CITI Bank Home Loan

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.

Citibank Home Loan Customer Care Number

You can call on the following numbers for any queries:

• For Indian Citizens: 1860 210 2484
• For Overseas Citizens: +91 22 4955 2484