Citibank Loan Against Property

Are you in dire need of funds?

Then, Citibank's Loan Against Property can come in handy, especially if you have any major financial requirements for your business plans, higher education, etc. Availing a Citibank Loan Against Property is pretty simple, as the process can be completed quite quickly. With flexible repayment options and long tenures, Citibank's loan against property is preferable and affordable for all. As a borrower, you can avail amounts of up to 60% value of the property. Now, let's quickly delve into the nitty-gritty of Citibank Loan Against Property.

What Kind of Loan Against Property Scheme Does Citibank Offer?

Citibank's loan against property comes with an added advantage, wherein it helps you in saving the total interest cost. Moreover, you can do this by availing the Home Credit Account scheme of the bank. Under this scheme, your current Citibank account is linked with your loan. This scheme gives you the power to decide what interest you pay on your loan against property. Thus, the excess amount that you deposit in your Home Credit Account is transferred daily to your loan account. This way the interest charged on your Citibank loan will be offset, and you can also withdraw this amount anytime as an overdraft.

A Citibank Loan Against Property can be put to use for any of the following:

• To purchase machinery

• To buy new property

• For your child's higher education

• To close existing high-cost debts

• To address any other professional or personal need

Interest Rates and Processing Fees for Citibank Loan Against Property

Here are the major aspects of Citibank Loan Against Property:

 

Key Points of Citibank Loan Against Property
Loan Amount	Minimum loan amount is 5 Lakhs Maximum Loan amount is 15 Crores
Loan Tenure	Tenure can go up to 15 years
Loan to Value (LTV)	Up to 70% of the property’s value in the market
Type of Property	Residential Property Commercial Property
Loan Top-up Facility	Yes
Part-prepayment Charges	Part-payment is allowed; however, you would have to pay a nominal amount in case the payment exceeds 25% of the principal amount
Application Fee	Up to Rs. 5,000

 

 The following types of fees are charged by Citibank:

Type of Charge	Amount of Charge
Processing Fee	Up to 0.25% of the loan amount
Annual Fee	Up to 0.25% per annum

 

Citibank's LTV value for a different amount of loan:

Funds Slab	LTV
Up to 3 Crores	70%
3 Crores - 5 Crores	60%, given the credit score is 730 or above
5 Crores - 7.5 Crores	60%, given the credit score is 730 or above
7.5 Crores and above	60% (Only For Existing Citibank Customers)

 

Features of Citibank Loan Against Property?

1. Purpose: The main objective is to help you achieve various financial goals and requirements. 

2. Loan Amount: You can get up to 70% value of the property at attractive interest rates.

3. Repayment Options: You can opt for low EMIs and a longer tenure or overdraft facility on Citibank loans against property.

4. Loan Processing: There are no hidden charges levied on loan processing.

5. Customized Loan: Self-employed professionals can get their loans customized based on their financial needs to facilitate easy repayment and to manage their business as well.

6. Prepayment Charges: These charges are levied for the outstanding loan amount, and prepayment can be made only after six months of taking the loan.

7. Processing Fee: 1% of the loan amount, to a maximum of Rs10,000, and all charges are communicated upfront.

8. Overdraft Facility: You can avail an overdraft facility against property and use the loan amount up to an approved limit. Then, you can pay interest only for the amount you have used.

Eligibility Criteria for Citibank Loan Against Property

• Age: Your age should be at least 23 years at the time of loan commencement and should be 70 years or less at the time of loan maturity.

• Income: It's essential that you must have a source of regular income.

• Repayment Capacity: The more you are capable of paying, the higher your chances of availing a larger loan amount.

• Value of Property: The cost of your property affects your loan eligibility.

• Job/ Business stability: Your total experience should be of at least three years, with a cash profit to show for at least two years in case you have a business.

Documents Required for Salaried and Self-Employed Individuals

Here are the set of documents required:

Type of Document	Salaried Employee	Self-Employed
Salary Slips/ Income Tax Return	Salary slips or bank statement for the last 3 months/ Copy of passbook for the last 3-6 months	ITR of the last 3 years duly certified by CA/ Bank statement/ Copy of passbook for the last 3-6 months
Salary Proof/Business statements	Form16/ Appointment Letter/ bPF-statement	Balance Sheet  P&L Statement for the previous three years including schedules and annexures
Identity Proof	Copy of PAN/ Passport/ Voter ID/ Driving License/ Aadhar Card	Copy of Passport/ PAN/ Voter ID / Driving License/ Aadhar Card
Job or Business Stability	Proof of full-time job through salary account statements	Proof of business registration: VAT/ GST/ Service Tax or incorporation certificate
Photographs	Two	Two
Residential Address Proof	Registered rent agreement/ Passport/ Utility bill (last 3 months )	Passport/ Registered rent agreement/ Utility bill for the last 3 months/ Leave and license
Other documents	Employment contract/Appointment letter if the duration of the job is less than 1 year Cheque of processing fee in favor of Citibank	Processing fee cheque in favor of Citibank along with the  application fee

 

How to Apply for Citibank Loan Against Property

To apply online, you can visit the official website of Citibank and select the ‘Apply Now’ button under the ‘Loan Against Property’ page. After successful submission, the application will be validated by Citibank, and a representative from the bank will guide you through the process.

Alternatively, you can always walk into the nearest Citibank branch and request a bank representative to help you out with the application.

FAQs

What are the different properties that can be considered as collateral for Citibank’s loan against property?

Self-occupied residential properties and commercial properties can be considered as collateral for Citibank’s loan against property.

Can I pre-close my loan against the property account?

Yes. To pre-close it, you need to submit a written request to the nearest Citibank branch. However, you may also have to pay a small fee as a penalty while prepaying. 

Can I make part-prepayment on a Citibank Loan Against Property?

Yes, you can make a part-prepayment.

Do I have to pay a penalty for not paying my EMI on Citibank’s loan against property?

Yes. You will be charged an extra 2% of the EMI amount as penalty.