Citibank Home Loan Review: One of India's Best Home Lenders

Citibank Home Loan Review: One of India's Best Home Lenders

Citibank offers a range of inexpensive home financing products.

Good for

  • Individuals seeking affordable loans in order to purchase a home

Bad for

  • Individuals seeking a home loan balance transfer

Editor's Rating

4.5/5.0

Citibank offers some of the most affordable home loan products in India, making it worth considering regardless of what type of home financing you seek. In particular, the bank tends to offer very competitive fixed rate home loans as well as affordable home loan top up rates. When comparing home lenders and their rates, you should always consider Citi.

Summary of Citibank's Home Loans
Cheapest Fixed Rate Home Loans: 8.75% - 9.05%
Maximum Loan Amount Rs. 10 Crore
Maximum Loan Tenure: 25 years

Table of Contents

What Makes Citibank Home Loans Stand Out to Borrowers

Citi offers a range of affordable home loan products. With that said, its fixed rate home loans typically stand out the most. This is because the bank offers the some of the best fixed rates for home loans in India. However, the Citi's Takeover Plus Enhancement balance transfer loan is less competitive compared to those of other lenders in India.

Citibank Home Loan Interest Rates

Loan TypeInterest Rate
Floating Rate Home Loan9.00% - 9.85%
Fixed Rate Home Loan8.75% - 9.15%
Home Loan Takeover with Enhancement/Home Loan Top-up (Fixed)9.25%
Home Loan Takeover with Enhancement/Home Loan Top-up9.50% - 10.50%
* Updated November 2018
Loan TypeInterest Rate
Floating Rate Home Loan9.00% - 9.85%
Fixed Rate Home Loan8.75% - 9.15%
Home Loan Takeover with Enhancement/Home Loan Top-up (Fixed)9.25%
Home Loan Takeover with Enhancement/Home Loan Top-up9.50% - 10.50%
* Updated November 2018

Who Can Apply: Eligibility Criteria

Consider this if you seek an affordable home loan

Maximum Loan Tenure 25 Years
Processing Fee up to 0.4% of loan amount + Rs. 5,000

Citibank offers home loans to Indian Residents and Non-Residents in India. The bank only offers home loans in Delhi-NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, Jaipur, Coimbatore, Ahmedabad and Chandigarh. While the bank does not provide additional specifics on its website regarding its eligibility requirements, most home lenders in India consider your credit history, income level and financial position when deciding whether to offer you a loan. Additionally, most banks in India charge lower interest rates to women and salaried employees.

Other Charges and Fees

Citibank charges a processing fee of up to 0.4%, which is below the market average for home lenders. With that said, the bank also changes an application fee of Rs. 5,000. Citi also levies a number of other fees, which potential borrowers should be aware of, as these fees can drive up the total cost of you loan.

FeeAmount
Processing Feeup to 0.4% of loan amount
Application FeeUp to Rs. 5,000
Cheque Bounce FeeRs. 500
Prepayment Charge2% (only for part prepayments of 25% more than sanctioned amount for semi-fixed rate home loans)
Foreclosure Fee2% (fixed rate only)
Late Payment Interest Rate24% p.a.

How to Apply: Application Process

In order to apply for a home loan from Citibank, individuals must fill out a short form online. The bank will then reach out to assist you with the application process. In particular, Citi helps home loan applicants with burdensome task of submitting required documents. Lenders in India tend to require that home loan applicants submit documentation proving their identity, address, employment and income in addition to several documents related to the relevant property.

Documents Typically Required for Home Loan Applications

  • Proof of Identity/Residence: Aadhar Card, Passport, Driver’s License or Voter ID card
  • Proof of Income: Salary Slips, Bank Statements, Form-16 and IT Returns
  • Property Related Documents: Sale Agreement, Receipt of Initial Payment, Approved Construction Plans (if applicable)
  • Passport size photograph