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 income required
EMI limited to about 50% of monthly income
Loan capped @80% of property value
EMIs of other loans lower your eligibility
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|
Citibank Singapore offers a wide range of banking and financial products that include Car Loan, personal loans, Credit Cards, insurance, investment options and home loans, among others. The bank’s home loan enables Singaporeans, Permanent Residents and foreigners to get construct a new home, purchase a private property or an HDB flat, renovate their home, or refinance their existing housing loan with Citibank.
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.
The following are the types of housing loans that Citibank Singapore offers to its customers:
Purchase of a new home
The most common type of home loan option offered by the bank is one that enables customers to purchase a new home in Singapore. Customers applying for a home loan to purchase a new house can choose a tenure of their choice, and an interest rate package most suitable to their needs.
Commercial Property Loan
Citibank’s Commercial Property Loan enables customers to purchase a commercial property in Singapore to expand their business operations. This type of loan also comes with a flexible tenure, but usually has a higher income requirement. A combination of interest rate packages are available for the same.
Cashout is a unique home loan product offered by Citibank that allows customers to refinance their mortgage loan to obtain a cash liquidity. This type of loan is provided when the valuation of the property goes up and enables customers to refrain from selling off their property.
The Mortgage Refinancing option helps customers refinance an existing home loan with Citibank. Here again, customers can negotiate their choice of tenure and choose from a combination of interest rate packages made available to them by Citibank.
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.
New home purchase
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.
Cashout or Overdraft
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.
Additions & Alterations or Reconstruction
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.
Monthly Instalment Revision
In case you want to change the usage of your CPF savings for your monthly loan instalments, you can do so by logging on to the CPF page and following these steps: Choose to start the request and click on "Apply Online".
In case of any queries on filling the form, you could contact the Client Care officers at Citibank.
Your Mortgage could be restructured due to any of the reasons listed below:
To process your request for restructuring, you will have to pay a fee of S$200. For initiating a restructuring request, you can fill out the relevant form on Citibank’s website. The bank’s Client Care team will get back to you within 3 working days. Another way of contacting the bank is to call the Mortgage Client Care from Monday to Friday, between 9:00 a.m. and 5:00 p.m.
Interest Rate Review (Repricing)
For interest rate review, you can fill out the relevant contact form on Citibank’s website. The bank’s Client Care Officers will get back to you within three days after they have the reviewed the details of your existing loan. Alternatively, you can also reach out to Mortgage Client Care team from Monday to Friday, between 9:00 a.m. and 5:00 p.m.
Index-Linked Conversion - Requesting Change in SIBOR Tenure
With the bank’s SIBOR-linked rate package, you get unlimited switches on your loan tenure. This could be useful if you want to take advantage of change in interest rates. Things to consider before requesting to switch your current SIBOR tenure:
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.
With Citi you will have to get a provisional approval for the home loan known as In-Principle Approval. With an In-Principle Approval, you will get a better understanding of how much you will be able to afford and the likely loan amount that you can use to choose appropriate built-up properties.
Once you get an In-Principle Approval from Citi, you can be guaranteed of:
· A committed Citi Mortgage Specialist who will offer complete support for your loan requests.
· You will also get a 2-month conditional approval for your home loan in a few hours of finishing the process of documentation.
· To have your home loan approved, you will only have to submit a few documents.
You can get your in-principle approval by filling up your personal details including your loan requirements on the bank’s website. If not, you can SMS "IPA" to 72484 and a Citi’s mortgage specialist will get in touch with you in two business days.
If you refer your friends and family members to take a Citi home loan, you will be rewarded with shopping vouchers worth up to S$500. The one who gets referred must execute the facility letter within four months of the referral. If your referrals are unsuccessful, you will not be informed about it. Also, you can refer as many members as possible as there is no limit to the number of people you can refer.
|Loan Amount||Gift (Shopping Voucher)|
|S$100,000 - S$300,000||S$50|
|> S$300,000 - S$500,000||S$150|
|> S$500,000 - S$1.5 million||S$300|
|> S$1.5 million||S$500|
If you are a Citibank customer in Singapore, you can make repayments through the Citibank mobile application or through internet banking by logging in with your credentials. If you have an account with a different bank, you can login with your corresponding internet banking credentials and make the online payment.
You can apply for a Home loanwith Citibank by visiting the official Citibank Singapore website and filling out the online application form for the type of loan you wish to take. You will also have to submit your supporting documents, subsequent to which a representative from Citibank will contact you to take your application process forward. Your loan will then be approved subject to your credit profile meeting the bank’s internal credit norms.
A. You must have a clean credit history for a minimum period of 1 year and an acceptable credit score with a risk grade of AA if you wish your loan to be approved by Citibank.
A. Once the application process is complete after submitting all the relevant documents, the disbursement will take about 7-10 working days.
What is In-Principle approval?A. In-Principle approval is the initial approval that you’ll receive if your credit profile meets the bank’s in-house credit requirements. Note that receiving In-Principle approval does not necessarily mean that your loan will be disbursed. The approval is only granted at an initial stage, subject to the final approval.
A. No, the bank does not provide you with an insurance cover on the loan amount. You will separately need to purchase the relevant insurance to help cope with unforeseen circumstances.
A. SIBOR, also known as the Singapore Interbank Offered Rate, is the lending rate offered by banks in Singapore. In most cases, SIBOR-pegged rates are adjusted to the 1-month or the 3-month SIBOR rate.
A. Yes, Citibank offers specially designed loan solutions for home alterations, reconstruction and additions.
A. To get the cash liquidity when the value of property goes up, you can refinance your mortgage without selling off your property. This type of term loan offered by Citibank is called Overdraft or cashout.
A. You can use the loan calculator in Citibank web portal to find out the monthly repayment amount and the repayment schedule. Also, you can use the Home Loan EMI Calculator on BankBazaar to find out your amortization details.
A. The minimum home loan amount offered by Citibank is S$100,000.
A. 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.
Citi Singapore announced a Refer-a-Friend promotion where the customers can stand a chance to win shopping vouchers worth up to S$500 if they refer one or more friends to apply for a home loan. This promotion does not have an expiry period.
09th January 2018
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