• Home Loan BYTES FROM OUR KITCHEN

    Citibank Home Loan

    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.

    Interest/Profit Rates

    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.

    Fees & Charges

    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
    Processing Fees Waived
    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
    Withdrawal Fee Waived
    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)

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria Maximum age: Up to 70 years
    Income Criteria As per the bank’s discretion

    Documents Required

    For Salaried Applicants:

    • Copy of NRIC (front and back side)
    • Latest salary slips (for 3 months)
    • Latest copy of EPF statement
    • Sales and Purchase Agreement or Title or Booking Receipt Draft (whichever is applicable)
    • Any other specific document requested by the bank

    For Self-employed Applicants:

    • Copy of NRIC (front and back side copies)
    • Income tax return details: latest BE, B or EA Form (whichever applicable)
    • Form 24 and 49 (business registration forms, if and when applicable)
    • Latest bank statements (for 6 months)
    • Sales and Purchase Agreement or Title or Booking Receipt (whichever applicable)
    • Any other specific document requested by the bank

    For A Guarantor:

    A guarantor should provide similar set of documents which are mandatory for a salaried or self-employed applicant.

    Types Of Citibank Home Loan

    • Citibank Housing Loan: The scheme comes with competitive interest rates and daily interest calculation facility for interest savings. The Citibank Housing Loan scheme also offers extra repayment feature even when the property construction is still underway. The EPF withdrawal facility can help in reducing the outstanding loan amount of a customer.
    • Citibank FlexiHome Loan: The scheme allows the customer to pay off their loan quicker by using their savings to offset the balance. Excess payments and withdrawal facility helps customers manage their finances in a better way through the scheme.
    • Citibank Homecredit: The home loan scheme allows the customer to free up their cash flow when they require it. Via Citibank’s amortising revolving loan, a customer does not need to pay fixed monthly instalments. Additionally, no maintenance fee is charged when the applicant obtains this home loan scheme. Moreover, Single Integrated Account facility allows the customer to consolidate all their deposit and housing loan accounts for financial flexibility.

     

    Features & Benefits

    • The Citibank Home Loan schemes work on competitive interest rates and daily interest calculation is performed so that a customer can save more on the interest rates.
    • A customer can make extra payment for his home financing and is allowed to do so at any point of time without having to send notices to the bank.
    • All the home loan schemes by Citibank come with fast approval features where a customer can get the loan approved in 10 minutes provided they meet the eligibility criteria.
    • The loan provides an optional MRTA or MLTA insurance policy to its customers.
    • Citibank FlexiHome Loan and Citibank Homecredit schemes are protected by PIDM for excess payment withdrawal made by a customer and on credit balance, respectively.
    • A customer can access extra cash any time via ATMs, online transactions and over the counter facilities.

    How To Apply

    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.

    Calculator

    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.

    Contact Number

    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.

    FAQ's

    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.

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