Citibank facilitates home loans to its customers for the purpose of new home purchasing as well as refinancing. The home loans also come with the feature of quick approval and time to time promotional benefits to the consumers. Find below different home loan schemes offered by the bank.
A standard housing loan or home financing scheme with financing amount up to RM350,000 and 30 years of tenure without any lock-in period is provided with the Indicative Effective Lending Rate of 4.70% p.a.
Listed below are the fees and charges applied to the home loan schemes that a customer has to pay while obtaining the loan:
|Citibank Home Loan Schemes||Fees and Charges|
|Late Payment Fee||1% p.a. on the balance amount X number of days past due/365 days, for monthly-based loan or a term loan|
|Cancellation Fee||Up to 3% of the total loan amount|
|Redemption Letter Fee||RM 53.00 per request|
|Monthly Maintenance Fee||RM 10.60 (waived for Citibank Homecredit)|
|Early Settlement Fee||3% of the total/original financing amount (holding period is about 3 years from the date of full payment)|
|Account Setup Fee||RM212 for each account (it is a one-time fee)|
|Letter of Confirmation for EPF Withdrawal||RM10.60 per statement (capped at maximum RM21.20)|
|Nationality Criterion||Malaysian citizen|
|Age Criteria||Maximum age: Up to 70 years|
|Income Criteria||As per the bank’s discretion|
For Salaried Applicants:
For Self-employed Applicants:
For A Guarantor:
A guarantor should provide similar set of documents which are mandatory for a salaried or self-employed applicant.
Offline Application: Customers can walk-into the nearest Citibank branch and collect the application form. The duly-filled form needs to be submitted to the bank representatives along with the set of mandatory documents. The applicant will be informed about the status of his application by the representatives later.
Online Application: The Citibank’s official website displays the forms required for various home loan schemes. Applicants can choose the scheme most suitable for them and submit the form through the official website. They will receive a call from the customer care representative to carry the process forward.
The home Loan calculator available on the bank’s official website provides the details on applicable interest rate. Customers must enter the loan amount and loan tenure to fetch the interest rate for their scheme through the calculator. The calculator will then provide the estimated monthly instalment that the applicant is required to pay.
For any queries or additional information regarding the home loan schemes of the Citibank, a customer can contact the bank representatives on the hotline number: 03-2383-0000.
Q. How much should I earn to qualify for the Citibank Homecredit facility?
A. If your income is three times the monthly instalment of your home loan, you can apply for the scheme.
Q. What are the insurance covers I can obtain through the Citibank FlexiHome scheme?
A. If you are applying for the scheme, you can obtain Mortgage Reducing Term Assurance (MRTA) or Mortgage Level Term Assurance (MLTA). The insurance coverage facility is optional as per the applicant’s choice.
Q. I do not own any residential property. Can I apply for the Citibank Home Loan?
A. As the first-time home buyer, you can opt for any convenient home loan schemes of the bank. You do not need to provide any guarantor or collateral until the bank requests for the same.
Q. Can I pay for my monthly instalments while the construction is still going on?
A. The bank allows borrowers to start repaying their principal payments for the loaned property even when it is under construction. This will ease the instalment burden on applicants when they start their monthly instalments after the property’s completion.
Q. What is PIDM protection?
A. PIDM is a Government agency established underneath Akta Perbadanan Insurans Deposit Malaysia (Akta PIDM). It was set up in 2005 to protect depositors.