• Home Loan BYTES FROM OUR KITCHEN

    Citibank Home Loan Singapore

    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.


    You’re probably eligible for an CitiBank Home Loan if you are

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    CitiBank Home Loan Minimum Age

    Atleast 21 years

     CitiBank Home Loan Maximum Age

    Above 21 years

    CitiBank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    CitiBank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your CitiBank Home Loan amount eligibility is based on these factors

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    CitiBank Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    CitiBank Home Loan Maximum Loan to property value

    Loan capped @80% of property value

    CitiBank Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible CitiBank Home Loan amount by these steps

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    CitiBank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    CitiBank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    CitiBank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an CitiBank Home Loan

    • 1. Copy of NRIC/Passport of all Applicants & Owners
    • 2. Latest Computerised Payslip (salaried)
    • 3. CPF Statement – Latest 12 Months Contribution History (salaried)
    • 4. 2 Years Income Tax Assessment (self-employed)
    • 5. Option to Purchase or Sale & Purchase Agreement (for new purchase)
    • 6. Tenancy Agreements (if any)
    • 7. Evidence of sale of existing property (if applicable)

    CitiBank Home Loan DetailsUpdated on 20 Nov 2017

    CitiBank Home Loan Details
    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 loans, 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.

    Types of Home Loans offered by Citibank

    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

    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.

    Mortgage Refinancing

    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.

    Why Choose Citibank Housing Loans?

    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 Options

    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.

    Mortgage Refinancing

    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.

    Commercial loan

    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.

    Existing Home Loan Customers Guide

    Revision of Monthly Instalment

    If you wish to request to revise your monthly CPF instalment amount, follow the steps below.

    • Visit Citibank.com.sg to access the online application form. You can find this under “Existing Home Loan Customers”.
    • Alternatively you can visit https://mycpf.cpf.gov.sg > Members > Tools.
    • Under "Property > Private Property", select "Commence, revise or stop CPF payment for monthly housing instalments"

    Restructuring of Loan

    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.

    • Change in your occupancy type (From “shelter” to “investor”
    • Changes affecting your loan tenure
    • Changes to borrowers or mortgagors
    • Conversion of overdraft to a term loan
    • Renting out mortgaged property

    Repricing

    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.

    Index-linked Conversion

    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.

    Partial/Full Redemption

    • For Partial prepayment of your mortgage loan, you need to download the form available on the Citibank website. Sign the form and mail it to the address stated on the form itself.
    • For full redemption you need to send in a 3-month written notice to the Secured Loans unit – Redemption Team. The process remains the same.

    Features of Citibank Home Loan

    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.

    • Varied Interest Rate Packages

      Citibank offers a wide range of interest rates depending on the loan amount and tenure to offer the maximum flexibility to the borrowers.

    • Dedicated Client Care Team

      Loan applicants can contact the Citibank client care team anytime to get their questions on home loans answered.

    • SIBOR Tenures

      Citibank home loan borrowers can switch across Singapore Interbank Offered Rate (SIBOR) that comes in 1, 3, 6 or 12 month tenure.

    • In-Principle Approval

      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.

    • Interest Savings

      With the interest adjustment feature, Citibank allows you to make greater interest savings on home loan.

    • Refinancing Options

      Citibank also offers refinancing options for home loans that comes with features like legal subsidy and low interest rates.

    How to Apply for a Housing Loan with Citibank

    You can apply for a home loan with 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.

    Eligibility Criteria for Citibank Home Loans

    • Minimum age: 21 years
    • Must be a Singaporean citizen, a Permanent Resident or a foreigner with valid employment pass
    • Minimum income: Contact the bank for details

    Documents to be submitted

    • Front and back copy of NRIC
    • Employment letter or Letter of Appointment
    • Computerized salary slips
    • Income Tax Notice of Assessment for the last 2 years
    • Marriage certificate, if applicable.
    • Valuation of the new property intended to be purchased.
    • Contract of ownership (mortgage) and agreement indicating intention to sell property.  

    Modes of Repayment for Citibank Housing Loans

    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.

    FAQs

    1. How good should my credit score be if I have to get a home loan from Citibank?

      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.

    2. When I apply for a loan, how long does the bank take to disburse the loan amount?

      A. Once the application process is complete after submitting all the relevant documents, the disbursement will take about 7-10 working days.

    3. 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.
    4. Will my home loan amount be insured by the bank?

      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.

    5. What are SIBOR-pegged rate packages?

      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.

    6. Does Citibank offer home renovation loans?

      A. Yes, Citibank offers specially designed loan solutions for home alterations, reconstruction and additions.

    7. What is cashout or overdraft?

      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.

    8. How do I find out my repayment schedule?

      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.

    9. What is the minimum home loan amount that one can avail?

      A. The minimum home loan amount offered by Citibank is S$100,000.

    10. When will the loan disbursal letter be issued?

      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.

    News About Citibank Home Loan

    • Citibank Home Loan Promotions

      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

    • Citibank Home Loan Promotion

      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

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