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Citibank Home Loan

If you are scouting for home loan with low interest rate and easy repayment facility, Citibank as a lender may just be the right choice for you. Check out the following details to take an informed decision:

Citibank home loan: Features Advantages
  • Low interest rates
  • Easy availability of loan as high as Rs 10 crore
  • Easy repayment with loan tenure ranging up to 25 years
  • Borrowers may avail loan up to 80 per cent of property value
  • Facility to pay only interest component while construction is underway
  • Interest is calculated on daily reducing balance
  • Hassle-free loan as co-borrowers/guarantors are not required
  • Seamless repayment facility through ECS (electronic clearing system) or standing instruction
  • With CitiPhone service, help is just a call away
  • Online access to details of home loan account at the click of the mouse

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Citibank home loan Interest rates as on June 2016

Home Loan / Home Loan takeover Interest Rate
Loans upto 28 Lakh 9.30% - 9.80% p.a
Loans above 28 lakh to salaried 9.50% - 10.05% p.a
Loans above 28 lakh to self employed 9.75% - 10.25% p.a
Home Loan Takeover / Top-up 9.75% - 10.65% p.a

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)
  • Photographs
  • Proof of date of birth
  • Signature verification proof
  • Address proof (residential)

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Documents Required for Self-Employed applicants

Documents Required for Companies

Documents Required for Partnership Firms

  • Income Tax returns (last two years)
  • Computation of income
  • Balance sheet/profit and loss account and all Schedules attested by Chartered Accountant
  • Bank statements of last three months
  • Business continuity proof (last three years)
  • Photographs of all applicants
  • Date of birth proof of all applicants
  • Identity proof
  • Memorandum & Articles of Association
  • Certificate of Incorporation
  • Chartered Accountant certificate for list of directors, shareholders and pattern of shareholding
  • Partnership deed
  • CA certificate mentioning the partnership and profit sharing details

Property Documents

  • Copy of title deeds, agreement to sell, encumbrance certificate
  • Approved plans and clearance certificates from authorities concerned
  • Allotment letters and /or by-laws of the co-operative society / association of apartment owners.

 


Disclaimer : Please note that the interest rates and eligibility criteria given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.
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