Citibank Home Loan – Key Notes To Understand
Citibank is one of finance lending institutions in India, which is known for its quality banking service. Renowned as provider of loans and credit cards, Citibank has gained stronghold on market today. It is trusted by millions of loan seekers around the country. Home loan is one of the most important loans of the bank. The finance is available at a very attractive interest rate.
Eligibility criteria are some of the most important considerations in order to get sufficient amount of loan from the bank. With such criteria, the bank ensures whether or not the potential customers are eligible to avail finance for new home.
The salaried individuals need to have gross salary income of Rs 1 lakhs to qualify for Citibank home loan. The borrowers should be aged 23 years old and maximum age should be 58 years old or retirement age at the time of maturity of loan tenure. The salaried individuals have to show work experience of 2 years of the company they are working in. in other words, one needs to show full credentials about one’s employment to apply for Citibank housing finance.
For the self-employed individuals, Citibank’s home loan eligibility requirements include current income, age and repayment capacity. Such applicants have to show documents stating that they are earning Rs 85000 gross annual income. They also need to show proof of three years of business continuity operation to the bank. So far age is concerned, business persons or self-employed individuals should be aged minimum of 23 years and maximum of 65 years.
Citibank housing finance is available under repayment tenure of 25 years max. The mode of repayment can be done through either by Post Dated Cheques or using Electronic Clearing System. Facility of postdated cheques can be availed from your bank’s account while the electronic clearing system can be availed from the banking account of other bank.
The maximum amount of up to Rs 5 crore can be availed from the bank in order to purchase a new ready home while Rs 2 crore can be availed for self-construction.
Housing finance from bank can be repaid through EMI which is predetermined as per the calculation of prevailing rate of interest of the bank. For this, a customer should visit at the website of Citibank to get thorough information indicating EMIs on different repayment duration. The rate of interest is calculated on daily reducing method.
Home/housing finance of bank includes an interest rate of 2% if you want to repay the loan amount borrowed. The same interest rate is charged in the case of refinancing your existing housing loan (also called balance transfer charge). On your principal outstanding, an interest rate of 1% is charged if you want to switch interest rate of fixed to floating or vice versa. To make sure that customers experience good banking service, Citibank processes your application faster, say within 7 days of the date of submission of the application.
Citibank is one of the most famous banks of India. The bank offers loans and credit card services in the country. Home loan is one of the best products of the bank. It can be used to buy new house and other property. To obtain the finance, one should follow eligibility requirements, documentation and other criteria.
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