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Citibank Home Loan Interest Rate

Purchasing a house or an apartment can be treated as a lifetime achievement. It is no small decision to buy a house, plan the financing and see through the entire process. An important aspect of this activity is assessing one’s own financial situation and taking appropriate steps to fund this life goal. A home loan helps plug in the finance required to buy a house. It is the amount borrowed from the bank with a certain rate of interest over a fixed period of time to buy a house or a piece of land to build one. A home loan ensures that your personal financial portfolio gets enough liquidity to meet other obligations.

In our country, home loans are relatively cheaper as compared to the rest of the world. The interest rate starts from 8% to 9% range. Today, there are many types of home loans available with various banks to suit the needs of different people. This has contributed to the growth of the housing market as it has made the process of buying a house much easier. With growing prices in the real estate market, purchasing a house is considered a strong investment.

Citibank Home Loan Interest Rate

Citibank home loan interest rate is influenced by many factors like age of the applicant, income, credit history, repayment capacity and internal policies of the bank. Following is an overview of MCLR:

Overnight MCLR8.00% (p.a)
One Month MCLR8.20% (p.a)
Three Months MCLR8.35% (p.a)
Six Months MCLR8.5% (p.a)
One Year MCLR8.55% (p.a)

Variable Rate Loans

Home LoansTBLR 3M + 2.10% p.a. to TBLR 3M + 2.95% p.a.
Home Loans with Home CreditTBLR 3M + 2.20% p.a. to TBLR 3M + 3.10% p.a.

Semi-Fixed Rate Loans

Home Loans8.75% p.a. (Fixed till 31st July 2019)
Applicable TBLR 3Month + 2.25% p.a. (From August 1, 2019 onwards)
Home Loans – With Home Credit8.85% p.a. (Fixed till 31st July 2019)
 Applicable TBLR 3Month + 2.40% p.a. (From August 1, 2019 onwards)

It is important to note here that the interest rates are subject to change on the discretion of the bank. Therefore, it is advised to check with the bank on the latest figures before applying for the loan.

Citibank Home Loan Overview

Citibank offers home loans for many purposes including purchase of a new house or an existing one or to build a new house. The home loan interest rates offered by the bank are amongst the most competitive ones in the market. Some of the main feature are:

  • Citibank home loans offer one of the best interest rates in the segment.
  • One can get home loans upto Rs 10 crore depending on eligibility.
  • Repayment tenure is quite flexible upto 25 years.
  • Citibank processes home loans upto 80% of the property cost.
  • The bank also offers flexibility to pay interest only during the construction period.
  • Citibank calculates interest on daily reducing balance method.
  • The bank does not insist on co-borrowers or guarantors.
  • One can access all details of the loan through online account.
  • Top up loans are available for expansion or renovation work.
  • Simple and easy documentation.

Factors That Affect Interest Rate on Your Home Loans

Banks offer varying interest rates to applicants depending on their financial background. There are some factors that influence this decision.

Credit Score :

It is important to have a good credit score to secure a loan easily and at good interest rates. If your score is on the higher side, the bank will be more inclined to offer you home loan at a competitive rate. There is a sense of confidence in the repayment capacity of the individual. If your credit score is on the lower side, it is required to settle all your current debts and try to improve the score. A good score can help in getting better rates that will save you much amount of money.

Loan Amount :

The interest rate on home loans depends on the amount of loan taken. If the loan amount taken is huge, the interest rate will also be on the higher side. There is an increased risk to be taken by the bank in such cases and hence, banks charge a higher rate of interest. Women applicants have favourable terms and conditions and concessional interest rates.

Down Payment :

When you purchase a house or book an apartment, an initial payment needs to be made which is called down payment. If the down payment is high, the loan to be borrowed is less. This means lesser rate of interest. If additional amount is paid for down payment, the loan amount become lesser, thereby helping in saving additional money on the interest.

Type of Interest :

Home loan interest rates are of two types – Fixed and Floating. In the fixed scheme, the rate of interest remains unchanged throughout the tenure of the loan. In the floating type, the rate of interest varies with the market conditions. There are no prepayment charges applicable under this scheme of interest rate.

Citibank Home Loan Eligibility

Citibank has laid down some basic rules for an applicant to apply for a home loan. If the applicant fulfils this eligibility criteria, it is guaranteed to receive a loan.

  • The applicant must be salaried or self-employed
  • Must be at least 23 years of age with a minimum of 2 years of work experience
  • Resident Indian or NRI

How to calculate EMI on Citibank Home Loan

Citibank offers EMI calculator on their website which helps in calculate the monthly payments to be made. This helps in planning for your finances and prudently manage other obligations as well. The online tool is quite easy to use and accurate in its results. The EMI calculator requires the loan amount, interest rate and tenure of the loan to calculate the monthly instalments and the total interest to be paid. One can use the online calculator as many times you would like. It helps in erasing any human error that may happen in manual calculation.

One can access Credit Mantri’s Home loan EMI calculator to calculate the EMIs that need to be paid towards loan repayment. One needs to enter the figures of loan amount, interest rate and tenure correctly to get a detailed break-up of the amount borrowed, interest and any applicable processing charges. The EMI calculator helps in planning your finances in a judicious manner.

Citibank Home Loan Status

Once you have shown interest in applying for a Citibank home loan, a bank representative will contact you to collect requirement documents. Once the documents have been duly submitted, the bank assesses the details against the eligibility criteria. If the applicant meets the criteria, the approval of loan is communicated. Thereafter, the loan amount is disbursed.

It is possible to track your home loan status with Citibank through the online account. One needs to enter the application reference number to check the current status of the application. One can also visit the nearest Citibank branch to get real time updates on the application. The 24x7 customer care will also share the updated information on your application.

How to Apply for Citibank Home Loan

One can easily apply for a Citibank home loan through both offline and online methods.

Offline : Citibank has a wide network of bank branches across the country. One can walk into the nearest branch and consult a bank representative on the home loans available. An application can be submitted then and there followed by the required documentation.

The Citibank customer care service can also take in requests for home loan applications. They will assign a bank representative to your inquiry and ensure a guided process to complete your application.

Online: One of the easiest and fastest ways to apply for a home loan is through the Citibank website. The online application is quite simple and quick for submission.

One can also apply through CreditMantri for home loan. Here, all details regarding eligibility criteria, documentation, overall process etc., can be easily found. This helps in saving time to get information from many other places.

Citibank Home Loan Interest Rate: FAQs

1. How can one repay the home loan EMI?

There are many options offered by Citibank to repay your home loan. It can be done through Standing Instruction with the bank or through NACH (National Automated Clearing House)

2. What is the maximum home loan amount that can be availed?

Citibank offers maximum home loan amounts between Rs 5 and Rs 10 crores.

3. Is it possible to get a pre-approval on home loan and avail the home loan later?

Yes, the bank allows an in-principle approval on your home loan on the basis of your income and repayment capacity. After identifying the property to be purchased, the actual loan can be availed. It is critical to ensure that the property is meets the Citibank Credit parameters for a final approval.

4. What is the maximum loan tenure available with Citibank?

Citibank offers flexible loan tenure upto 25 years. However, the actual period of the loan will be decided by the bank on the basis of your application.

5. What is the loan to value amount that can be received from the bank?

Citibank offers 80% loan of the total property cost. This is however based on the valuation of the property to be done after submitting your application.

Citibank Home Loan Interest Rate - Customer Reviews

0 / 5 (1 Reviews)
16 Nov 2020

A very detailed and in-depth analysis of my credit report,

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