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Citibank Home Loan Balance Transfer

Citibank Home Loan Balance Transfer


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Citibank Home Loan Balance Transfer

Buying a home is one of the biggest decision a person makes in their life. It continues to be a costly affair which one cannot pay with a single down payment due to the cost of houses being very high. It is for this purpose people opt for home loans using which they can get their dream home and repay the money borrowed in the form of monthly instalments or EMIs.

Now if an individual had done their due diligence and research before applying for the loan they would have the best home loan deal and will pay the loan according to the plan and will not think twice about it. But what if a person had not done proper due diligence or research before applying for a home loan and later come to know of better loan offers like what Citibank offer, what can they do? This is where home loan balance transfer comes in handy.

What is home loan balance transfer?

If a person feels that they can get better terms from another bank on their home loan which they had previously availed, they can transfer the home loan from existing bank to the new bank.

How does home loan balance transfer work?

The new bank will settle the balance amount to be paid to the existing bank in full and take up the loan based on the terms finalized with the borrower.

What are the reasons for home loan balance transfer?

The reasons one might go for home loan balance transfer are as follows

1. If you are paying higher interest rate compared to other banks in the industry, then one will go for balance transfer.

2. If your current bank’s loan tenure is low while another bank can provide a higher tenure. The added advantage is that with longer tenure you will have lesser EMI each month.

3. Service related issues with the bank

Citibank Home Loan Balance Transfer

Citibank offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title to the house/flat.

Advantages of Citibank Home Loan Balance Transfer

  • Low Interest Rates
  • No Hidden Charges
  • No Pre-Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Home Loan Available as Overdraft

Citibank Home Loan Balance Transfer Eligibility Criteria

The eligibility criteria for both salaried and self-employed is the same

AgeDepending on the bank’s internal policies
Resident typeIndian National or NRI
Loan TenureUp to 20 years
Loan AmountUp to INR 5 crore

Fees and Charges for Citibank Home Loan Balance Transfer

Processing FeeAs per the bank’s schedule of fees and charges
Prepayment Charges and part prepayment for floating rate loanNIL

Citibank Home Loan Balance Transfer Interest Rate

The interest rate on Citibank home loan balance transfer is set at the discretion of the bank and it is subject to change from time to time.

Documents Required for Citibank Balance Transfer Home Loan

List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Loan Application: Completed Loan Application form duly filled with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhar Card

Property Papers:

  • NOC from Society/Builder
  • Registered agreement for sale
  • Occupancy Certificate
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
  • Chain of all old Agreements for sale

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & loss A/c for last 3 years
  • Business License Details (or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

Documents from the other Bank:

  • List of original documents held at Bank
  • Loan a/c statement for the past one year
  • Sanction Letter
  • Interim Period Security

Citibank Home Loan Balance Transfer Process

The process for Citibank process for Home Loan Balance takeover is as follows

  • You can apply for the balance transfer by visiting the Citibank website or by visiting the nearest branch to finalize on your loan terms.
  • Once your loan terms are finalized with Citibank you need to submit a letter to your current lender requesting your home loan be closed and get a NOC which will take at least 3 weeks.
  • Once the NOC is obtained you will need to submit it to Citibank along with all the documents that are required by them, who after verification will pay your balance to your current lender. The current lender then will issue a foreclosure certificate which should also be submitted to Citibank. The borrower can now commence paying the EMI with new loan terms decided with Citibank.

EMI Payment Methods

Your Citibank home loan can be repaid in following three ways.

Standing Instruction (SI) is the best way to repay your home loans if you are an existing account holder with Citibank. Your EMI amount will be debited automatically at the end of the monthly cycle from the Citibank account you specify. Then there is the option of Electronic Clearing Service (ECS) which can be used if you have a non-Citibank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account. Lastly there is the Post-Dated Cheques (PDCs) using which you can submit post-dated EMI cheques from a non-Citibank account at your nearest Citibank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Citibank Home Loan Balance Transfer Eligibility Check

Before a person applies for an Citibank Home loan balance transfer it is best to do an eligibility check which is available on the Citibank website and at This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Citibank Home Loan Balance Transfer Calculator

To make life easy for customers and know exactly how much they need to pay every month customers can make use of the Citibank Home loan balance transfer calculator.

The importance of this is that customers will know how much EMI is remaining and how much they will have to pay for the rest of the home loan if they transfer to Citibank. This helps them to decide if they should do balance transfer.

Citibank Home Loan Balance Transfer FAQ

1. How to apply for Citibank home loan balance transfer?

You can apply for the home loan balance transfer by visiting the Citibank website or by visiting the nearest branch.

2. How can I check the status of my Citibank home loan balance transfer?

You can check the home loan balance transfer online by providing the application number or by contacting Citibank home loan customer care number.

3. Are there any special Citibank home loan balance transfer offers?

All banks provide offers to customers who are bringing their business from another bank. Citibank might also provide special offers. You will need to contact Citibank representatives for more details

4. How to Transfer Citibank Home Loan Balance?

You need to apply for a home loan balance transfer with Citibank. Once your application is approved, you need to provide the existing bank with a letter stating that you want to close the loan and transfer it to Citibank. Once the existing bank accepts, Citibank will pay your current lender bank the outstanding home loan amount and the balance to be paid with Citibank.

5. What are the benefits of taking an Citibank home loan balance transfer?

The benefits are as follows

  • Low Interest Rates
  • No Hidden Charges
  • No Pre-Payment Penalty

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