Citi offers the FlexiHome Loan that provides a flexible repayment schedule. You can make extra payments which will reduce your interest rates on the loan.
|Excess Payment Withdrawal||Protected by PIDM.|
|Lock-in Period||3 years.|
|Fee Type||Fee Amount|
|Late Payment Fee||1% p.a. in addition to the existing interest rates if the payments are not made past the due date for 3 months.|
|Processing Fee||RM25,000 and below: Waived. RM25,000 to RM30,000: RM50. RM30,000 to RM100,000: RM100. RM100,000 or more: RM200. (currently waived)|
|Early Termination Fee||Up to 3% of the original loan amount.|
|Account Set-up Fee||RM200/account.|
|Excess Amount Rate||6.65% p.a. on the base rate on the excess amount.|
Enjoy the flexibility offered by the Citibank FlexiHome Loan in settling the loan as early as possible. Make extra payments as and when you can. If needed, you can withdraw from the extra payments you have made.
Q. How long does the approval process take?
A. The indicative approval time for the loan facility is about 10 minutes. The actual approval process will be carried out once you submit the full documentation
Q. Should I buy an insurance with the home loan?
A. Yes. You can buy MRTA or MLTA insurance plan to secure the loan if your prefer.
Q. How do I make payments or withdraw?
A. You can make payments or withdraw money from the Flexi current account associated with the loan.
Q. How does the interest calculation work when I make extra payments and then withdraw?
A. When you pay an amount above the monthly instalment, the extra amount will be used towards the principal the following day. The interest calculation will be carried out on the sum which is the difference between the outstanding balance and the extra payment. As the principal amount is reduce, you will pay less interest charges.
Q. Is there a limit on the Interest Offset feature?
A. Yes. Only 70% of the outstanding balance can be used for the Interest Offset feature.