Steps of to get approved Citibank Home Loan

Citibank Home Loan

ALLPPT.com _ Free PowerPoint Templates, Diagrams and Charts

Citibank established its presence in Singapore in 1982 making it a latecomer into the re-tail banking sector. But the bank has secured a large market share and has become an intimidating player in secured and unsecured lending, invest-ments and deposits.

If you are looking to purchase a house and are seeking a home loan to help achieve this task, Citibank has solutions for you. Citibank can help you purchase property, refinance your loan, or unlock equity on your home loan.

Check your eligibility

Before you venture into the idea of taking up a mortgage, find out if you are eligible for one. Citibank has an online eligibility calculator and loan amount calcu-lator available on their official bank web-site. Your potential loan amount de-pends on a number of factors like your earning capacity and your credit score. Your past credit history plays a pivotal role in securing any credit line, whether it’s a personal loan, a credit card, a home loan or anything related.

Steps of Citibank Home Loan

Get an In-Principle Approval

You will need an In-Principle Approval (IPA) which is a conditional approval on your Citibank housing loan. An IPA will give you a picture of your financial standing and the loan amount you will be eligible for. Using this information, you can shop around for residential property that will suit your affordability. You can get an IPA online itself. With an IPA you will be at an advantage of minimal documenta-tion when the time comes for your final loan approval. Citibank will give you a 2-month conditional approval for your home loan in a few hours after you complete the documentation. Plus you will have the assistance of a Citibank Mortgage Specialist for all your loan requirements.

Can you afford it?

The next step in the loan process would be to check if you can afford to pay it back. Citibank provides a Mortgage Repayment Calculator which will give you a clear under-standing of your potential EMIs, tenure, the interest and the principal amount you will owe. Looking at numbers and facts on your screen will help you make an informed decision on what would be the best for you.

Select your house

After you procure an IPA and are clear on the loan and all it entails, you can go ahead and select a residential property of your choice that falls within your affordability. When you make an offer you will be given an Option to Purchase (OTP).

Get the loan approved

Submit the OTP along with the IPA to Citibank and they will process a formal loan approval. For the usage of CPF funds and the mortgage execution, a lawyer will be engaged for assistance. Legal and valuation fees will be charged at this point.

Enjoy the benefits

Citibank gives you a choice of different interest rate pack-ages. You also have the flexibility to change between SIBOR tenures. And to tend to all your loan needs and queries, Citibank gives you instant access to a Mortgage Client Care team.