Find everything you need to know about Citibank home loans on this page.
Skip ahead to the full table of products or read more about Citibank home loans below.
Citibank lender profile
- Citibank is a leading global bank with over 200 million customer accounts across 160 countries and jurisdictions.
- Established in Singapore since 1902, Citibank is currently the country’s largest foreign banking employer.
- Citibank offers home loans, personal loans, credit cards, savings accounts, foreign exchange facilities and other banking products and services.
Features of Citibank’s home loans
Here are some features that come with Citibank home loans:
- Flexibility. You’re allowed to make free, unlimited switches across 1-month and 3-month SIBOR tenures.
- Interest-offset account. Citibank Home Saver is a mortgage loan that comes with a checking account. With this account, you can earn a high-interest rate that matches up to 50% of your effective home interest on the deposits, which may then be used to offset the interest payable on your mortgage loan.
Types of Citibank home loans
Here’s a quick overview of Citibank’s home loan packages and interest rates calculated based on a $500,000 loan amount over 30 years:
|HDB BTO (BUC)||Floating with no lock-in||2.02% p.a||$1,853|
|Private property (BUC)||Floating with no lock-in||1.93% p.a||$1,829|
|HDB flat (Resale / Completed BTO)||2-year fixed rate||1.91% p.a||$1,826|
|Private property (Completed)||3-year fixed rate / 2-year fixed rate / 2-year floating||1.87% p.a. / 1.85% p.a. / 2.03% p.a.||$1,816 / $1,811 / $1,854|
Rates and fees are accurate at the time of writing, 2 March 2020.
In Singapore, banks generally offer more loan options for homebuyers for completed or resale residences. Those looking to purchase a new HDB flat or under-construction private property are limited to floating-rate loans pegged to SIBOR (Singapore Interbank Offered Rate).
Compared to other lenders, Citibank’s home loans do not typically come with low total interest costs. However, its introductory rates tend to be relatively competitive and worth considering if you’re prepared to refinance later on, as they usually rise significantly after the 2 to 3 years when they eventually become pegged to SIBOR.
So, if you’re taking up a home loan from Citibank, make sure to compare your home refinancing options ahead of time.
Citibank HDB home loan
In terms of total interest rate cost, Citibank’s HDB housing loans for both built and BUC properties are comparatively more expensive than other lenders in Singapore. However, it offers lower introductory fixed and floating interest rates, making them worth considering if you are prepared to refinance it every few years.
Citibank private home loan
If you’re seeking private home loans from Citibank, whether for built properties or residences under construction, its introductory interest rates are relatively competitive. But when comparing the total cost of borrowing, Citibank’s loans are usually more expensive than those offered by its competitors’ as its floating and fixed interest rates tend to rise significantly after 2 to 3 years.
Just like its HDB home loans, Citibank’s offerings are more suited to borrowers looking to refinance their private home loans every 2 to 3 years than those who prefer a housing loan with a foreseeable total cost of borrowing.
How do I apply for a Citibank home loan?
If you’ve compared your options and decide that the Citibank home loan is right for you, head over to Citibank’s website and fill in your details for an In-Principle Approval (IPA). A mortgage specialist will then access your application and get in contact in as fast as 2 business days.
Each Citibank product has specific eligibility criteria, but some will apply to all products. For example:
- Be between 21 to 65 years old.
- Singapore citizens, permanent residents and foreigners may apply.
When you apply for a home loan with Citibank, you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you’ll be expected to provide are:
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- Completed duly signed Citi Home Saver Application Form
- Photocopy of all applicants’ NRIC or passport.
- Income documents:
- Latest computerised payslip/IR8A
- Two years’ tax return (for self-employed applicants); or
- 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)