Citibank’s home loans offer attractive introductory interest rates, but may not be competitive in terms of total interest cost.
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Citibank and citigold offers home loans with attractive home loan products rates and accommodating home loans tenure that would surely compete with other housing loans available.
Citibank provides a wide variety of SIBOR and fixed rates home loan packages with services that will surely attend to your every needs.
From the construction of your dream home property, to refinancing your home loans, Citibank home loan rates is packed with options and benefits that may just fit your preferences.
Here are a few facts and table of contents regarding loans home and mortgage from citibank home loan that might get your principle approval up due to the ease of loan tenure.
The Features and Benefits
Why Citibank home loan? Home loans are marginally different from credit cards and travel insurance car insurance and other types of financial commitments such as insurance personal accident insurance and insurance health, home loan borrowers are sure to be met by Citibank with the following features and benefits:
- Citibank offers a wide range of rates to customers some are pegged at current SIBOR floating and of course, fixed rate packages.
- Refinancing your home loan with Citibank gets you a legal fee subsidy of up to SGD 2,500
- A dedicated mortgage client care team is easily accessible to those who are looking to apply with them. Don’t forget to ask for vouchers.
Types of Citibank Home Loans
Since this bank offers a wide array of products uniquely tailored to your necessities, property purchase and property type, here are the three main packages offered to save your cash from unnecessary balance transfer.
1. Citibank Home Loans for HDB
As this product is directly catered to HDB flats, they typically cost a tad more than the other packages compared to other lenders when it comes to the total cost of interest. The introductory rates, whether fixed or floating are also considerably competitive. Here’s a list of their current rates:
| Bank | 1st Year | Lock-in Period |
| Citibank | 1.50% | 2 years |
| Citi Fixed | 1.55% | 2 years |
| Citi Fixed | 1.65% | 3 years |
2. Citibank Home Loans for Private Homes
Unlike your travel insurance, they have competitive introductory rates for private homes, but the total cost of borrowing is usually steeper than other lenders as their fixed and floating rates increase significantly in the course of just two to three years. If you are looking to refinance your loan every few years, then Citibank might be for you.
| Bank | 1st Year | Lock-in Period |
| Citibank | 1.50% | 2 years |
| Citi Fixed | 1.55% | 2 years |
| Citi Fixed | 1.65% | 3 years |
3. Citibank Home Loan Refinancing
As usual, they offer competitive and appealing introductory rates and mostly steeper than other lenders the same goes for their mortgage loan but if you are planning to refinance your home loan often, then Citibank might just be the one you are looking for.
Additionally, the bank offers a principal approval legal subsidy of 0.2% of the total loan capped at SGD 2,500. A significant mortgage compared to other competitors.
| Bank | 1st Year | Lock-in Period |
| Citibank | 1.50% | 2 years |
| Citi Fixed | 1.55% | 2 years |
| Citi Fixed | 1.65% | 3 years |
How Does Citibank Home Loan Compare to Other Local Banks?
Comparison should always be objective especially when it comes to your finances. People can always tell you about their preference but will it fit your standards? Here is a list of some leading banks in Singapore’s loan tenure, interest rate, refinance amount, and minimum loan amount compared to Citibank.
Citibank versus other leading banks in Singapore:
| BANK | CITIBANK | OCBC | HSBC | Maybank | Standard Chartered Bank |
| Lock in | 2 Years | 2 Years | 2 Years | 1 Year | 2 Years |
| Year 1 | 1.400% (1M SIBOR + 1.150%) | 1.407% (3M SIBOR + 1.000%) | 1.250% (1M SIBOR + 1.000%) | 1.257% (3M SIBOR + 0.850%) | 1.057% (3M SIBOR + 0.650%) |
| Year 2 | 1.400% (1M SIBOR + 1.150%) | 1.407% (3M SIBOR + 1.000%) | 1.250% (1M SIBOR + 1.000%) | 1.257% (3M SIBOR + 0.850%) | 1.057% (3M SIBOR + 0.650%) |
| Year 3 | 1.400% (1M SIBOR + 1.150%) | 1.407% (3M SIBOR + 1.000%) | 1.250% (1M SIBOR + 1.000%) | 1.657% (3M SIBOR + 1.250%) | 1.407% (3M SIBOR + 1.000%) |
| Year 4 | 1.400% (1M SIBOR + 1.150%) | 1.407% (3M SIBOR + 1.000%) | 1.250% (1M SIBOR + 1.000%) | 1.657% (3M S + 1.250%) | 1.407% (3M S + 1.000%) |
| Year 5 | 1.400% (1M S + 1.150%) | 1.407% (3M S + 1.000%) | 1.250% (1M S + 1.000%) | 1.657% (3M S + 1.250%) | 1.407% (3M S + 1.000%) |
| Thereafter | 1.400% (1M S + 1.150%) | 1.407% (3M S + 1.000%) | 1.250% (1M S + 1.000%) | 1.657% (3M S + 1.250%) | 1.407% (3M S + 1.000%) |
| Refinance | 0.20% of the loan amount capped at 2.5k | >SGD 500k – 2k >SGD 1.5mil – 2.5k | >SGD 200k – 1k >SGD 500k – 2k >SGD 1.5mil – 2.5k | 0.40% of the loan amount capped at 2k >SGD 1mil – 2.5k cash rebate >SGD 1mil – 2.5k cash rebate | >SGD 400k – 0.4% of the loan amount capped at 1.8k >SGD 500k – 1.8k >SGD 1mil – 2k |
| Minimum Loan | SGD 800,000 | SGD 300,000 | SGD 800,000 | SGD 100,000 | SGD 1,500,000 |
What makes Citibank stand out?
In this chart you can clearly see the stability that citi’s loan may provide compared to other banks, the introductory rates would also be a giveaway for those who would want to refinance their loans often.
Eligibility and Requirements
Eligibility:
- Applicant(s) must be between the ages of 21 and 65.
- Singapore Citizens, Permanent Residents and foreigners may apply.
Required documents:
- Completed duly signed Citi Home Saver Application Form
- Copy of NRIC/Passport of applicants
- Income documents:
- Latest computerised pay slip/IR8A
- Two years’ tax return (for self-employed applicants)
- Two years’ commission statement (for commission based applicants)
- Option to purchase
- Latest CPF statement of account (if CPF usage is involved)
- Latest CPF withdrawal statement for existing property (if applicable)
- Option of sale for existing property (if applicable)
- Please note that the bank may request for additional documents, where necessary, at any time during the loan application process.
How to Apply
Citibank Singapore is a very precise bank when it comes to application. To be able to acquire their home loan products, you can check out their website’s mortgage calculator to know what fits your necessities, submit it, and their agent will be in contact with you as soon as possible.
Closing
No matter which you apply for, be it loans insurance, make sure the source of information you trust for the terms of your next real estate or property purchase gives you ample options and benefits that best suit your circumstances.
Always get an overview review of every financial institution you want to be partnered with in the construction of your best home and always ask the best questions.
The insurance that home loan provide will definitely be worth your while as getting more products from a bank will help you in the long run especially if you are trying to consolidate your debt, but of course it is up to you to scrutinize products of financial responsibilities you are about to engage in.
You can visit Loan Advisor, a loan comparison site that helps you compare loans suitable for you and find out the best home loans available for your current necessities.
Good luck on your home loan journey!
