Home Credit Option
With its innovative Home Credit facility, Citibank gives its borrowers the flexibility to select the credit option of their choice and decide the interest they want to pay.
In Home Credit loans, a current account Home Credit Account is linked to the borrower’s loan account. A threshold is set and the amount excess to it is transferred to the borrower’s loan account daily to offset the interest outgo. The borrower is free to withdraw the amount as overdraft line.
As per their requirement, borrowers may choose between two Home Credit loan options:
- Home Credit Vanilla: This facility helps the borrowers to maintain liquidity. In this option, an overdraft line is fixed which keeps on increasing through savings on interest out of home credit facility. The increase in credit line is always at the customer’s disposal for withdrawal.
- Home Credit Fast Track: This option helps the borrower to make repayments faster. The savings on interest outgo are adjusted in the outstanding loan amount which reduces repayment tenure in the long run and helps customer repay loan early.
How much home loan can I get?
Citibank offers loan starting from Rs 5 lakh to a maximum of Rs 10 crore.
Repayment Tenure: Borrowers may choose repayment tenure as per their repayment capacity. The maximum tenure ranges up to 25 years.
Loan to Value Ratio: Citibank offers amount up to 80 per cent of the property’s value as home loan.
Eligibility: To apply for home loan from Citibank, a borrower must be at least 23 years of age with a minimum work experience of two years.
Is top-up loan available for existing borrowers?
For existing home loan customers who have been making repayments for over a year, Citibank offers top-up loans. However, the bank reserves the right to take a final decision on a top-up loan application.
What documents are required for a salaried person?
Following are the documents you will have to furnish while applying for home loan:
- Salary slips of last two months
- Bank statements of last three months
- Proof of work experience (at least two years)
- Proof of date of birth
- Signature verification proof
- Address proof (residential)