Citibank India has decreased its home loan interest rates by 0.10%, or 10 basis points with effect from Sunday, January 07, 2018. This interest rate cut will reduce the cost for those people who have taken their home loan advances on floating rate of interest.
Citibank India – Current Home Loans and Housing Finance Interest Rates
New Delhi (Delhi, India), February 25, 2018
Citibank India Cuts Home Loan Interest Rate to 8.50% Per Annum
The Citibank India has decreased its home loan interest rates by 0.10 percent, or 10 basis points with effect from Sunday, January 07, 2018.
Citibank India has revised its minimum floating interest rate for home loan from 8.60 percent to 8.50 percent per annum (MCLR-3Month + 0.50%) for salaried applicants (EMI Rs. 805 per lakh for a period of 25 years) for the home loan amount up to Rs. 75,00,000 and from 8.85 percent to 8.75 percent per annum (MCLR-3Month + 0.75%) for self-employed applicants (EMI Rs. 822 per lakh for a period of 25 years) for the home loan amount up to Rs. 75,00,000.
The home loan interest rate of Citibank India is benchmarked or linked to its Three-Month MCLR (Marginal Cost of Funds based Lending Rate). Citibank India’s current Three-Month MCLR, which is called MCLR-3M, is 8.00 percent per annum with effect from Sunday, January 07, 2018.
Citibank India’s reduction in current mortgage loan interest rate will bring down the cost of funds for those people who have taken their home loan advances on floating rate of interest. However, this interest rates revision will not affect the Citibank India’s fixed rate customers, as their contracted rates will remain unchanged.
Citibank India Housing Finance – Current Home Loan Interest Rates for Various Category of Borrowers
Citibank India Home Loan Interest Rate for Salaried Women:
8.50% Per Annum for Home Loan Amount up to Rs. 75,00,000
9.00% Per Annum for Home Loan Amount above Rs. 75,00,000
Citibank India Home Loan Interest Rate for Self-Employed Women:
8.75% Per Annum for Home Loan Amount up to Rs. 75,00,000
9.25% Per Annum for Home Loan Amount above Rs. 75,00,000
Citibank India Home Loan Interest Rate for Salaried Men:
8.50% Per Annum for Home Loan Amount up to Rs. 75,00,000
9.00% Per Annum for Home Loan Amount above Rs. 75,00,000
Citibank India Home Loan Interest Rate for Self-Employed Men:
8.75% Per Annum for Home Loan Amount up to Rs. 75,00,000
9.25% Per Annum for Home Loan Amount above Rs. 75,00,000
Citibank India Home Loan Interest Rate for Weaker Section Borrower: 8.40% Per Annum for Home Loan Amount up to Rs. 28,00,000
Citibank India Home Loans Minimum Borrowing Amount: Minimum Home Loan Amount is Rs. 1,00,000
Citibank India Home Loans Maximum Borrowing Amount: Maximum Home Loan Amount is Rs. 10,00,00,000
Citibank India Home Loans Rate of Interest is Floating or Fixed: Floating Rate of Interest
Citibank India Home Loan Processing Fee and Documentation Charges: 0.50% of the Loan Amount (Maximum Rs. 20,000 plus GST)
Minimum Tenure for the Citibank India Home Loan: Minimum Home Loan Tenure is 3 Years
Maximum Tenure for the Citibank India Home Loan: Maximum Home Loan Tenure is 25 Years
Minimum Age Limit for Getting the Citibank India Home Loan Sanctioned: Minimum Age 21 Years at the Time of Home Loan Commencement
Maximum Age Limit for Getting the Citibank India Home Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and Self-Employed Applicants at the Time of Home Loan Maturity
Quantum of Citibank India Home Loan: Up to 80% of the Home Value
Different Options for Making Citibank India Home Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Citibank India Home Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty for Citibank India Home Loans and Citibank India Home Improvement Loans with floating rate of interest
Charges for Citibank India Home Loan EMI Late Payment: Minimum 2% Per Month of the Citibank India Home Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Citibank India Home Loan EMI Cheque, AD, or ECS Bounce Charges: Rs. 500 plus GST
Conversion Charges for Citibank India Floating Rate of Interest Home Loan: 0.50% of the Citibank India Home Loan Principal Outstanding Amount plus GST (Minimum Rs. 10,000 plus GST)
Guarantor Requirement for the Citibank India Home Loan: No Guarantor is Required
Citibank India Home Loan Margin Amount:
Minimum 20% of the House or Property Purchase Value up to Rs. 20,00,000
Minimum 25% of the House or Property Purchase Value from Rs. 20,00,001 to Rs. 75,00,000
Minimum 30% of the House or Property Purchase Value above Rs. 75,00,000
Citibank India – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Citibank India