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 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.
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 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.
|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%|
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.
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.
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|
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:
Eligibility criteria for NRIs to avail home loan from Citibank – Residents of the UAE:
Eligibility criteria for NRIs to avail a home loan from Citibank – Residents of Singapore:
|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
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.
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.