A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Buy the Home You Want in Singapore With Citi Home Loan

    In a country like Singapore where real estate is on the more expensive side, buying a home can be more challenging than you think. More so, if you don’t have the necessary funds for it. So do you give up and resign yourself to a lifetime of rented living? Not necessarily. Home loans are designed to give you the necessary funds to buy your dream home.

    Citi offers you home loans that you can make use of to give your family the safety and security they deserve. Come with us as we take a look at what they offer you and what features and benefits you can enjoy when you apply for them.

    For Both the New and thea Old – Features Galore

    Citi in Singapore offers you two types of home loans - for buying a new property as well as when you want to refinance your existing one.

    Now let’s take a look at some of the features of this home loan.

    • You have the flexibility of switching from one plan to another (across 1-month & 3-month SIBOR tenures) whenever you want and as many times as you want.
    • Borrow money for periods ranging from 1 year to 35 years.
    • The minimum loan amount is S$100,000 and the maximum is S$99,999,999.
    • Deposit money into the Citi Home Saver Checking Account and use the interest earned to offset the interest you have to pay on your loan amount. Deposits of up to S$50,000 are insured by SDIC (Singapore Deposit Insurance Corporation).
    • Enjoy a legal subsidy of S$2,500 or up to 0.20% of the amount you borrow (whichever is lower). This applies only to refinancing options.
    • An expert mortgage team can take care of your queries.
    • You have refinancing options to help you get better interest rates and easier payments.

    How Much Will it Cost You?

    Of course, this is something you need to take a look at before you apply for a loan. Take a look at the interest rates associated with this home loan. There are two types of interest rates – variable (floating) rate and fixed rate. The information given below applies to a minimum loan size of S$500,000, and apply to both new properties as well as the ones you want to refinance (only completed properties).

    Floating/Variable Rates

    Year 1: 1M SIBOR + 0.30% p.a.

    Year 2: 1M SIBOR + 0.30% p.a.

    Year 3: 1M SIBOR + 0.40% p.a.

    Thereafter: 1 M SIBOR + 0.65% p.a.

    Effective Interest Rate: 2.06% p.a.*

    Lock-in period: 2 years

    *For illustrative purposes, the interest rates quoted is based on 1 month SIBOR, 1.76342% on 2 January 2019 with spread of 0.25%, a minimum loan size of S$500,000.

    Fixed Rates

    Year 1: 2.60% p.a.

    Year 2: 2.60% p.a.

    Thereafter: 1M SIBOR + 0.90% p.a.

    Lock-in period: 2 years

    For illustrative purposes, the interest rates quoted is based on a minimum loan size of S$500,000.

    Other Services

    Apart from lending you money, Citi also helps you manage your mortgage by giving you access to a number of other services such as:

    • Restructuring of your loan.
    • Repricing your loan package.
    • Revision of your monthly statement.
    • SIBOR-linked conversion.
    • Full or partial prepayment of your loan amount.

    How to Apply

    If you’re planning on applying for one of these loans, you have to go to the bank’s website and apply there. Go online and fill in your name, contact details, ID type, and the other required information. The bank will get back to you once you submit your details. You can also get your in-principle approval and start looking for prospective properties.

    Now that you know the options that Citi offers you, why don’t you go ahead and take a look at which one suits you? Applying for a loan can help you get the home you have always wanted at interest rates and tenors of your choice.

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