16	73.55
45 years	15 years	16.25	32.51	48.77	65.03
50 years	10 years	12.96	25.93	38.89	51.56

How to Calculate Citibank Home Loan EMI

You can calculate the Home Loan EMI here at mymoneykarma.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of the loan amount	NIL
ICICI Bank	8.80%	0.5% – 1.00% of the loan amount.	NIL
PNB Housing Finance	9.10%	Up to 1% of the loan amount	NIL
Axis Bank	8.90%	Up to 1% of the loan amount	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST (it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL

NEWS

Aditya Birla Health Insurance company announced its partnership with Citibank. Through this partnership, the bank aims to provide the best products related to health to its customers. Besides this, Citibank also planned to achieve a strong growth across the retail loans segment including home loans, personal loans, and mortgage loans.