Citibank Home Loans and Mortgages in the UAE
With Citibank UAE home loan, now purchasing your dream home in the UAE has become very easy. The bank offers attractive rates of interest on home loans. Whether you are purchasing a new house or shifting your current home loan to Citibank, you can enjoy competitive rates of interest and flexible terms. Citibank UAE offers home loans for completed residential properties located in the UAE.
You’re probably eligible for Citibank UAE Home Loan if you are
At least 21 years old
Less than 65 years old
Both self-employed and salaried individuals
Earn more than the minimum income required
Your Citibank UAE Home Loan amount eligibility is based on these factors
EMI limited to about AED 15,000, for salaried individual of monthly income
Loan capped is up to AED 18.5 million
EMIs of other loans lower your eligibility
Increase your eligible Citibank UAE Home Loan amount by these steps
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
Citibank Home Loan Interest RatesUpdated on 28 Oct 2016
3-Month EIBOR Based Rate (Emirates Interbank Offered Rate)
Rates fixed for 2 years
Rates fixed for 3 years
Features of Citibank UAE Home Loan
The features of Citibank UAE Home Loan include:
- Get competitive and lower rates of interest that starts from 3.25% after including EIBOR rates (Emirates Inter Bank Offered Rate).
- The bank offers home finance for re-sale, direct purchase and balance transfer.
- Receive home finance up to 75% of your property value.
- Enjoy flexible home loan repayment tenures up to 25 years.
- The bank offers both fixed and variable interest rates on home loans.
- Citibank UAE offers high loan amounts that extends up to AED 18.5 million.
- The bank allows maximum two applicants to apply for a home loan.
Benefits of Citibank UAE Home Loan
The Citibank UAE Home Loan comes with the following benefits:
- The bank maintains complete transparency in interest rates and provides enhanced security with EIBOR.
- Enjoy fast and easy loan processing.
- Get free property insurance for the whole tenure of your home loan provided the property insurance is purchased through Citi.
- You can make additional payment on your home loan on monthly basis. However, it should not exceed 25% of the outstanding amount in a single year.
- You can repay your home loan by using easy monthly instalments.
Eligibility Criteria for Citibank UAE Home Loan
The eligibility conditions include:
- You need to be a UAE resident.
- Both salaried and self-employed individuals are eligible to apply for Citibank UAE Home Loan.
- Minimum age needs to be 21 years.
- Maximum age should not be more than 65 years at maturity.
- Minimum monthly salary needs to be AED 15,000.
Documents Required for Citibank UAE Home Loan
Along with your complete home loan application form, you need to submit the required documents asked by the bank. Normally, banks ask for the following documents for home loans:
- ID proof.
- Address proof.
- Copy of passport.
- Salary slips.
- Bank statements.
- Copy of sales agreement.
- Ownership document of the property.
- Proof of down payment.
Fees & Charges for Citibank UAE Home Loan
The following fees & charges are applicable for Citibank UAE Home Loans:
3 -Months EIBOR based rate:
- For Loan to Value (LTV) less than or equal to 50%, Citibank UAE charges 3 Month EIBOR + 2.8% p.a.
- For LTV over 50%, Citibank UAE charges 3 Month EIBOR + 3.3% p.a.
Fixed rates for 2 years
- For LTV less than or equal to 50%, you need to pay 4.25%.
- For LTV over 50%, you need to pay 4.50%.
Fixed rates for 3 years
- For LTV less than or equal to 50%, the bank charges 4.75%.
- For LTV over 50%, Citibank UAE charges 5.25%.
Home Loan Closure Charges
- Early settlement charges: 1% of the loan outstanding or AED 10,000 or whichever is lower.
- Overpayment charges: 1% of the loan amount if your yearly overpayment exceeds 25% of the outstanding amount. The bank does not charge overpayment charges, if the extra payment is below 25%.
Other Applicable Fees & Charges on Citibank UAE Home Loan
- Product conversion fees - AED 10,000.
- Non-standard statement production fees - AED 25.
- Fees charged on change of parties on home loan offer letter - AED 500.
- Fees charged on all other changes in the home loan offer letter after it is issued - AED 2,500.
- Written balance confirmation fees - AED 50.
- Home loan liability letter fees - AED 100.
- Late payment fee - 2% of the delayed amount or a minimum of AED 50 and a maximum of AED 200.
- No objection certificate issuance fees - AED 1,000.
- Loan rescheduling fees - AED 250.
- Property valuation fees - AED 2,500.
Home loans offered by Citibank UAE enables you to enjoy a host of attractive benefits such as EIBOR attached interest rates, flexible repayment period up to 25 years, finance up to 75 % of your property value, quick processing and many such benefits. Besides, there are multiple ways of applying for home loans with Citibank UAE. You can apply for it online or via Email and SMS. Also, you can call the bank or visit its nearest manually to apply for a home loan. Established in 1964, Citibank UAE is a branch of Citibank – the leading international bank headquartered in the United States. Citibank UAE offers a wide range of financial products and services which include Loans, Insurance, Investment, Credit Cards, Mortgages and Deposits.
Do I need to return my home loan outstanding amount to Citibank UAE, if I decide to sell my house during the home loan tenure?
How can I apply for a home loan with Citibank?
What is the early home loan settlement fees charged by Citibank?
Does Citibank UAE charge home loan late payment fees?
What is EIBOR?
What should be my minimum age, if I want to apply for a Citibank UAE Home Loan?
Does Citibank UAE charge loan overpayment fees?
Yes, you need to return the complete outstanding home loan amount including the principal and interest to Citibank UAE before you sell your home.
There are various ways of applying for a home loan with Citibank. You can do it online or by sending an SMS or Email to the bank, or calling CITI HOME.
The bank charges 1% of the outstanding amount as early home loan settlement fee.
Yes, the bank charges 2% of the delayed amount as late payment fees.
EIBOR refers to Emirates Inter Bank Offered Rate.
Your minimum age should be 21 years.
Yes, Citibank UAE charges loan overpayment fees. It charges 1% of the loan amount, if your yearly additional payment exceeds 25% of the outstanding amount.