About Citibank Home Loan
Home loan is a vital financial tool to fulfill your dream of buying your own home. Earlier, it was not very popular to borrow a home loan from a bank to purchase the home. Moreover, people were not very keen to buy a property by borrowing the money from any bank. But, today the trend has changed and now it has become common phenomena to borrow the loan from a bank to buy a property. There are plenty of banks and financial firms that offer home loan to the customers. You can avail the loan from any of these as per your requirements. The rate of interest for home loan differs from bank-to-bank. The lenders set interest rate based on your eligibility and other criteria.
Citibank is a premier private lender that offers you customized and unique features in home loan. You can avail the loan for the maximum period of 25 years. The loan is offered on flexible tenure. The maximum loan amount, which is offered to the customer is 80% of the market value of the property.
Citibank Home Loan Interest Rate
| Particulars | Details |
|---|---|
| Interest Rate | 8.45% Onwards |
| Loan Tenure | 25 Years |
| Loan Amount | INR 5,00,000 - INR 10,00,00,000 |
| Processing Fees | INR 5000 |
| Partial pre-payment Charges | Nil |
| Pre-closure Charges | Nil |
| Guarantor Requirement | Nil |
Citibank Home Loan Calculator
Suppose, you are interested in availing a loan of ₹20,00,000 from Citibank for 25 years at the rate of 6.65% per annum than what would be your EMI? Are you interested in knowing that? If yes, you can easily calculate the same with the help of an EMI calculator. Yes, this calculator allows you to know your EMI by doing all the calculations for you. This tool takes into the account, your loan amount, interest rate, and tenure, and gives you the results in return. You just need to enter these fields into a calculator, it will give you the results instantly. Well, the details of your payments are as follows:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 20,00,000 6.65% 1 ₹ 1,72,731 ₹ 72,772 ₹ 20,72,772 ₹ 20,00,000 6.65% 2 ₹ 89,228 ₹ 1,41,476 ₹ 21,41,476 ₹ 20,00,000 6.65% 3 ₹ 61,435 ₹ 2,11,647 ₹ 22,11,647 ₹ 20,00,000 6.65% 4 ₹ 47,568 ₹ 2,83,283 ₹ 22,83,283 ₹ 20,00,000 6.65% 5 ₹ 39,273 ₹ 3,56,378 ₹ 23,56,378 ₹ 20,00,000 6.65% 6 ₹ 33,763 ₹ 4,30,927 ₹ 24,30,927 ₹ 20,00,000 6.65% 7 ₹ 29,844 ₹ 5,06,923 ₹ 25,06,923 ₹ 20,00,000 6.65% 8 ₹ 26,920 ₹ 5,84,358 ₹ 25,84,358 ₹ 20,00,000 6.65% 9 ₹ 24,659 ₹ 6,63,222 ₹ 26,63,222 ₹ 20,00,000 6.65% 10 ₹ 22,863 ₹ 7,43,504 ₹ 27,43,504 ₹ 20,00,000 6.65% 11 ₹ 21,403 ₹ 8,25,193 ₹ 28,25,193 ₹ 20,00,000 6.65% 12 ₹ 20,196 ₹ 9,08,277 ₹ 29,08,277 ₹ 20,00,000 6.65% 13 ₹ 19,184 ₹ 9,92,741 ₹ 29,92,741 ₹ 20,00,000 6.65% 14 ₹ 18,325 ₹ 10,78,570 ₹ 30,78,570 ₹ 20,00,000 6.65% 15 ₹ 17,587 ₹ 11,65,748 ₹ 31,65,748 ₹ 20,00,000 6.65% 16 ₹ 16,949 ₹ 12,54,260 ₹ 32,54,260 ₹ 20,00,000 6.65% 17 ₹ 16,393 ₹ 13,44,086 ₹ 33,44,086 ₹ 20,00,000 6.65% 18 ₹ 15,904 ₹ 14,35,209 ₹ 34,35,209 ₹ 20,00,000 6.65% 19 ₹ 15,472 ₹ 15,27,608 ₹ 35,27,608 ₹ 20,00,000 6.65% 20 ₹ 15,089 ₹ 16,21,265 ₹ 36,21,265 ₹ 20,00,000 6.65% 21 ₹ 14,747 ₹ 17,16,159 ₹ 37,16,159 ₹ 20,00,000 6.65% 22 ₹ 14,440 ₹ 18,12,267 ₹ 38,12,267 ₹ 20,00,000 6.65% 23 ₹ 14,165 ₹ 19,09,568 ₹ 39,09,568 ₹ 20,00,000 6.65% 24 ₹ 13,917 ₹ 20,08,040 ₹ 40,08,040 ₹ 20,00,000 6.65% 25 ₹ 13,692 ₹ 21,07,660 ₹ 41,07,660
Year Principal Interest Balance Amount 1 ₹ 32,278 ₹ 1,32,028 ₹ 19,67,721 2 ₹ 34,491 ₹ 1,29,815 ₹ 19,33,229 3 ₹ 36,856 ₹ 1,27,450 ₹ 18,96,373 4 ₹ 39,383 ₹ 1,24,923 ₹ 18,56,989 5 ₹ 42,083 ₹ 1,22,223 ₹ 18,14,905 6 ₹ 44,969 ₹ 1,19,337 ₹ 17,69,936 7 ₹ 48,052 ₹ 1,16,254 ₹ 17,21,883 8 ₹ 51,347 ₹ 1,12,959 ₹ 16,70,536 9 ₹ 54,868 ₹ 1,09,438 ₹ 16,15,668 10 ₹ 58,630 ₹ 1,05,676 ₹ 15,57,038 11 ₹ 62,649 ₹ 1,01,656 ₹ 14,94,388 12 ₹ 66,945 ₹ 97,361 ₹ 14,27,442 13 ₹ 71,535 ₹ 92,771 ₹ 13,55,907 14 ₹ 76,440 ₹ 87,866 ₹ 12,79,466 15 ₹ 81,681 ₹ 82,625 ₹ 11,97,785 16 ₹ 87,282 ₹ 77,024 ₹ 11,10,502 17 ₹ 93,266 ₹ 71,040 ₹ 10,17,236 18 ₹ 99,661 ₹ 64,645 ₹ 9,17,574 19 ₹ 1,06,494 ₹ 57,812 ₹ 8,11,080 20 ₹ 1,13,796 ₹ 50,510 ₹ 6,97,283 21 ₹ 1,21,598 ₹ 42,708 ₹ 5,75,684 22 ₹ 1,29,936 ₹ 34,370 ₹ 4,45,748 23 ₹ 1,38,845 ₹ 25,461 ₹ 3,06,903 24 ₹ 1,48,365 ₹ 15,941 ₹ 1,58,537 25 ₹ 1,58,613 ₹ 5769 ₹ 0
Here are some features and advantages of Citibank home loan
Some special features of home loan:
- Attractive rate of interest for customers
- You can avail home loan of up to ₹10 crore
- Flexible repayment tenure up to 25 years
- You should be above 23 years of age to avail the loan
- Low-interest rate
- You must have a minimum two years of work experience
- Maximum amount of the loan is 80% of the property’s market value
- Flexibility to pay interest only during the construction period
- Low is available for ready-to-move-in property and under-construction property
- Rate of interest is calculated on daily basis
Benefits of Citibank Home Loan
- No need of co-borrowers or guarantors
- Get your queries answered through CitiPhone platform
- Enjoy online access to your home loan account
Citibank Home Loan Eligibility
The applicants need to fit into the below eligibility criteria so as to avail the home loan from Citibank:
- The minimum age of the applicant should be 23 years.
- The maximum age of the applicant should be 65 years.
- The applicant must be a salaried individual or a self-employed individual, having a regular income or salary.
- The applicant needs to have at least two years of work experience.
Citibank offers two options in home loan depending upon your requirements
Home loan vanilla options
Home credits give you the option of maintaining liquidity. An overdraft line is set on the home credit account and interest savings arising out of the home credit facility go towards increasing this line. You can always withdraw the amount.
Home credit fast track
Home credit fast track offers you the option of repaying for a home loan faster. Interest saves are adjusted to towards lowering your outstanding loan. It will help you in reducing the tenure of your loan and enable faster closure of your home loan.
Citibank Home Loan Documents
| For Salaried | For Self-Employed |
|---|---|
| Signed application form with photograph | Signed application form with photograph |
| ID and residence proof | ID and residence proof |
| Approved Building Plan | Approved Building Plan |
| Last 3 months bank statements | Last 3 months bank statements |
| Last 3 months salary-slips | Last 2 years Income Tax Returns |
| Form 16 or Income Tax Returns | Last 2 years CA Certified Profit & Loss Account |
In order to avail the home loan, Citibank will charge you with an interest rate of 6.65% p.a. onwards. You can get the loan from the bank, by paying this interest till the time you repay the loan. However, one thing that needs to be mentioned here is the fact that depending upon the profile of individuals the interest rates vary. So, to avail an attractive rate of interest, you should work on enhancing your profile for the same.
Citibank Home Loan Statement
If you have taken a home loan from Citibank, it is obvious that you also want to get the monthly statements for the same. Don’t worry, with Citibank home loan, you will surely get your monthly statements on a regular basis. With these statements, it is easy to check and monitor each and every activity related to your home loan. Now, you don’t have to call the bank or visit the branch near you so as to get your statements. They will automatically reach to your inbox, giving detailed information about your home loan.
Citibank Home Loan Customer Care
In case, you have any queries related to your home loan, feel free to get in touch with the bank through its toll-free customer care numbers. The bank provides different numbers for different locations all over India so as to solve your queries or complaints in easy and quick manner. The bank executives are always there to help and guide you in the best way possible.
Citibank Home Loan Eligibility Calculator
Just like an EMI calculator, there is an eligibility calculator which is used to calculate the eligibility for a particular loan. You can use an eligibility calculate to check how much loan amount you can get so that you can plan your loan accordingly.
Citibank Home Loan Review
If you want to go through the Citibank Home Loan Review, you can easily do the same with the help of various online sites. Yes, there are plenty of sites available online, giving you the review of many customers to look at. With the help of these reviews, you can get an insight what other customers are thinking.