• Citibank Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    Citibank Home Loan

    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 27 May 2017

    CitiBank Home Loan Details
    Interest Rate SIBOR + 0.70% p.a
    Margin of Finance Up to 80%
    Loan Tenure 5 years – 30 years

    About Citibank Home Loan Singapore

    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.

    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

    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.

    Existing Home Loan Customers Guide

    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"

    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

    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.

    • 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.

    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.

    Citibank Home Loan 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.

    Citibank Home Loan Latest Promotions

  • Get Interest rates from SIBOR plus 0.78% p.a. for the first 2 years.
  • You can also be entitled to shopping vouchers up to S$500.
  • Eligibility

    • Customers who submit applications for new residential home loans for completed properties located in Singapore
    • Minimum loan size of S$400,000.
    • Customers whose loans applied for pursuant to clause 3(i) are committed within the promotional period.
    • Customers applying for fixed interest rate packages on home loans are not eligible.

    Promotion Period

    This promotion offer is available from 1 June 2015 to 31 August 2015, both days inclusive

    Promotion Details

    • The SIBOR+0.78% p.a. rates are applicable only for the first 2 years. The minimum loan amount should be S$800,000.
    • For a minimum loan amount of S$400,000, eligible customers will receive shopping vouchers worth S$300.
    • For a minimum loan quantum of S$800,000, customers are entitled to S$500 worth of shopping vouchers.
    • For new home purchases, the amount of shopping vouchers will be as per the purchase price of the property.
    • On 3 August 2015, the 1-month Singapore Interbank Offered Rate is at 0.75276%.
    • For the first two years, get interest rates from SIBOR + 0.78% p.a.
    • Also receive legal subsidy up to S$2,000.

    Eligibility

    • This offer is only applicable to completed refinancing properties.
    • Minimum loan size for subsidies is S$500,000.
    • Minimum loan size of S$800,000 is eligible for promotional rates of SIBOR +0.78% p.a. for the first two years.

    Promotion Details

    • Legal subsidy of up to 0.20% of the loan amount or S$2,000, whichever is lower is provided for loan sizes between S$500,000 and below S$800,000.
    • For loans 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. Plus you will get a legal subsidy of S$1,500.
    • On 3rd August 2015, the 3-month Singapore Interbank Offered Rate is at 0.87883%.

    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.

    Eligibility 

    • Customers who are existing customers of Citibank, known as members can make referrals.
    • Members cannot refer employees of Citibank and its subsidiaries.
    • The referee should execute the facility letter within 4 months of the referral otherwise the referral bonus will lapse.
    • The referee should give consent to inform the member that they have taken the loan.

    Promotion Details

    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
    S$500 Above 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.

    Eligibility

    • Singaporean or foreigner Individuals who are 18 years and above.
    • Minimum initial deposit required is S$2,000
    • Minimum loan amount S$250,000

    Promotion details

    • The interest will commence from the loan disbursal date.
    • The bonus interest will be paid for 12 months from the loan disbursal date.
    • In the month following the disbursal date, you will start receiving the interest you are entitled to.

    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.

    • Before proceeding with the application process, check your loan affordability and loan quantum with Citibank’s In-Principle Approval (IPA) Calculator. You will be provided with a tentative quote regarding EMI and tenure.
    • Now that the approximate loan quantum value is known, you can select the property that suits your budget and obtain Option to Purchase (OTP) by making an offer.
    • Submit the OTP and IPA forms at any of the Citibank branches to get the formal loan approval.
    • A lawyer will be engaged to provide expert opinion on usage of CPF funds and other details related to mortgage.
    • For a property that is already constructed, the loan will be disbursed after the completion of the purchase. For a property that is under-construction, the disbursement letter will be issued after the loan has been disbursed as per the lawyer’s instruction.

    Other financial solutions offered by Citibank Singapore are as follows:

    Citibank Home Loan Singapore - FAQs

    Yes, Citibank offers specially designed loan solutions for home alterations, reconstruction and additions.
    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.
    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.
    The minimum home loan amount offered by Citibank is S$100,000.

    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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