City Bank Home Loans
Citibank has come up with one of the best home loan offers for its customers. With the proposal of providing loans at the lowest interest rates for the customers, it will be convenient for the people to build and buy their dream home.
Citibank interest rates start at 6.44%. According to your eligibility, you can get a home loan of up to 10 crores from this bank.
In Citibank, along with the interest on the loan, processing fee is also levied, which is according to the customers. With Citibank Housing Financial Scheme you can get financing up to 80% of your total asset cost. In this article we will discuss about the interest rates of city bank.
Interest rate of City Bank for Home Loans
City bank has reduced their interest rates on home loans for their precious costumers which are shown below:-
Rate of Interest- 6.44% p.a. - 7.19% p.a.
Loan amount- Rs. 10 crores
Chargeable Application Fee- up to Rs.5,000/-
Penal interest rate - 2% of the total loan amount
Prepayment/Foreclosure Charges- 0 - 2%
Maximum tenure - 25 years
Fixed rate home loan package- Available
City Bank Home Loans EMI Calculator
You can easily calculate Citibank home loan EMI by using the EMI Calculator on GRD India Finance Services PVT LTD. With this calculator, you can track your monthly installments and manage your finances in a matter of seconds. Simply you have to enter your preferred loan amount, interest rate, loan tenure and processing fee. Then Click on "Calculate" to check your EMI. On your screen this calculator will show you all the details about your monthly EMIs. It helps you to budgeting your monthly finances.
(Mention EMI calculator link here)
Citibank Home Loan Schemes
- Citibank Home Loans for resident Indians
. Applicant can apply for home Loans of up to Rs.10 crore.
. Flexibility in loan repayment Tenures of up to 25 years.
. Interest Rates starting from UpTo 6.44% p.a.
. Availability of Home Credits.
. Interest calculated on daily reducing balance.
. No guarantors/co-borrowers required for applying home loan.
. No processing charges on floating rate of interest.
- Citibank Home Loan Schemes for NRIs.
. Apply for Loan amount of up to Rs.5 crore
.Financing of up to 80% of the value of property.
Eligibility criteria for home loan in city bank:-
Nationality- Indian Residents or NRIs
Type of Employment - Salaried and Self Employed
Age 23 – 60 years.
Job Stability (for Salaried)- 2 years
Required documents for home loan in city bank
- For Residence Indian:-
. Identity proof- voter ID, Aadhar Card, Driving license, Pan Card.
. Residential address proof- Electricity bill, Rent Agreement.
. Proof of age- Birth certificate, Aadhar Card, voter ID, Pan Card.
. Passport size photograph (coloured)
. Property related documents
. Employment status- salaried/ self employed
(Income proof for salaried)
Latest bank statement/ Salary slip 2 months, ITR or Form 16, 3 months bank statement showing salary credit and any EMI debit, 2 years work experience.
(Income proof for self employed)
ITR file, Balance Sheet / Account Statement for the last 2 years with profit & loss, with all schedules attested by a Chartered Accountant, 3 Months Bank Statement, Proof of business continuity for 3 years.
- For Non Resident Indians
. Passport size photograph (colour)
. Copy of Passport
. Identity proof
. Residential address proof
. Salary Slip of last 3 months
. Work or employment contract for the last 2 years.
. Bank statement of last 3 months
. Property related documents
Frequently Asked Questions
- Can I extend the tenure of my home loan in City Bank?
You can extend the stipulated tenure of the home loan up to 25 years only. Your loan amount and tenure is decided on the basis of your age eligibility, Banks also believe more in giving loans only to those people who have the ability to repay the loan before their retirement so, increasing your tenure means increase your age eligibility also. So, you cannot extend the loan tenure for a longer period.
- What should I do if my EMI gets bounced?
If any of your EMI gets bounced, please make sure to make the second payment of the bounced EMI. If you do not pay the bounce EMI, then it may attract penal interest on you which can increase your loan EMI and it can also affect your image. Please note that violating EMI instruction is a criminal offense under Section 138 of the Negotiable Instruments Act.
- Can I get a top up on my loan?
With Citibank Takeover Plus Enhancement scheme, you can not only reduce your repayments of your home loan, but also get a top up on your existing loan to increase your loan limit. It makes your loan repayment easier.
- What can be a reason for rejection a home loan in City Bank?
The reasons for home loan rejection generally remain the same across banks, one thing to be expected is that each bank has its own internal policies in lending to eligible borrowers. Citibank home loan may get rejected due to the following reasons.
. Bad cibil score
. Frequent job changes
. Low salary/ income
. Working in delisted private company
. Not come under age limit
. Living at an address that is on the defaulter list
- Where can I get details of Citi bank Home loans?
There are many ways to collect information about home loan from city bank. You can visit the nearest branch of Citibank for home loan information, and get all the information from its manager. And if you do not have much time to spent, then you can get the information of Home Loan in Citibank from their official website through the online process sitting at home, or you can directly get it from our company's site which is "www.grdindia.in"
- How to apply for Citibank home loan?
There are several ways to apply for home loan in city bank. You can visit to your nearest branch of Citi bank where you will get a loan application form which is most important for your loan, or you can apply for loan by online method also. You can directly visit there official website also or you can directly apply by our website in one tap. Which is mention here" www.grdindia.in".
- Why was my home loan rejected though I have good credit score?
It is not only necessary to have a good CIBIL score to get a home loan. Banks and other financial institutions also consider your income & age along with this they check your ability to repay the loan. Therefore all the banks have their own prescribed eligibility criteria for all borrowers. To get a home loan approved you must have to crack their eligibility criteria by showing your all documents required for home loan.
- What Is the home loan processing time in city bank?
Once your home loan application form is submitted along with all your required documents for home loan, Citibank takes 3-7 working days to process your loan. There are certain verification process to get the home loan sanctioned, once you are verified you will get the loan sanctioned easily.