Their unique home loan offering makes them the preferred choice amongst customers. With the power-packed features of Citi home loans, make your dream home a reality.
Interest calculated on daily reducing balance
No co-borrowers/guarantors required*
Convenient repayment through Standing Instruction or Electronic Clearing System
CitiPhone platform to answer all your queries
Online access to your Home loan account
Special features of Citibank Home Loans
Attractive Interest Rates
Easy Home Loan up to Rs. 7.5 crores*
Flexible repayment tenure up to 25 years*
Home Loans up to 85% of the property value*
Flexibility to pay interest only during construction period
Home Loans available for
Purchase of under construction properties
Purchase of Ready Property
Self Construction
Purchase of Plot and Self construction thereon
Maximum number of Housing loans permitted:
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Maximum of three housing loans, other than loan for repairs / renovation / Improvement/ extension, is considered subject to borrower's income/ repayment capacity, satisfactory status of the previous loans etc..
v
All housing loan limits availed for purchase of/ construction/ repair/renovation/ extension etc., are clubbed together for the purpose of charging Rate of Interest.
Pre Payment Penalty:
a) Prepayment charges shall not be levied when the loan amount is paid by the borrowers out of their own fund/sources
b) In all other cases, Prepayment charges shall be levied as under:
0.50% on loan amount prepaid under the floating rate option
1.00% on loan amount prepaid under the fixed rate option
Conversion Charges :
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From Floating to Fixed : 1% of the outstanding balance, inclusive of up to date interest as on the date of conversion.
v
From Fixed to Floating :The existing fixed rate loans including those already subjected to reset, where rate of interest charged is below 12% can be converted to floating rate at the option of the borrower at the time of next reset by payment of conversion charges at 1% on the loan amount outstanding as on the date of conversion.
v
The existing fixed rate loans including those already subjected to reset, where rate of interest charged is 12% and above , can be converted to floating rate at the option of the borrower at any time during the currency of the loan by payment of conversion charges at 2% on the loan amount outstanding as on the date of conversion.
v
Re-Scheduling of loan to lower tenor is not allowed under the Scheme.
Loan for Site & Construction of House:
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Under the Scheme, loan for purchase of site/plot/land and construction of house thereon are considered.
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Where loan is availed for purchase of site & construction of house thereon, cost of site/land should not exceed 60% of project cost.
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Construction should commence within 12 months.
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Construction should be completed with in maximum of 24 months.
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In case of default in construction of house, rate of interest is charged to such loan is COBAR+0.50%+3% and the interest at this rate is applicable from from the date of initial disbursement of loan.
Take over of Loan:
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Take over of housing loan availed with other banks/ Institutions/ employer permitted
v
Take over of loan from first financier is only permitted (i.e. First time takeover of loan only is permitted)
v
Repayment period should not exceed leftover repayment period of transferor bank OR repayment period prescribed under the Scheme in relation to age of the property OR Balance life of the property, whichever is shorter
v
Loan amount should not exceed 75% of market value or Balance outstanding at transferor bank whichever is lower
v
Age of the property not to exceed 25 years.
Second Loan for Enhancement:
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Enhancement of loan may be permitted during pre EMI or post EMI period.
v
loan for enhancement treated as separate loan. However loan amounts are aggregated for computation of rate of interest.
For Repairs/Renovation/Extension:
v
Loan for repair/renovation/extension will be considered.
v
Maximum loan is Rs.5 lakhs & maximum repayment period 5 years.
v
Loan for repair/renovation not given within 12 months of availing first loan, if the age of the property is within 5 years.
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If the age of the property is more than 5 years, second loan is permitted for repairs/renovation, within 12 months of availing first loan.
v
Value of the property must be two times of loan amount.
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Balance life of the building shall be 25 years.
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Loan for repair/renovation are aggregated for computation of interest rate.
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For loan upto Rs.1 lakh, EMG of house/flat may is not compulsory. In such cases, the loan shall be fully secured by financial assets such as shares/ debentures/units/LIC Policies/deposits/ NSCs, subject to maintaining prescribed margin against such securities.
Loan against Second charge/ Pari Pasu Charge:
v
In case of resident individuals such as employees of Government/Reputed Institutions/ Organizations /Corporates, who have already availed housing loan from their respective employers by mortgaging the property in favour of the employer, in such cases, housing loan is considered on a selective basis only against Pari-Passu charge.
v
In such cases, value of the property must be 150% of the total loans availed against such property.
v
Loan against second charge not considered.
Corp Flexi Loans:
The Scheme is to facilitate the younger borrowers expecting income growth in the years to come, and would like to avail higher quantum of loan than the normal eligibility. Under the scheme, installments will be flexible/progressive/ step up, in tune with increase in income. (The scheme is only for salaried class)
Option-1:
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loan amount will be 130% of the normal entitlement.
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First 5 years, EMI is based on present repayment capacity for normal loan entitlement.(100%)
v
Next 5 years, EMI will be normal for full loan (130%)
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Balance period, EMI will be for balance repayment period on the balance outstanding at the end of 10th year.
Option-2:
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loan amount will be based on present repayment capacity.
v
First 5 years, EMI at 70% of normal EMI.
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Next 5 years, normal EMI.
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Balance period , EMI will be for balance repayment period on the balance outstanding at the end of 10 th year.
Other Conditions:
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No relaxation permitted from the prescribed margin.
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Certificate from employer regarding salary structure for the next 5 years compulsory.
Disbursement:
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Loan amount directly remitted to the seller. No reimbursement of purchase price permitted under the scheme.
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In case of flat/ property is under construction, loan is released in stages depending upon the progress of construction.
Insurance:
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Property to be covered under Insurance under Reinstate value method.
v
Insurance of the mortgaged property is mandatory and the insurance premium borne by the borrower.
To know more information on Home Loan & Citibank Home Loans.
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