Loan Against Property

Citibank Loan Against Property

Citibank Loan Against Property

Citibank Loan Against Property: Citibank is a private sector bank of India headquartered in Mumbai, India. Citibank is a subordinate of Citigroup which is a multinational financial services corporation headquartered in New York, United States. Citibank offers various financial products and services including personal loans, home loans, business loans and credit cards. One of its loan products, a product is a loan against property that is packed with special features and benefits. Citibank is the only bank in India that provides loan against rental property without considering the balance of the lease. The Citibank provides loans against property at competitive rates of interest and it can be used for any personal and professionals needs.

Citibank offers the facility of loan against property to all the customers who required urgent fund for their business as well as personal needs against the mortgage of their existing property. Loan against property is an ideal and simple way to meet the financial requirements when the need arises. Loans against property is a secured loan in which the property is used as collateral to raise funds from a loan institution. The property which is mortgaged can be a residential property, commercial property, land, industrial property etc. The amount of loan is decided by individual banks and it is based on the market value of the property. The maximum amount is subject to LTV, which varies from 60-70% of the property’s market value.

Citibank loan against property comes with additional benefits that help you to save your total interest cost. You can save your interest cost by taking advantage of the Citi Bank home credit account scheme. Under this scheme, your current account is linked to your loan. This plan gives you the option of deciding what interest you pay on your loan. The amount you deposit in your home credit account more than the threshold amount and is transferred daily to your credit account subject to your maximum outstanding loan. Thus, interest charged on your loan will be offset. As an overdraft, you can withdraw this amount at any time.

Features and Benefits of Citibank Loan Against Property:

  • You can avail loan against property for multipurpose, it could be business, education, medical needs, foreign trip, purchase of new property or any other personal or professional needs.
  • Both the salaried and self-employed people can apply for the loan against property.
  • Citibank provides special lower rates for small and medium scale self-employed customers.
  • Overdraft facility is also available for the loan against property.
  • You can avail loan amount ranging from Rs. 5 lakhs to Rs. 5 crores.
  • Top up facility over the existing loan is also available at Citibank loan against property.
  • Citibank offers a special plan called Home Credit Scheme, which can save the total cost of interest on your loan against property.
  • Citibank provides a quick and hassle-free process for the loan against property.
  • You can borrow up to 70% of the market value of the property, which is the higher percentage than other banks and financial institutions provide.
  • It provides you free and quick doorstep services, which helps to get your loan approved as soon as possible.
  • Citi bank offers loan against property at the low-interest rate compared to personal loans and business loans.
  • For loan against property, it doesn’t require any additional guarantee or collateral.

Eligibility Criteria for Citibank Loan Against Property:

  • The minimum age of the applicant is 18 years.
  • Age of the applicant should not be more than 60 years at the time of loan maturity (65 years for self-employed).
  • The maximum loan tenure for the loan against property is up to 15 years.
  • The minimum income required for the loan against property scheme is Rs. 25,000 per month.
  • The applicant must have a regular and steady source of income.
  • The self-employed individual should have been in the same business for a minimum of 3 years.
  • One of the factors affecting your credit eligibility is your repayment capacity. More you are able to pay, it enhances more your chances to get high loan amount.
  • The mortgaged property should have cleared all the necessary requirements from the concerned authorities and departments.
  • The applicant must have a good credit history with a proven track record of credit EMI and credit card bill repayments on time.

Explore More: Citibank Loan Against Property

Interest Rate on Citibank Loan Against Property:

  • Citibank loan against property interest rate is 9.25%.
  • With its semi-fixed interest rate plan, Citibank provides loan against property starting at 8.50% rate of interest.

Tata Capital Loans Against Property Interest Rate

Documentation for Citibank Loan Against Property:

Purpose Documents for Salaried Documents for Self-employed
Loan Application
  • Properly filled loan application form
  • Passport size photograph
  • Properly filled loan application form
  • Passport size photograph
Proof of identity (any 1)
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
Address proof (any 1)
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
Property related documents
  • Permission for construction
  • Registered Agreement for Sale
  • Allotment Letter
  • Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement which showing all the payments made to Builder/Seller
  • Permission for construction
  • Registered Agreement for Sale
  • Allotment Letter
  • Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement which showing all the payments made to Builder/Seller
Income proof
  • Current Salary Slip or Salary Certificate
  • Copy of Form 16 for last 2 years
  • copy of IT Returns for last 2 financial years which is acknowledged by IT Dept.
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
Account statements
  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Processing Fee and Charges Citibank Loan Against Property:

Purpose Applicable Charges
Processing Fee 0.1% of the total amount of property + service tax
Annual Fee Up to 0.25% p.a.
Foreclosure Charges 2% of the Outstanding amount + service taxes

 

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