Need a little help with your Home Loan? Here are some answers to frequently asked questions. If there is something else that you would like to know please call us.
® How do I apply for the Home Loan ?
® What will my monthly installment payment be ?
® Can I make a partial pre-payment ?
If customers choose, they can make a partial pre-payment at any time before their loan matures. For this facility, the charges would be nominal.
® Can I make a full payment before my loan matures?
Customers have an option to pay off their entire loan amount at any given time. The charges would be minimal.
® What other payments will I need to make ?
Prepayment charges for all products at
the Adjustable Rate will
be different for each year.
- In the 2nd year the charges are 3% of the outstanding loan amount
- In the 3rd - 5th year the charges are 2 % of the outstanding loan amount
- Beyond 5 years the charges are 1% of the outstanding loan amount.
Prepayment charges for all products at the Flexi Fixed Rate will be:
® Can I change my installment/tenor if the need arises?
Incomes increase with time and people tend to use their incremental income to pay off their liabilities. To accommodate this, Citibank has come up with the Step-Up facility. This facility allows you to reduce your tenor and pay off your loan quicker. The charges for this are Rs 1000
® Can I sell my property before my loan matures?
You can sell your property & pay-off your outstanding loan. If you so wish, our preferred estate agents are ready to help you get the best possible deal for your existing home.
® Can I avail other Citibank products with Home Loans?
Being our Home Loan Customer enables you to enjoy preferential treatment while applying for other Citibank products such as Car Financing, Personal Loans or Credit Cards. The benefits accrued to you include credit Check waivers, a faster turnaround time, etc.
® What if I have problems locating a suitable property?
Our Preferred Estate Agents will help you in finding the perfect home or the ideal location for your land
® What about lawyers, appraisers and insurance?
We have a legal team which will ensure that the property is free from all encumbrances. Our appraisal experts will assess the value of your property to ensure that you have not overpaid. Finally, our insurance panel will provide you peace of mind by providing property & life insurance.
® What are some of the documents I need to submit ?
The documents you require include:
To see a detailed list of documents