About Citibank Home Loans
Citibank home loans is offered by Citibank Singapore Ltd which is a wholly-owned subsidiary of Citigroup, one of the world's largest financial services organisations.
Citigroup has about 200 million customer accounts globally and operates its business in more than 160 countries.
It provides consumers, corporations, governments and institutions with a broad selection of financial products and services, including consumer banking and credit with it's range of Citibank credit cards, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Although it is a foreign bank in Singapore, Citibank has a long history here, with its first operations established on 1 July 1902. Citibank's Global Consumer Banking division began banking operations in Singapore in 1982.
Citibank was among the first four foreign banks to be awarded the Qualifying Full Bank (QFB) license by the Monetary Authority of Singapore (MAS) in 1999.
Citibank announced its move to incorporate a wholly-owned subsidiary of Citigroup in Singapore, known as Citibank Singapore Ltd in June 2004. With a paid-up capital of $1.5 billion, the move reaffirmed the bank's long-term commitment to providing quality banking services in Singapore.
Citibank Home Loans
Citibank also provides a range of home loans in Singapore. While home loan rates are not explicitly published on Citibank's website, they do provide competitive private and HDB home loan floating rate packages pegged to SIBOR in a wide range of tenures (1, 3, 6 or 12 months) and fixed rate packages.
Home Loan Features For New Purchases
As a special home loans promotion for new property purchases, you will benefit from:
- A special interest rate starting at SIBOR + 0.78% per annum (for minimum loan quantum of $800,000) for the first 2 years.
- The SIBOR rate packages offer different lock-in periods and the flexibility for borrowers to switch across SIBOR tenures.
- Receive travel gift vouchers worth $300 for a minimum loan of $400,000.
- Receive travel gift vouchers worth $500 for a minimum loan of $800,000.
- These online promotions are only valid for home loans with floating rates.
- Citibank also rewards its customers with up to $500 shopping vouchers for referring friends and family to take up a Citibank home loan.
Home Loan Features For Refinancing
If you already took up a home loan with another bank and are looking to refinance, Citibank offers refinancing solutions that you can apply for if your lock-in period for your existing mortgage has passed.
- There is a wide variety of SIBOR-linked packages and you'll have the flexibility to switch across SIBOR tenures.
- Benefit from interest rates from SIBOR + 0.78% p.a. for the first 2 years (for loans of $800,000 or more).
- Get a legal subsidy of up to $2,000.
You can also opt for cash-out financing. It works like this: you get a larger loan to refinance your existing home loan and you get the difference in cash without the need to sell off your property.
- Benefit from a wide range of interest rate packages.
- You will have the flexibility to switch across different SIBOR tenures.
- Get instant access to Citibank's client care team.
Citibank also offers commercial home loan packages and financing for refurbishing or reconstructing your property.
Citibank Home Loan Eligibility
Eligibility depends on whether you are taking a HDB home loan or a private property loan.
HDB Home Loans
For HDB loan applicants: All rules and regulations with relations to HDB, Design and Build scheme (DBSS) and Executive Condominiums (ECs) are applicable. This includes fulfilling the HDB Loan Eligibility (HLE) as a pre-requisite.
Private Property Home Loans
For borrowers who are applying for a loan to fund their Executive Condominiums (ECs) purchase, they would now need to satisfy requirements set for both Mortgage Service Ratio (MSR) and Total Debt Service Ratio (TDSR). The TDSR rule applies to the refinancing of loans as well.
Citibank Home Loan Fees And Charges
- Late payment fee is the prime lending rate + 5%
- Each loan statement cost is $50
- Title deed cost for fully repaid loans is $500
- Change of insurer for fire insurance has a fee of $200