CITI Bank Loan Against Property
Citibank started its operations in India from the year 1902 onwards in Kolkata and is a major foreign investor in the country today. As a shareholder-promoter, Citibank has executed a crucial role in setting up vital intermediaries of the market including a credit bureau, depositories, and payment, and clearing institutions.
Features and Benefits of Citibank Loan Against Property
One of the largest and oldest banks in the country, Citibank offers multiple loan options at affordable interest rates. The Citibank Loan Against Property is specially designed for those who require funds for emergency purposes as well as for residential purchases. However, as the name suggests, a loan against property is one wherein you will have to keep your property as collateral to avail of the loan.
- The maximum loan amount offered is INR 5 crores
- Affordable interest rates, starting at 6.90% p.a.
- Can be availed for both personal and business needs
- Borrowers can use collateral property during the loan tenure
The following are some of the features and benefits of Citibank:
- With the help of a simplified eligibility criteria and minimal documentation, anyone can apply for Citibank Loan Against Property.
- Citibank allows dynamic repayment terms for a period of up to 15 years.
- Loans Against Property (LAP) are offered up to INR 5 crores.
- Property-based loans are offered to fulfil both personal and business needs.
- Loans of up to 70% of the property's value are available.
- Borrowers can take a loan from Citibank only against residential properties.
- Citibank offers competitive interest rates linked to a market benchmark rate.
- After 6 months of having a Loan Against Property (LAP), you can apply for a top-up loan.
You can avail of Loan Against Property for the following:
- Purchasing machinery
- Closing existing high-price debts
- Buying a new plot/property
- Education of children
- Personal, professional or business reasons
Citibank Loan Against Property Eligibility Criteria
- Professionals with a fixed salary or self employed individuals are eligible to avail Citibank Loan Against Property.
- The borrower must be 23 years of age if they wish to apply for Citibank Loan Against Property
- If the borrower is salaried, he/she must have a working experience for a minimum of 3 years at the current job.
- If the borrower is self-employed, they must have an existing business for a minimum of 2 years. Additionally, the business must be in profit in the last 2 years.
- The location of the property must be in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi/NCR, Hyderabad, Jaipur, Kolkata, Mumbai, Pune and Surat.
- Citibank offers loans only against personal/residential property and not against agricultural, industrial or commercial properties.
- The property against which the loan is sanctioned should be under the borrower's name only and must not be under any other legal obligations.
- Citibank’s existing customers with home loans are eligible for extending their security towards LAP.
- Borrowers can avail top-up loans after 6 months of the loan issued.
Factors Affecting the Eligibility Criteria of Citibank LAP
- The following factors may affect the eligibility criteria of Citibank Loan Against Property.
- The total eligibility is influenced by the borrower's income and repayment capabilities.
- The property's value is also a major factor that decides the Citibank Loan Against Property eligibility.
- The credit score is taken into consideration for both salaried and self-employed applicants.
- The borrower is entitled to interest rate discounts depending on the purpose of the loan.
Tips to Increase Citibank Loan Against Property Eligibility
The following methods can help you enhance your Citibank Loan Against Property eligibility.
- An increase in the income of the borrower is the most effective way to improve eligibility. Adding an eligible co-applicant with a steady source of income can help boost the eligibility overall.
- Closing some of the outstanding debts or loans can help enhance the repayment capacity and thus the Citibank Loan Against Property eligibility.
Citibank Loan Against Property Fees and Charges
|Types of Charge||Amount of Charge|
|Foreclosure||For Individuals: NIL
|Late payment||Fine up to 2% of the prevailing rate|
|Cheque/ NACH/SI Bounce||Fine up to INR 500|
Citibank Loan Against Property Interest Rates
|Interest rates||6.90% p.a. onwards|
|Maximum Loan Amount||Up to INR5 crores (for residential properties)|
|Longest Loan Tenure||Up to 15 years|
|Processing Fee||0% processing fees (if applied online)|
|LTV Ratio||Up to 70% of the property value|
Factors Affecting Citibank Loan Against Property Interest Rates
The following factors can impact the interest rate on Citibank Loan Against Property:
- The interest rate structure gets affected by the borrower's credit rating.
- The borrower who wishes to avail of the Home Credit Advantage Programme has a different interest rate structure.
- Citibank's reference rate is the 3M T-Bill rate. It's an external benchmark rate that's linked to the market. Through this, the interest rate gets impacted and the benefit of market-rate fluctuation is enjoyed by the customer. However, it often causes the EMI amounts to fluctuate.
- The purpose for taking the loan is also an important factor that determines the interest rate. Priority sector loans comprise those designated for business and residential renovations. These loans are also eligible to avail of the benefit of a lower interest rate.
Documents Required for Citibank Loan Against Property
To avail of the benefits, these are the following documents required for Citibank Loan Against Property application:
General Document Requirements Applicable for All Applicant Types
|Date of Birth||
|Title Documents||Valid documents of the Property which establishes the genuineness of title appropriate ownership chain.|
- Latest payslip, which should be within 60 days
- Income tax return and latest Form 16
- Total work experience proof (For home loans a minimum of 2 years and a minimum of 3 for other types of loans)
- Last 3 months bank statements
- Financial statements and Income Tax returns. (Must include state of profit and loss, balance sheets and other schedules)
- All the documents must be certified by a Chartered Accountant
- Proof of continuity of business for three years
- Last 3 months bank statements
- Firms in partnership should submit a copy of the partnership agreement.
- The company's Memorandum of Understanding and Articles of Association
- Companies should provide Certificate of Authority (CA) on the shareholding pattern, profit sharing ratio and board of directors’ list
- LLP Agreement (Limited Liability Partnership)
EMI Calculation Operations for Citibank Loan Against Property
You can use the Citibank Loan against Property EMI Calculator to calculate EMIs of the borrowed loan at various interest rates and compare the lowest EMI per lakh. The EMI is directly proportional to the interest rate. However, if you take out a long term loan, your total interest outgo will be substantially higher than that of a short term loan.
Here is an accumulated list of Citibank LAP EMIs for various loan amounts and tenures at an interest rate of 6.90% p.a.
|Loan Amount (in INR)||EMI for 5 years @6.90% p.a. (in INR)||EMI for 10 years @6.90% p.a. (in INR)||EMI for 15 years @6.90% p.a. (in INR)|
What Can You Do with the Citibank Home Loan EMI Calculator?
You can calculate your indicative EMI using the Citi Home Loan EMI Calculator. You can also get a repayment plan based on the loan amount, interest rate and tenure that you specify in the EMI Calculator for a home loan.
How Can You Use Citibank EMI Calculator?
Enter the following loan details mentioned below in the Citibank EMI Calculator to get home loan interest rates for various tenures:
- Amount of Loan: Enter the LAP amount you want to get.
- Interest Rate: Enter the mortgage interest rate (percentage per annum).
- Loan Duration (No of Months): Enter the loan period for which you want to take out a mortgage. A longer loan term lowers your monthly EMI cost.
How Does Citibank Compare with Other Lenders?
|Banks/NBFCs||Lowest Interest Rate p.a.|
|Citibank Loan Against Property||6.90%|
|Kotak Bank LAP||9.25%|
|PNB Housing LAP||8.75%|
|HDFC Loan Against Property||7.50%|
|SBI Loan Against Property||6.70%|
Citibank Loan Against Property Customer Care Number
Citibank Loan Against Property’s customer care service is quite fast and effective. Anyone who wishes to enquire or report a problem can call on the following numbers for hassle free solutions.
- For Indian Residents: 1860 210 2484 (from 9am to 7pm on weekdays)
- For NRIs: +91 22 4955 2484
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Loan Against Property By Other Banks
- Axis Bank Loan Against Property
- Bank of Baroda Loan Against Property
- HDFC Bank Loan Against Property
- ICICI Bank Loan Against Property
- Bajaj Finserv Loan Against Property
- IndiaBulls Loan Against Property
- Canara Bank Loan Against Property
- DHFL Loan Against Property
- YES Bank Loan Against Property
- Union Bank of India Loan Against Property
- Federal Bank Loan Against Property
- IndusInd Bank Loan Against Property
- State Bank of India Loan Against Property
- IDFC FIRST Bank Loan Against Property
- Punjab National Bank Loan Against Property
- Hero FinCorp Loan Against Property
- IDBI Bank Loan Against Property
- Digikredit-SME Corner Loan Against Property
- Kotak Bank Loan Against Property
- Deutsche Bank Loan Against Property
- Punjab National Bank Housing Finance Loan Against Property
- Shriram Urban Co Operative Bank Limited Loan Against Property
- Tata Capital Housing Finance Limited Loan Against Property
- InCred Financial Services Loan Against Property
- Standard Chartered Bank Loan Against Property
- Hero Housing Finance Loan Against Property
- Godrej Housing Finance Loan Against Property
- Reliance Capital Loan Against Property
- Ujjivan Small Finance Bank Loan Against Property
- Capital First Ltd. Loan Against Property
- Home First Finance Company Loan Against Property
- Muthoot Finance Ltd Loan Against Property
- RBL Bank Loan Against Property
- Vastu Housing Finance Loan Against Property
- Clix Capital Loan Against Property
- Aditya Birla Finance Limited Loan Against Property
- L&T Finance Loan Against Property
- Poonawalla Fincorp Limited Loan Against Property
- Piramal Housing Finance Loan Against Property
- Fullerton India Loan Against Property
- Tata Capital Financial Services LTD Loan Against Property
- IIFL Finance Loan Against Property
- Edelweiss Financial Services Loan Against Property
- Aadhar housing Finance Loan Against Property
- DCB Bank Loan Against Property
- Capri Global Loan Against Property
- HDFC Sales Loan Against Property
- Cholamandalam Finance Loan Against Property
- HSBC Loan Against Property
- Emirates NBD Loan Against Property
- Housing Development Finance Corporation Loan Against Property
From refinancing to reducing your interest, we have the answers right here.
What is the maximum loan amount that I can avail against the property?
INR 5 Crore is the highest principal amount that Citibank lets you avail as a Loan Against Property for your personal or professional requirements.
Can I get a loan against the plot?
Yes, Citibank offers a loan against plot or loan against property for a tenure of 15 years at minimal interest rates of 6.9% p.a.
What is the maximum term for which I can avail a Loan Against Property (LAP)?
The maximum tenure for which Citibank offers loan against property is for a period of 15 years.
What is the maximum and minimum loan against property amount I can get from Citibank?
The minimum amount of loan you can borrow from Citibank Loan Against Property is INR 5 Lakh whereas the maximum amount is INR 5 Crores.
What are the KYC documents I will have to submit to apply for a loan against property from Citibank?
Some important documents that you need to submit for KYC when you apply for Citibank Loan Against Property are proof of identity, signature, address, date of birth and title documents of the property.
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