As the old saying goes, home is where the heart is. Everyone wants a private space for themselves in today’s fast paced world. However, real estate is becoming a costly affair day by day. A home is a one-time investment and burning up all the savings for buying a house or land is not advisable. Instead, home loan is a comfortable option of procuring money for buying a property. The most sought-after financial product in the market, Citibank home loan will duly assist you in buying your dream home.
Atleast 21 years
Above 21 years
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @80% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Interest Rate||SIBOR + 0.70% p.a|
|Margin of Finance||Up to 80%|
|Loan Tenure||5 years – 30 years|
Citigroup is an American banking and financial services corporation that is headquartered in New York. Their consumer division of financial services, Citibank, was established in the year 1812 as the City Bank of New York. Citibank operates in over 36 countries with over 3700 branches worldwide. In Singapore, Citibank’s Global Consumer Banking division started its operations in the year 1982. Citibank initially was called the International Banking Corporation and was the first United States bank to be set up in Singapore. Citibank popularized the use of ATMs in the early 1980’s and introduced telephonic banking in the 1990’s. Though a relative latecomer in the retail banking sector, Citibank has a formidable market share in key financial businesses including unsecured lending, secured assets, investment management and deposits. Citibank Singapore was awarded the Qualifying Full Bank (QFB) status in 1999 and was awarded the People Developer Standard by SPRING. The bank was also declared as the Best Bank in Asia for the year 2009 by Euromoney, one of the leading financial magazines in the world.
Citibank home loans and mortgage solutions will help you secure your dream home without any hassles.
A world leader in property financing solutions, Citibank offers home loans with a wide array of features that benefit the borrower. With advantages like competitive interest rates, flexibility to switch across tenures and 24/7 dedicated customer support team, Citibank home loans are also easy to avail. The instant in-principle approval (IPA) offered by Citibank will help you gauge your affordability and the potential loan amount which will ensure that you don’t exceed your budget.
Citibank property financing portfolio consists of mortgage and mortgage refinancing options. Taking up a mortgage to fund your new home purchase is a huge commitment. To make the whole mortgage process simple and easier, Citibank has introduced the concept of IPA. An IPA will give you a conditional approval which states the financial affordability and the expected loan quantum. You will be eligible to apply for a mortgage with Citibank after obtaining an IPA.
If you have an existing mortgage with another bank, you can refinance your home loan with Citibank. If the lock-in period for your existing mortgage has passed or if your interest rate with the other bank is higher than that of the prevailing market rate, you can transfer your mortgage to Citibank.
When your property valuation goes up, you need not sell off your property to get cash liquidity. Cashout is a refinancing solution that is like a term loan which allows you to refinance your mortgage. When the loan is disbursed, you will pay monthly instalments for the tenure agreed upon.
You can also avail of the overdraft facility wherein you can borrow a credit line from the bank and interest is charged whenever you use the credit given to you.
Get current commercial rates on loans for your own business or investments. Citibank offers solutions for completed commercial properties. Get a wide range of interest rate packages along with the flexibility to switch across SIBOR tenures.
If you’re looking to revamp or reconstruct your current property, Citibank has a range of financing solutions to help you fulfil your needs. Get financing packages that can help make your dream home a reality whether you are building a new home or bettering it.
If you wish to request to revise your monthly CPF instalment amount, follow the steps below.
You can restructure your loan by logging on to the Citibank website. Under the guide for existing customers, fill in your contact details under “restructuring” and the Client Care team will contact you within 3 business days. You can request a restructure for the following reasons at a fee of S$200 per request.
To Review your interest rates and request for repricing, you can contact the Mortgage Client Care team or log on to Citibank and fill in your details, and the Client Care team will review your current loan details and contact you within 3 business days.
Your mortgage package comes with free and unlimited SIBOR tenure switches. Before you request for a switch, a one-month written notice needs to be mailed to the Mortgage Client Care team. You can download the index-linked conversion form from the Citibank website. Sign the form and mail it to the address that is stated on the form. These requests are approved solely at the bank’s discretion.
Citibank home loan is a comprehensive product with which the applicants can buy a new home or a commercial property accordingly. Also, other options like refinancing and loan for home renovation can be availed under Citibank’s home loan scheme. Here are a few key features of Citibank home loans.
Citibank offers a wide range of interest rates depending on the loan amount and tenure to offer the maximum flexibility to the borrowers.
Loan applicants can contact the Citibank client care team anytime to get their questions on home loans answered.
Citibank home loan borrowers can switch across Singapore Interbank Offered Rate (SIBOR) that comes in 1, 3, 6 or 12 month tenure.
An IPA is a conditional approval from Citibank for a home loan application that will give the applicant a clear understanding of his financial affordability and a quote of potential loan quantum.
With the interest adjustment feature, Citibank allows you to make greater interest savings on home loan.
Citibank also offers refinancing options for home loans that comes with features like legal subsidy and low interest rates.
On your home loan of S$800,000 or more, with the promotional offers, for the first two years you will receive SIBOR rates + 1.78% p.a. As on 3rd August 2015, the 1-month Singapore Interbank Offered Rate is at 0.75276%.
For refinancing of minimum S$800,000, you will be entitled to the online promotional rate of SIBOR + 0.78% p.a. for the first two years.
The 3-month Singapore Interbank Offered Rate is at 0.87883% as on 3rd August 2015.
This promotion offer is available from 1 June 2015 to 31 August 2015, both days inclusive
Refer a friend or family members to take up home loans with Citibank, and you will be entitled to shopping vouchers worth up to S$500.
|Shopping Voucher||Referral loan quantum|
|S$50||S$100,000 - S$300,000|
|S$150||S$300,001 - S$500,000|
|S$300||S$500,001 - S$1,500,000|
When you take up a Home Loan of at least S$250,000, you can earn an additional bonus interest of 1% p.a. on your Citibank InterestPlus Savings account.
Borrowers can use Citibank’s in-built In-Principle Approval (IPA) Calculator to check the eligibility and also get a quote on the loan quantum that will be sanctioned. Applicant has to enter basic details like passport NRIC number, name, contact number and gross monthly income. In the next page, the applicant will be prompted to enter details about property value, property type, monthly savings and the required loan quantum. Once the details are submitted, an indicative loan approval summary is displayed with a tentative EMI and loan value. Citibank’s representative will contact the applicant within 2 business days about the loan offer as per the borrower’s financial affordability.
Like all other personal loan offerings from Citibank, the borrower would be asked to submit an identity proof and proof of income. Also, documents relating to the property may be asked for. Depending on the nature of employment and nationality of the applicant, the required documents vary. Do inquire with Citibank about documentation requirements before proceeding with the application process.
One can clinch Citibank’s Home loan in five simple steps.
Other financial solutions offered by Citibank Singapore are as follows:
For fully constructed property, the loan disbursal letter will be issued after completion of purchase. For property under-construction, the letter will be issued as per the lawyer’s instruction.
Runtime - This is an ongoing promotional offer
Particulars – Citibank has great promotional offers for the its customers with its home loans
• With the Citibank home loan referral programme, you can receive shopping vouchers of up to SGD 500 for referring a friend for the home loan offered by Citibank
• You can avail great savings on the interests on the home loan. You can get a Gold Fortune Gold Bar that is worth SGD 499
Terms and Conditions – Please, get in touch with the bank to know more about the terms and conditions of this promotional offer
If you have a savings account with Citibank and if you apply for a Citibank Home Loan, you will earn additional interest at the rate of 1 percent per annum (bonus interest) with your savings account. You will be eligible for the bonus interest rate only when your home loan application gets approved and the loan amount is minimum SGD 250,000.
10th February 2016