Mortgage Solutions.
Thank you for choosing Citibank to help with your mortgage needs.
(This product is currently available for existing Citibank Mortgage customers only).
FEATURES
- Low interest rates starting from 3.25% per year including EIBOR
- Finance available for direct purchase, re-sale and balance transfer
- Finance up to 75% of the property value
- Loan amount up to 18.5 million or 7 years annual income (whichever is lower)
- Repayment period up to 25 years
Applicable towards completed residential UAE properties only
BENEFITS
- Fully transparent interest rates pegged to EIBOR for full term of mortgage
- Quick and easy processing
- Free property insurance for the full term of the mortgage*
- Overpayment of up to 25% of loan outstanding in an annual year with no charges
Citibank home loans can be availed upon meeting the below criteria:
- UAE national or a UAE Resident
- Aged between 21 to 65 years (at time of maturity of loan)
- Minimum salary of AED 15,000 per month
- Salaried, self-employed or professional
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Amortization Schedule
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Amortization Schedule
| YEARS | INTEREST PER ANNUM | PRINCIPAL | AMOUNT OWING |
|---|
Summary
| Monthly Repayment | Total Interest |
| AED: 4,385.85 | AED: 415,753.81 |
All nationalities and UAE residents earning a salary of AED 15,000 per month and above, who wish to purchase a completed property in the designated freehold areas of Dubai can apply for a mortgage from Citibank. If you are a minimum of 21 years of age and not surpassing the age of 65 years on maturity of the mortgage term, you are eligible to apply, subject to meeting Citibank’s lending criteria.
Citibank has a range of mortgages that suit your lifestyle and financial goals including:
- Financing available on new purchase, resale and balance transfer
- Various terms ranging from 60 months to 25 years
- Fixed or variable rates
The amount of deposit you need depends on the Loan to Value limit of the type of mortgage you choose and may vary depending on the individual circumstances, regulatory requirements and the Bank's final approval. Please speak to our Mortgage Specialist to find out more.
The maximum applicants allowed are two. Income can be clubbed from maximum of two borrowers for eligibility and joint borrowers/applicants should be blood relatives limited to parents & children and spouse only.
After you have made a selection on the property you wish to purchase and have a pre-approval issued from Citi, you will be asked to pay a non-refundable Valuation Fee, to obtain a professional valuation on the property from one of our valuation panel firms to ensure that the property has suitable security for the mortgage.
You will also incur a non-refundable Processing Fee which is usually a percentage of the amount requested for financing payable at the stage of signing the Offer Letter.
In addition, you should also bear in mind costs such as property Broker Fees, Title and Transfer Deed Fees, Developer’s Fees and moving costs (if applicable).
Your mortgage interest rate is pegged to the Emirates Inter Bank Offered Rate (EIBOR) for the full term of the loan thereby providing full transparency and greater security. The EIBOR shall be set and fixed on a quarterly basis and notified to you by the Bank from time to time. Interest is calculated on the daily principal balance outstanding on your home loan account. Your monthly installment will be applied against your outstanding balance, plus the interest accrued.
For Variable Rate: No, the interest rate quoted in the Offer Letter is a floating rate pegged on the prevailing EIBOR plus fixed business margin, any may be subject to change based on any further adjustment in the EIBOR as notified to you by the Bank from time to time.
For Fixed Rate: Interest rate quoted in the Offer Letter is a fixed rate for the lock in period offered to you, and will be changed and adjusted to the prevailing EIBOR once the fixed period expires.
Life insurance and property insurance (for apartments and villas) are both mandatory. You can take life and property insurance arranged by Citibank or provide your own cover through an accepted insurance provider and assign the benefit of the policy to Citibank.
The monthly instalment amount will be debited from your Citibank loan servicing account on each due date.
When you make a monthly mortgage payment, the interest accrued and the outstanding portion of the capital are repaid. Gradually, over the term of the mortgage the balance is reduced and the mortgage is fully paid at the expiry of the mortgage term.
You can make an overpayment at any time. Overpayments must not total more than 25% of the total outstanding loan amount in any calendar year. Such additional payments can only be made on your usual monthly installment date by notifying Bank in writing with no re-draws or cancellations allowed.
We will require you to repay the full outstanding balance of your home loan (principal plus interest) owing up to the time of sale, whereupon we will release our security over the property. Please contact your Relationship Manager for further details.
You may get started with your mortgage application in a number of ways:
- SMS HOME to 2484
- Call 800 CITI HOME (2484 4663)
- Email: homefinance@citi.com
- Via secure online form to request a call back from a mortgage specialist
Mortgages Schedule of Charges
Interest rates
| 3-Month EIBOR Based Rate (Emirates Interbank Offered Rate) | ||
|---|---|---|
| Loan to Value (LTV) less than or equal to 50% | 3 Month EIBOR + 2.8% p.a. | The EIBOR based rate is comprised of 3 month variable EIBOR which is updated on a quarterly basis and a fixed margin that remains fixed for the life of the loan. |
| Loan to Value (LTV) over 50% | 3 Month EIBOR + 3.3% p.a. | |
| Rates fixed for 2 years | ||
| Loan to Value (LTV) less than or equal to 50% | 4.25% for 2 years | After the initial 2 year period the rate will be as per 3-Month EIBOR Based Rate. The EIBOR based rate is comprised of 3 month variable EIBOR which is updated on a quarterly basis and a fixed margin that remains fixed for the life of the loan. |
| Loan to Value (LTV) over 50% | 4.50% for 2 years | |
| Rates fixed for 3 years | ||
| Loan to Value (LTV) less than or equal to 50% | 4.75% for 3 years | After the initial 3 year period the rate will be as per 3-Month EIBOR Based Rate. The EIBOR based rate is comprised of 3 month variable EIBOR which is updated on a quarterly basis and a fixed margin that remains fixed for the life of the loan. |
| Loan to Value (LTV) over 50% | 5.25% for 3 years | |
Insurance
| Life Insurance Premium | 0.0325% p.m. of outstanding loan amount (for Citi's insurance partners) | Life insurance is mandatory and must be assigned to the bank. Customers have an option of 1) assigning an existing policy from an insurance provider approved by Citi 2) obtain insurance from any Citi approved insurance provider or 3) purchase insurance through our Insurance partner(s). Insurance premium is payable along with the monthly installment on the payment date. |
| Property Insurance Premium | 0.04% p.a. of reinstatement value (for Citi's insurance partners) | Property insurance must be assigned to the bank. Customers have an option of 1) assigning an existing policy from an insurance provider approved by Citi 2) obtain insurance from any Citi approved insurance provider or 3) purchase insurance through our Insurance partner(s). Insurance premium is paid upfront for the forthcoming year. This is to be renewed annually by the borrower. |
Home Loan Closure Fees
| Clearance Letter | AED 50 | Charged for clearance letter upon loan settlement. |
| Early Settlement Charge | 1% on the amount of loan outstanding or AED 10,000, whichever is lower. |
Unless stipulated otherwise in your home loan agreement/offer letter: • your home loan is subject to an Early Settlement Charge, which is payable in the event that: 1) you sell the Property; or 2) you settle the Loan from your own funds; or 3) you transfer the Loan to another lender. |
Other Fees
| Home Loan Administration/ Processing Fee | 1% of loan amount, Min. AED 500 - Max AED 2,500 | Standalone administration fee payable on the amount of the approved loan to cover our cost of preparation of your documentation and processing of your loan and any other expenses that could arise. |
| Overpayment Fee: | No charge | Up to a maximum of 25% of the total outstanding loan amount in any calendar year. No re-draws. |
| 1% | Overpayments equal or greater than 25% of the total outstanding loan amount in any calendar year. No re-draws. | |
| Product Conversion Fee | AED 10,000 | Charged when converting from a home loan rate fixed for 3 years to a 3 Month EIBOR Based home loan |
| Non-standard statement production | AED 25 | Charge per document |
| Balance confirmation (written) | AED 50 | Charge per document |
| Home Loan liability letter | AED 100 | Charge per letter |
| Late payment fee | 2% of delayed amount Min AED 50 - Max AED 200 | To be paid if a payment is made after the due date |
| Change of parties on mortgage offer letter | AED 500 | Charged on re-issuance of offer due to change of names post drawdown |
| All other changes to offer letter (after issuance) | AED 2,500 | Charge per letter |
| Issuance of No Objection Certificate (NOC) | AED 1,000 | Charge per document |
| Loan rescheduling fee | AED 250 | Charged when the term of the loan is rescheduled (i.e. where there is an increase/decrease in the term) |
Property Valuation Fees
| Valuation fee | AED 2,500 |
Fee to be paid to the Valuer in the event a standard valuation is required. Please note that a valuation will need to be completed at the application stage for all completed properties and is non-refundable in the event the application does not progress. The valuation will be carried out by an independent valuation company on Citibank's panel In the event of a property swap a valuation of the new property will also be required. |
Special notes:
- This tariff sheet does not include any charges / fees of third parties ( e.g. Lands Department, Developer etc.) which must be borne by the customer on actual basis.
- All fees paid to the bank are non-refundable
Disclaimer
Only Citigold /Citigold Private Client (CPC) maintaining the minimum monthly average balance requirement for the respective client category would be eligible for a Mortgage Loan Citibank Terms and Conditions apply, are subject to change and are available upon request. For the current Terms and Conditions, please visit our website www.citibank.ae. All Offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. By inquiring about our services, offers or products, you will be authorizing our representatives to approach you on your contact details including your telephone/mobile number.
*Property insurance is free only if the insurance is purchased through Citi. The provider of the property is American Insurance Group. Citibank, N.A. is only the distributor of the insurance product. Insurance products are subject to exclusions and limitations, and special Terms and Conditions apply. You have the option to purchase insurance through a provider other than Citi.
**For all other applicable fees & charges please click here.
