Citibank Loan Against Property - Eligibility Criteria for Citibank Loan Against Property

Are you in dire need of funds?

Then, Citibank's Loan Against Property can come in handy, especially if you have any major financial requirements for your business plans, higher education, etc. Availing a Citibank Loan Against Property is pretty simple, as the process can be completed quite quickly. With flexible repayment options and long tenures, Citibank's loan against property is preferable and affordable for all. As a borrower, you can avail amounts of up to 60% value of the property. Now, let's quickly delve into the nitty-gritty of Citibank Loan Against Property.

What Kind of Loan Against Property Scheme Does Citibank Offer?

Citibank's loan against property comes with an added advantage, wherein it helps you in saving the total interest cost. Moreover, you can do this by availing the Home Credit Account scheme of the bank. Under this scheme, your current Citibank account is linked with your loan. This scheme gives you the power to decide what interest you pay on your loan against property. Thus, the excess amount that you deposit in your Home Credit Account is transferred daily to your loan account. This way the interest charged on your Citibank loan will be offset, and you can also withdraw this amount anytime as an overdraft.

A Citibank Loan Against Property can be put to use for any of the following:

• To purchase machinery
• To buy new property
• For your child's higher education
• To close existing high-cost debts
• To address any other professional or personal need
  

Features of Citibank Loan Against Property?

• Purpose: The main objective is to help you achieve various financial goals and requirements.
• Loan Amount: You can get up to 70% value of the property at attractive interest rates.
• Repayment Options: You can opt for low EMIs and a longer tenure or overdraft facility on Citibank loans against property.
• Loan Processing: There are no hidden charges levied on loan processing.
• Customized Loan: Self-employed professionals can get their loans customized based on their financial needs to facilitate easy repayment and to manage their business as well.
• Prepayment Charges: These charges are levied for the outstanding loan amount, and prepayment can be made only after six months of taking the loan.
• Processing Fee: 1% of the loan amount, to a maximum of Rs10,000, and all charges are communicated upfront.
• Overdraft Facility: You can avail an overdraft facility against property and use the loan amount up to an approved limit. Then, you can pay interest only for the amount you have used.

Eligibility Criteria for Citibank Loan Against Property

• Age: Your age should be at least 23 years at the time of loan commencement and should be 70 years or less at the time of loan maturity.
• Income: It's essential that you must have a source of regular income.
• Repayment Capacity: The more you are capable of paying, the higher your chances of availing a larger loan amount.
• Value of Property: The cost of your property affects your loan eligibility.
• Job/ Business stability: Your total experience should be of at least three years, with a cash profit to show for at least two years in case you have a business.