Citibank home loans rates are one of the finest rates that are awaiting you in the Indian home loan market. The rates are competitive and designed to fit the budget of the borrowers coming from different segments of the society.
About Citibank home loans rates
The information given below will help you understand about Citibank home loans rates.
Floating rate of interest on all loans booked until and including 30th June, 2010 are tied to the Citibank Mortgage Prime Rate.
The Citibank Mortgage Prime Rate (CMPR) is 13.50% w.e.f. 11th August, 2009. Interest rate on floating home loans options is tied to the Citibank Mortgage Prime Rate and the current loans are in the array of 550 bps less than and 525 bps more than the CMPR.
With effect from 1st July, 2010, the rate of interest on new loans is standardized to the Reference Rate.
- Home Loan Top-up, Property Power and Home Loan Takeover Enhancements are tied to the Property Power Reference Rate (PPRR).
- Home Loans are tied to the Home Loan Reference Rate (HLRR)
The Reference Rate is computed, among other things, on the basis of the Citibank Base Rate as appropriate periodically.
The prevailing reference rates (w.e.f. 1st July, 2010) are as follows:
- Property Power Reference Rate (PPRR) – 11.50%, to be precise, Base Rate + 4.25%.
- Home Loan Reference Rate (HLRR) - 9.50%, to be exact, Base Rate + 2.25%.
Citibank N.A. Base Rate w.e.f. 1st July, 2010, is 7.25% per annum.
Who are eligible for Citibank home loans?
The following individuals are eligible for a Citibank home loan:
- Salaried Individuals
- Self-employed individuals such as Hindu Undivided Family (HUF), sole proprietors, partnership firms, closely held public limited companies and private limited companies.