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Citibank Home Loans

Home Loan Bank Information

Bank Name
Interest
Tenure
Processing Fees
LIC Housing Finance
8.4%
5 - 25
YEARS
Rs 10000
+ GST
HDFC
6.7%
1 - 30
YEARS
Rs 3000
+ GST
Bajaj Housing Finance
6.8%
1 - 20
YEARS
0.3 %
+ GST
ICICI Bank
6.75%
1 - 30
YEARS
Rs 3000
+ GST
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Table of Contents

Introduction

Citibank was founded in the year 1812 as New York City’s Bank. It later became the first Nationalised City Bank of New York. Citibank has a total of 2649 branches in around 19 countries with 723 outlets in the United States and 1494 branches in the city of Mexico. Citibank, being one of the well-established banks, caters to the various financial needs of its customers through its unique financial schemes and attractive rate of interests.

Citibank home loan interest rates 2020

Citibank offers very competitive interest rates. These rates are variable and are based on the Marginal cost of funds-based Lending Rate (MCLR), or it may be based on the Treasury Bill Benchmark linked Lending Rate (TBLR) published by the Financial Benchmarks India Private Limited.

Financial product Variable rate loan Semi-fixed rate loan
Home loan TBLR 3M + 2.10% p.a. to TBLR 3M + 2.95% p.a. 8.75% p.a. (Fixed till 31st July 2019)

Applicable TBLR 3Month + 2.25% p.a.

 

Property power loan with enhancement TBLR 3M + 2.15% p.a. to TBLR 3M + 3.00% p.a. 8.80% p.a. (Fixed till 31st July 2019)

Applicable TBLR 3Month + 2.30% p.a.

Home loan takeover with enhancement TBLR 3M + 2.60% p.a. to TBLR 3M + 3.60% p.a. 9.25% p.a. (Fixed till 31st July 2019)

Applicable TBLR 3Month + 2.90% p.a.

It is important to note that the final pricing and the interest rates of the loan will be determined according to the loan amount, the financial product availed and the bank’s internal loan assessment parameters.

The EMI for the home loan can be calculated based on the interest rates. Online EMI calculators available in the bank’s website can be used for this purpose.

Citibank home loan eligibility criteria

Calculating the eligibility criteria on the website will give you an idea of the purchase budget for your home. Various factors such as gross monthly income, members of the family, credit score and demographic details are all taken into consideration at the time of verifying the eligibility of the applicant.

  • The applicant must be at least 23 years old at the time of applying for the loan and should not be over the age of 65 when the tenure of the loan ends.
  • The applicant must be salaried. If they are self – employed, they must be drawing a regular minimum salary. The EMI to salary balance ratio must be satisfactory according to the standards of Citi bank.
  • The applicant must have at least two years of work experience at the time of applying for the loan.
  • A good credit score is a must while applying for a home loan from Citi Bank. The accumulated credit score can be checked online on the CIBIL website.
  • The loan applicant must be of Indian nationality.

Citi bank home loan schemes – Interest rates

The interest rates for a Citi Bank home loan range from 8.75% to 9.055. This varies based on the financial product, the repayment capabilities of the loan applicant and based on various other eligibility criteria.

Different home loan schemes have fluctuating interest rates. They are highly dependent on the 3-month MLCR or the Marginal cost of funds-based Lending Rate as determined by the FBIL. These change from one financial year to another. More information on the interest rates can be found on the website.

The Citibank Home Loan Interest Rates are listed below:

Home loan scheme Interest rates
Citibank Home loan 8.75% to 9.05%
Citibank T-Bill Home loan 8.75%
Citibank home credit loan 8.85%

 Types of home loan offered by Citibank

  • Main home loan by Citibank Citi Bank offers an easy home loan of up to Rs. 10 crores. The tenure for this ranges from 5 years to 25 years according to the repayment capacity of the loan applicant.
    The bank offers home loans that cover up to 80% of the cost of the property or the building cost.

The interest for the loan is calculated on the daily reducing balance, and another advantage is that no co-guarantors are required at the time of applying for the loan. The rates range from 8.75% to 9.05%.

These home loans can be availed to purchase properties that are still in the process of construction or for the purchase of the ready property.
Hassle-free application processes guarantee that you can avail the finances for your home immediately once all the necessary documents have been submitted to the bank.

  • Housing finance scheme for NRI and PIO The Reserve bank of India permits NRIs to purchase property in their home country utilising a home loan. Citi Bank provides housing loans for Non-resident Indians or Persons of Indian origin who would like to buy property in India or would like to start constructing their own homes. Citi Bank guides throughout the entire process from the beginning of the loan application to the disbursement of the loan.Home loans of up to Rs 5 crores can be availed by the NRIs at attractive interest rates. Home loans by Citibank from Rs 25 lakhs to Rs 75 Lakhs cover 80% of the cost of the property or the building costs.
    Loans above Rs 75 Lakhs cover 75% of the cost of the property. The loan can also be used to cover the renovation or expansion of an existing house. However, no agricultural land can be purchased with a loan.All home loans for NRIs are disbursed per the Foreign Exchange Management Act of 1999. All applicants must note that the application process may slightly differ depending on the country of residence of the applicant. Citi Bank currently offers home loans to individuals living in Bahrain, Singapore and all countries in the UAE only.
  • Housing loan for high-net-worth individuals Indians who have more than Rs 2 crore of investment capacity as considered to be high-net-worth individuals.

Citibank offers loans that cater to the financial needs of these individuals. Available loan amounts can range from Rs 5 crores to Rs 25 crores according to what the loan applicant requires.

The loan can be used to construct a house, buy a piece of land for construction or purchase an apartment that has already been constructed.
A criterion to avail this loan is that the EMI should not exceed 70% of the salary of the loan applicant.

The interest rates for the same range from 8.95% to 10.10%. Individuals who are not in the high-net-worth bracket can also avail this loan if they meet all the required eligibility criteria.

Amount of loan that can be taken under these schemes

The amount of loan that is disbursed by Citi Bank varies from one financial product to the other. It is also based on a host of factors such as the salary of the loan applicant, the repayment capacity and the complete cost of the property being purchased.
While applying for a home loan, Rs 5 lakhs is the minimum that is disbursed by Citibank. A loan amount lower than this is not available. The period of payment for the loan cannot exceed 25 years. The amount can be paid through Equated Monthly Installments. The bank keeps a margin of 20% while issuing the loan to the applicant.

Financial product by Citibank Maximum loan under the scheme
Citibank Home loan Rs 5 lakhs to Rs 10 crores
Take over plus enhancement home loan Up to Rs 5 Crores
Home loans for NRIs and PIOs Rs 25 lakhs to Rs 5 crores

Home loans for NRIs by Citibank and the eligibility

Any non-resident Indians or Persons of India origin are eligible for a home loan by Citibank. They can build and buy property in most major cities in India. However, Citibank currently only offers loans to residents of Singapore and the UAE. The maximum loan that can be availed by them is Rs.5crores. We cover up to 80%.

The loan disbursed to NRIs or PIOs can be utilised for the following purposes:

  • Purchase of a readymade or already existing house, villa, or apartment.
  • Purchase of a house or apartment that is currently undergoing construction and nearing completion.
  • Acquisition of a loan against a property owned by the borrower

Eligibility criteria for NRIs to avail home loan from Citibank – Residents of the UAE:

  • Minimum age must be 21 years. Age of the borrower plus repayment period should not exceed beyond 60 years of age.
  • Must be salaried or self-employed or must have a business running and must be staying abroad for at least a year at the time of loan application.
  • Must have a minimum annual income equivalent of Rs. 3.00 Lacks per annum. (Minimum salary of 10,000 BHD or 100,000 AED per annum)
  • The applicant requires a co-applicant for the loan who is a blood relative and is a resident of India
  • With the Citibank home loan, NRIs can only buy properties in the following cities: Bangalore, Jaipur, Noida, Delhi, Kolkata, Coimbatore, Hyderabad, Gurgaon, Chennai, Surat, Pune, Chandigarh, Ahmedabad, and Mumbai

Eligibility criteria for NRIs to avail a home loan from Citibank – Residents of Singapore:

  • Minimum age of the borrower should not be less than 21 years. The age of the borrower added to the repayment period must not cross 60 years.
  • Must be salaried or self-employed or must have a business and must be staying abroad for at least a year at the time of loan application.
  • Must have a minimum annual income equivalent to Rs. 3.00 Lacks per annum. (Minimum salary of 100,000 SGD per annum)
  • The applicant requires a co-applicant for the loan who is a blood relative and is a resident of India
  • With the Citibank home loan, NRIs can only buy properties in the following cities: Bangalore, Jaipur, Noida, Delhi, Kolkata, Coimbatore, Hyderabad, Gurgaon, Chennai, Surat, Pune, Chandigarh, Ahmedabad, and Mumbai

Documentation Required to apply for a Citibank Home Loan as an NRI or PIO:

Personal Documents Financial Documents
Two copies of the most recent passport-sized photographs

 

Last one-month salary slip before applying for the loan
Passport copies and original along with the visa page

 

Last two years work contract, P60 or B4 of the specific country of residence
PAN Card, Voter’s ID or Driving License

 

Bank statement of the last three months showing the credit of consistently drawn salary
Most recent sale deed of the property

 

All receipts, letters of allotment and payment plans for properties that are currently undergoing construction

 

How to apply for a home loan by Citibank

The process of applying for a home loan from Citibank is quite straightforward and hassle-free. The application form for the same can be found in the bank’s website.Upon filling up the application form, interested parties can submit the form along with all the documents listed below to the nearest Citibank branch. Alternatively, they can also opt for the documents to be picked up from a place that is most convenient for them.

The website also has an eligibility calculator that can be used by the customers before applying. This gives them an idea of the required details and standards that need to be met to allow for the loan to be sanctioned by the bank.

Upon document verification, and various other processes, the loan will be processed. Sanctioning of the loan may take up to 2 weeks from the date the completed application has been submitted to the bank.

Document checklist

Financial documents

  • Last three months salary slips
  • Latest Sale Deed with previous link
  • Form 16
  • Receipt of property proof
  • Income computation and balance sheets
  • Income tax returns for the past two financial years
  • Last three months’ bank statement from the date when the home loan is being applied for
  • Allotment Letter, Payment Plan and receipts will be required for properties under construction

Personal and KYC Documents

  • Two passport-sized photographs
  • Aadhar Card number or PAN card for proof of identity
  • Driving License, Voter ID card, electricity bill or PAN Card for the address proof
  • Date of birth proof

Companies should also show articles of association and proof of association of the company.

Upon submission of the required documents and the duly filled and signed application form, the home loan will be processed by the personnel at Citibank. The entire process should not take more than a couple of weeks.

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