CITI Bank Home Loan

4.5

With CITI Bank Home Loans, you can get a loan of up to 10 Crores for your dream house. The bank offers dedicated loan assistance to help you decide which loan is the best for you. You only need to submit the documentation required for the online loan application. Once the CITI bank approves your application, your loan will be disbursed within 15 days.

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CITI Bank Home Loan

Interest Rate

8%

Loan Amount

₹2.1L - ₹10Cr

EMI Per Lakh

₹2,028

Processing Fees

Up to 3% of the borrowed loan amount

Pre-Payment Charges

Up to 4% of the outstanding principal plus interest for the ongoing month

Features and Benefits of Citibank Home Loan

  • Easily available home loan up to Rs. 10 crores.
  • Alluring interest rates.
  • The flexible repayment tenure for 25 years.
  • 80% of a loan of the total value of your property.
  • Flexibility to pay interest during construction time.
  • Transparency on home loans interest rates (TBLR is an extended benchmark linked directly to the lending rate).
  • Interest is calculated as per every day reducing balance.
  • No guarantees are required for the sake of safety.
  • 24*7 online access for home loan services.
  • Get queries answered over call, chat or mail as per your convenience.
  • You can even pay interest during the under-construction process.
  • A good opportunity to save loan amount by parking your excess balances on your credit card.

Citibank Home Loan Overview

Buying a house is not a small decision to make. One has to plan the finances, look for EMIs, down payment, credit score, and many other factors. But with Citibank, there is nothing to worry about. You can easily apply for a Citibank home loan and avail the best deal as per your financial budget plans. The best part is that you can apply for a Citibank home loan online whenever you want. Its customer care service is also open 24*7. 

  • Home loan interest rates range between 6.65% and 7.19% 
  • Maximum home loan amount offered is INR 10 crores.
  • Flexible repayment tenures with a maximum period of 25 years.
  • Prefers a minimum 650 credit score.

Citibank Home Loan Eligibility Criteria

Eligibility Criteria Salaried Individuals Self-Employed Individuals
Nationality Indian Citizen Indian Citizen
Minimum Age 21 years (in case income is inconsiderable); 23 years (if earning) 21 years (in case income is inconsiderable); 23 years (if income considered)
Maximum Age 65 years during loan maturity 65 years during loan maturity
Work Experience or Business Continuation 2 years minimum 3 years minimum
Maximum loan Rs. 10 crore Rs. 10 crore

Citibank Home Loan Fees and Charges

It is important to make a list of all the expenses to be charged by Citibank. Here is the list of all the home loan processing fees, prepayment charges, and so on: 

Application fee (it is non-refundable) Up to Rs. 5,000. You have to pay this upfront for loan processing.
Booking fee (it is non-refundable) Up to 0.40% of the disbursed loan amount. You have to pay this during the documentation process.
Part prepayment charges
  • Fixed-rate home loans: NIL
  • Variable/Semi Fixed Rate Home Loans: NIL
  • Semi Fixed Rate Home Loans for a fixed-rate period: Nil (applicable for less than 25% of part prepayment in a year of the loan amount sanctioned)
  • If the loan is closed within 1 year, the part-prepayment will bear foreclosure expenses.
  • For more than 25% prepayment in a year, the fixed-rate period is 2%.
Foreclosure charges
  • Variable Rate Home Loans or Semi Fixed Rate Home Loans (variable rate period): NIL
  • Fixed Rate Home Loans or Semi Fixed Rate Home Loans (fixed rate period): 2% of loan outstanding
Charges for NACH/SI/Cheque bounce Rs. 500 for every instance
Penal interest 2% of the prevailing rate of interest on the outstanding principal loan amount for the defaulted time.
Repricing fee None

Documents Required for Citibank Home Loan

For Salaried Individual For Self-Employed Individual
Application form with photograph and signature Application form with photograph and signature
ID proof and address proof ID proof and address proof
Approved Building Plan Approved Building Plan
Bank statements of last 3 months Bank statements of last 3 months
Salary-slips of last 3 months Revenue generation statement of last 3 months
Submit Form 16 or Income Tax Returns Submit profit and loss of your account of last 2 years by a certified CA

How Does the EMI Calculation Work for Citibank Home Loan?

Before you start paying your EMIs (Equated Monthly Investments), you must understand how EMI calculation works. The EMI calculation is done by considering the principal loan amount, interest rate and maximum tenure you apply for a Citibank home loan. 

The formula for calculating the EMI amount is: 

EMI = (P × R × (1+r)^n)/((1+r)^n-1) 

Where,

The principal loan amount - P can range from ₹10 lakh to 10 crores. 

The rate of interest - R is at 6.65% 

The loan tenure - n can be up to 20 years.

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FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Citibank have a fixed rate of interest on a home loan?

Citibank offers semi-fixed and variable rates of interest on a home loan.

How to apply for a home loan in Citibank online?

To apply for a Citibank home loan, you need to visit the official Citibank website. Click on the home loan option. Again click on Apply Online below the first home loan option. Fill in all the details and press the Submit button. Once the bank validates your documents and property valuation, they will disburse your loan amount to your bank account.

How to check Home Loan Status in Citibank?

You can track your Citibank home loan status using an online account. You just need to enter your application reference number. You can also visit the nearest Citibank branch to get all -the real-time updates.

Does Citibank check for CIBIL Score for Home Loan?

The minimum CIBIL score required while you apply for a Citibank home loan is 650.

What is the maximum and minimum home loan amount I can get from Citibank?

The maximum home loan amount is Rs. 10 crores, and the minimum home loan amount is one lakh.

How to repay the home loan EMI?

Citibank offers several options to repay your home loan. You can use the Standing Instruction with the bank or through the National Automated Clearing House.

Is it possible to get approval on a home loan before and avail it later?

Yes, Citibank allows for the approval of your home loan before and avails it later. It all depends on your income and repayment ability. Once the property to be purchased is verified, you can avail of the actual loan. But one factor that can stimulate this is whether your property meets the Citibank credit or not for final approval.

What is the loan to value amount that can be received from the bank?

80% of the total property price is provided as the total home loan amount by Citibank. This also depends on the valuation of your property, and the evaluation is done after submitting the application.

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