Citibank Home Loan

About Citibank

Citibank, a multinational financial services company, was first founded in 1812 in New York. The bank has a total of 2,649 branches in 19 countries. It provides a wide range of financial products and offers to its customers.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Citibank Home Loans

Citibank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Citibank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Citibank Home Loans are tailor made, catering to the needs of various customers.

Advantages of Citibank Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment charges
• Easy home loan balance transfer
• Transparent application process
• Flexibility to pay the interest during construction period

Features of Citibank Home Loan

Key Highlights

Objective

Citibank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Up to 15 crores depending on your repayment capacity

Loan Tenure:

Up to 25 years of repayment period is available under Citibank home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

Maximum of INR 10,000 is charged as processing fee

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to Citibank at ease.

Home credit Vanilla Option

Home Credit Vanilla option gives you the option of maintaining liquidity. An overdraft line is set on the Home Credit account and interest savings arising out of the Home Credit facility go towards increasing this line, which is always available for withdrawal by you.

Home Credit Fast Track Option

Home Credit Fast Track gives you the option of repaying your home loan faster. Interest saves are adjusted towards reducing your loan outstanding, which effectively reduce the tenure of your loan and help you close your home loan faster.

Top Up Home Loan

Citibank allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.

Eligibility Criteria:

To avail the home loan from Citibank, you need to have the following eligibility criteria.

• You should be over 23 years of age.
• Steady source of income

Citibank NRI Home Loan

Objective:

Citibank home loan aims to help Non-Resident Indian build buy their own dream house.

Loan Amount:

Up to 5 crores depending on your repayment capacity

Loan Tenure:

Up to 25 years of repayment period is available under Citibank home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment.

Processing Fees:

Maximum of INR 10,000 is charged as processing fee

Interest Type:

Floating and Fixed

Interest Rates

The interest rate on Citi Home Loan ranges between 8.55% - 9%. However, the interest rates are subject to change at the sole discretion of the bank.

Documents Required to Apply for Citibank Home Loans

Important documents to be submitted while applying for home loan with Citibank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Citibank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Citibank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Citibank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Citibank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Citibank account at your nearest Citibank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Citibank Home Loan?

You can either apply online or visit a nearby Citibank branch for the application. You can also download the home loan application form from the Citibank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Citibank Home Loans

With attractive interest rates and low processing fees, Citibank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Citibank home loan without any penalty. Citibank home loan is the best option to buy or construct your dream house.

Citibank Home Loan FAQs

1. What are processing fees on Citibank Home Loans?

Maximum of 10,000 is charged as processing fees.

2. Is there penalty for prepaying the Citibank Home Loan?

No penalty is levied for prepaying the Citibank Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for Citibank home loans?

The maximum repayment period is 25 years.

5. How Can I apply for Citibank home loan?

You can either apply online or visit a nearest Citibank branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by Citibank?

You can get loan amount up to 15 crores under Citibank housing loan scheme.

7. Does Citibank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Citibank.

8. Can I get tax benefits from Citibank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.