CITI Bank Home Loan
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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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.
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 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 |
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| Foreclosure charges |
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| 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.
FAQs
Citibank offers semi-fixed and variable rates of interest on a home loan.
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.
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.
The minimum CIBIL score required while you apply for a Citibank home loan is 650.
The maximum home loan amount is Rs. 10 crores, and the minimum home loan amount is one lakh.
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.
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.
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.