Is there any special benefit and offers for being an existing customer of Citibank?
Yes, being an existing customer of Citibank you’ll get special offers and minimal documentation for Citibank Customers.
Do I need a guarantor or co-applicant for Home Loans?
No, you don’t need a co-borrower or a guarantor.
How is the interest calculated on Citibank Home Loan?
The interest on Citibank Home Loan will be calculated on daily reducing balance.
What is Home Credit Vanilla and Home Credit Fast Track?
Home Credit Vanilla is a credit option provided by Citibank, which gives the borrower the option to maintain the liquidity. When you choose Home Credit Vanilla, an overdraft line will be set on the Home Credit account and interest savings arising out of the Home Credit facility go towards increasing this line, which is always available for withdrawal by you.
Home Credit Fast Track lets you repay the home loan faster. Interest saves are adjusted towards reducing your loan outstanding, which effectively reduce the tenure of your loan and help you close your home loan faster.
Can I get a pre-approval for my loan now and avail a Home Loan later?
Yes, based on your income and repayment capacity, Citibank can offer you an in principle approval for your Home Loan. You can easily identify the property you need to buy based on the approved loan amount. However, the property should meet Citibank Credit parameters for obtaining a final sanction.
How can I make a repayment for my Home Loan EMI?
You can pay your EMI either through SI (Standing Instruction) on your Citibank account or through NACH (National Automated Clearing House).
What is the interest rate slab for a Salaried borrower?
The applicable interest rate for a Salaried borrower is 8.60% to 9.10%.
An interest rate of 8.50% applicable for Semi-fixed loans, fixed for 1 year. After that an interest rate equal to 3 months MCLR + 0.45% per annum will be charged, 8.60% at present .
What is the interest rate slab for a Self-Employed borrower?
An interest rate ranging from 8.85% to 9.35% is applicable for a Self-Employed borrower.
The applicable interest rate for semi-fixed loans is 8.75%, valid for 1 year. After completion of one year, an interest rate equal to 3 months MCLR + 0.70% per annum will be applicable, 8.85% at present.
Do I have to provide any security or collateral to avail Citibank Home Loan?
The Equitable / Registered Mortgage / Extension of Mortgage of Land and Building / Flat of the property for which the loan to be sanctioned, needed as security.