Citibank Loan Against Property

Citibank Loan Against Property

For any major requirements such as funds for business plans, higher education or medical treatment etc, getting a loan against property could be a feasible option to manage the situation. Understanding the scenario, Citibank, one of the leading banks in India, allows you to pledge your property to meet the goals or requirements.

Obtaining a Citibank loan against property is simple as the process is quicker and approvals are done faster. With flexible repayments, this loan is preferable and affordable by all.

Key Highlights of Citibank Loan Against Property

What is Loan Against Property?

Introduction to Citibank Loan Against Property

Citibank, one of the leading private banks in India, offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property from Citibank loan against property. With customised loan options, Citibank provides competitive interest rates and flexible repayment options. Citibank loan against your home could be the perfect solution for all your financial needs as the approvals are done in 3 days. Door-step services are offered, and the loan processing is done quickly and easily.

Advantages of Citibank Loan Against Property

• Long tenure with small EMIs
• Attractive interest rates
• Hassle-free documentation
• Quick processing
• Loans for both commercial and residential properties

Features of Citibank Loan Against Property

Purpose: The main objective of Citibank loan against property is to provide finance to individuals who have various financials goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.

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

Repayment Options: The customers can opt for low EMIs and longer tenure or overdraft facility on Citibank loan against property.

Loan Processing: No hidden charges are levied on processing the loan and all the charges are communicated up front.

Customised Loan: One of the major benefits is that self-employed professionals can get their loans customised based on their needs. This is to facilitate better easy repayment and manage their business as well.

Prepayment charges: Are levied for outstanding loan amount and it can be done only after six months of taking the loan.

Processing Fee: 1% to a maximum of Rs10,000 of the loan amount are levied for processing the loan and all the charges are communicated up front

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

Eligibility Criteria for Citibank Loan Against Property

To apply for a Citibank loan against property, you must be either a self-employed professional or a salaried employee working in a reputed private company or government organisations.

Citibank Loan Against Property Interest Rate

The borrowers can choose either fixed or floating type of interest rate and the charges differ accordingly.

Citibank Loan Against Property Balance Transfer

The customers can transfer the loan against property from another bank to Citibank for lower interest rate. This can significantly reduce the loan burden and monthly outgo on EMIs.

Documents Required to get Citibank Loan Against Property

The documentation is easy and hassle free. The following documents are required to get Citibank loan against property along with the application.

For Salaried Individuals

Application form with photograph

Any one of the following as proof of residence

• Aadhar card
• Ration card
• Telephone bill
• Electricity bill
• Voter ID card

Any one of the following as proof of identity

• Voter ID
• Driving Licence
• Aadhar card
• Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

From 16 for the past 2 years

For Self-Employed Individuals

Certified financial statement for the previous 3 years

Any one of the following as proof of residence

• Aadhar card
• Ration card
• Telephone bill
• Electricity bill
• Voter ID card

Any one of the following as proof of identity

• Voter ID
• Driving Licence
• Aadhar card
• Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

Benefits of Citibank Loan Against Property

Using the funds acquired from Citibank loan against property, you can fulfil your immediate and long-term needs such as business needs, marriage, medical expenses and other personal needs. The repayment is easy as you can get long tenure with small EMIs at attractive interest rates. The documentation is easy and hassle free and processed quickly. With the overdraft facility, the customers can pay interest to the amount you have used. The customers can avail the services from anywhere in India.

How to Apply for Citibank Loan Against Property?

Applying for a Citibank loan against property is simple. You can either apply online or visit a nearby Citibank branch.

Applying Online

Those who are interested can visit the official website of Citibank and select ‘Apply Now’ option under ‘Loan Against Property’ page. After completion and submission, the application will be validated by the lender. A representative from the bank will check the documentation following which it will be sent for approval.

Citibank Loan Against Property FAQ

1. What are that properties that can be considered as collateral for Citibank loan against property?

Self-occupied residential prsoperties and commercial properties such as shops and offices are considered collateral.

2. What is the maximum loan amount I can get from Citibank loan against property?

You can get up to 70% value of the property as the loan amount.

3. Can I pre-close my loan against property account?

Yes, you can. You need to submit a written request to the nearest Citibank branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.

4. Can I make part-prepayment on Citibank loan against property?

Yes, you can make part-prepayment and no charges are levied on floating interest type.

5. How can apply for Citibank loan against property?

You can either apply online or visit the nearby Citibank branch or through CreditMantri official website.

6. Will I be charged a penalty for not paying my EMI on Citibank loan against property?

Yes, you will be charged 2% of the EMI amount as penalty.

7. Can I get overdraft facility against my property?

Yes, you can avail overdraft facility against your property as a term loan.

8. What is the interest rate range to avail Citibank loan against property?

The interest rate ranges between 9.75% to 10.50%.

9. What is the processing fee on Citibank loan against property?

The processing fee is up to 1% to a maximum of Rs10,000 of the loan amount are levied for processing the loan and all the charges are communicated up front

10. Can I top up the Citibank loan against property?

Yes, you can top up loans under adjustable rate which is linked to Citibank’s retail prime lending rate.

11. Can I get Citibank loan against property without any income proof?

No, you cannot get it without showing income proof.

12. In what cities Citibank loan against home and land available?

Citibank loan against property is available in Chennai, Mumbai, Bangalore, Kolkata, Pune etc. The loan can be availed after submitting land or home documents to the bank as collateral.

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.