Citibank provides home loans of up to Rs. 10 Crores @ 6.50% p.a. onwards for tenures of up to 25 years. It offers Citi Home Credit Advantage, a home loan variant with an additional overdraft facility to reduce interest cost of the home loan while maintaining liquidity for quick withdrawals. The bank also offers balance transfer facility to existing home loan borrowers of other banks and housing finance companies. The top up facility is available to existing home loan borrowers for meeting their personal, professional, business or debt consolidation requirements.
Citibank Home Loan Interest Rates
The interest rates for Citibank Home Loans starts from 6.50% p.a. onwards
Compare Citibank Home Loan Interest Rates vs Other Lenders
| Name of Lender |
Up to 30 Lakh |
Above 30 Lakh & up to 75 Lakh |
Above 75 Lakh |
| SBI Home Loan |
7.05-7.85 |
7.05-7.85 |
7.05-7.85 |
| HDFC |
7.05 – 8.15 |
7.05 – 8.40 |
7.05 – 8.40 |
| Axis Bank |
7.00-11.90 |
7.00-11.90 |
7.00-7.35 |
| ICICI Bank |
7.10-7.95 |
7.10-7.95 |
7.10-7.95 |
| Kotak Mahindra Bank |
7.50 onwards |
7.50 onwards |
7.50 onwards |
| PNB Housing Finance |
6.99-16.75 |
6.99-16.75 |
7.15-10.15 |
| Punjab National Bank |
7.45-8.85 |
7.40-8.55 |
7.40-8.50 |
| Bank of Baroda |
7.40-8.90 |
7.40- 8.90 |
7.40-9.15 |
| Union Bank of India |
6.90-8.65 |
6.90-8.85 |
6.90-8.85 |
| IDFC First Bank |
7.10 onwards |
7.10 onwards |
7.10 onwards |
| L&T Housing Finance |
7.20-8.20 |
7.20-8.20 |
7.20-8.20 |
| Bajaj Housing Finance |
6.75 onwards |
6.75 onwards |
6.75 onwards |
| Godrej Housing Finance |
6.94-9.99 |
6.94-9.99 |
6.94-9.99 |
| Tata Capital |
7.15 onwards |
7.15 onwards |
7.15 onwards |
| LIC Housing Finance |
6.90-8.00 |
6.90-8.20 |
6.90-8.40 |
Citibank Home Loan Fees and Charges
| Particulars |
Rates |
| Application Fees |
Up to Rs. 5,000 plus GST* |
| Booking Fees |
Up to 0.40% of the sanctioned loan amount plus GST (Non Refundable)* |
| Cheque/Standing Instruction (SI)/National Automated Clearing House (NACH) Bounce Charges |
Rs. 500 plus GST* |
| Penal Interest (for non-payment of EMI) |
2% above the prevailing interest rate (on the loan outstanding for defaulted period) |
*(Borrower has to pay stamp duty/ franking charges, applicable during loan booking, as per the individual state laws)
Part prepayment charge
| Particulars |
Rates |
| Fixed rate home loans |
Not Applicable |
| Variable rate/Semi fixed rate home loans (for the period when interest rate is variable) |
Nil |
| Semi fixed rate home loans** (for the period when interest rate is fixed) |
- Nil for part prepayments lower than 25% of sanctioned home loan amount in a financial year
- If loan is closed within 12 months of part pre[payment date, any part prepayment will be subject to foreclosure charges
- For part payments more than 25% of sanctioned amount (in a financial year), 2% charges will be levied during the semi fixed period
|
** Semi fixed rate loan is a loan facility where the interest rate (linked to Treasury Bill Benchmark Linked Lending Rate) is fixed for an initial period and becomes variable post completion of the tenure
Citibank Home Loan Variants
- Regular Home Loan: Citibank offers the home loan facility of up to Rs. 10 Crores from @ 6.50% p.a. onwards for tenures of up to 25 years to help borrowers purchase property for residential purposes.
- Home Credit Advantage: The home credit facility of Citibank Home Loan helps the borrower to reduce their interest burden while maintaining liquidity for faster withdrawals. The two options under home credit are as follows:
- Home Credit Vanilla option: The Vanilla option involves setting up an overdraft line on the home credit account. Any interest savings from home credit help to increase the overdraft limit available for withdrawal
- Home Credit Fast Track option: The Fast Track option helps to repay the home loan at a faster rate. The interest savings helps to reduce the outstanding balance of the loan that helps to reduce the loan tenure.
- Top Up Home Loan: Citibank offers the Top Up Home Loan facility of up to Rs. 5 Crores for their existing home loan borrowers to get funding over and above their home loan for meeting personal (except for speculation), professional, business and debt consolidation needs.
- Balance Transfer: Citibank offers the Balance Transfer facility of up to Rs. 5 Crores for tenures up to 20 years for existing home loan borrowers at lower interest rate.
Eligibility for Citibank Home Loan
- Resident Indian with a stable income
- Minimum Age: 21 years (if income is not considered) and 23 years (if income is considered)
- Maximum Age: 65 years (at the time of loan maturity)
- Work Experience/Continuity of Business:
- For salaried applicants – Minimum 2 years
- For self-employed applicants – Minimum 3 years
- Self-Employed professionals should also show cash profits of at least 2 years in their business (excluding carry forward losses)
Documentation Required for Citibank Home Loan
The following documents are required for the Citibank Home Loan:
- Passport size photograph (to be pasted on the application form)
- Documents for Proof of Identity/Address/Date of Birth/Signature
- PAN Card
- Aadhaar Card/Proof of possession of Aadhaar/Letter issued by UIDAI (Unique Identification Authority of India) containing name, address and Aadhaar number details
- Voter ID Card
- Driving License
- National Population Register
- Job Card issued by NREGA (National Rural Employment Guarantee Scheme) signed by an officer of the state government
- Documents for builder under construction properties
- Copy of builder buyer agreement
- Copy of allotment letter
- Copy of payment plan
- Copy of possession letter
- Copy of Agreement of sale with the seller (if it is a resale property)
- Copy of Receipts of payments made to the developer
- For Resale property
- Copy of Title Deed including previous chain of the property
- Copy of the approved sanction plan
- Copy of the sale agreement
