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What To Do Before Getting a Citibank Home Loan?

Are you planning on taking out a Citibank Home Loan? Here’s what you need to consider before getting one for your new home.

There is no place at home.

It is a place where you can feel safe and at ease. However, it is no secret that purchasing a home is not as simple as finding the right place, paying it off and then moving in. Singaporeans use housing loans to afford a home though they have to pay for a couple of years or even decades.

Most banks offer a home loan, and Citibank has a couple of housing products. However, if you are eyeing a Citibank Home Loan, you need to consider a couple of facts.

Citibank Home Loan Products

Citibank Home Loan Singapore


Citibank New Residential Property Purchase

If you need to get funds to purchase your new home, you may get a New Residential Property Purchase loan.

Before looking for a home, you need to know how much you can afford. Therefore, you are encouraged to get an In-Principle Approval (IPA). This way, you will learn will you are qualified for a housing loan and how much the bank loan is willing to lend.

After getting an IPA, you can select the property that fits your financial capability and loan amount. Next, get the Option to Purchase (OTP) by making an initial offer. Finally, you must submit both the IPA and the OTP to make a formal loan application.

The bank may provide a lawyer to help you execute the mortgaged usage of CFP funds. At this stage, expect to pay legal fees and the downpayment. The disbursement will either be issued directly to you or through the lawyer.

Citibank Mortgage Refinancing

Let’s say you already have an existing housing loan with a bank. However, you realize that you can’t keep up with the repayments. So Citibank offers to help you by settling the home loan for you. Then you can repay Citibank according to a loan agreement.

You can only get this loan solution if your existing housing loan is way passed its lock-in period and the interest rate is higher than Citibank’s rate.

Citibank Cashout

It is a term loan type where you can refinance your mortgage to get cash liquidity. Simply, you are using the value of your home to get a loan without selling it. According to the agreed loan tenure, it helps if you meet monthly instalments upon loan disbursement.

Make sure that you can repay the monthly instalments to avoid penalty charges. You might be even risking losing your home.

Citibank Additions & Alterations or Reconstruction Loan

You can use Citibank Additions & Alterations or Reconstruction Loan to build a new home, revamp a recently purchased property, or reconstruct a current property.

Citibank Home Loan Calculator

Why do you need a calculator? Citibank Home Loan Calculator can give you an idea of how much you have to pay each month based on the amount you plan to borrow.

It does not give you the exact amount, but it can give you a way to consider how the monthly repayments can affect your daily finances.

How to use the Citibank Home Loan Calculator

  1. Select Property Type and Type of Interest Rate package
  2. Mention the Home Loan Amount Required
  3. Choose the Mortgage Repayment tenure
  4. Set the interest rates per annum for home loan repayment
  5. Calculate the Mortgage repayment schedule along with the estimated monthly instalment breakdown.

Citibank Home Loan Interest Rates

Low-interest rates from SIBOR + 0.70% p.a. for the first 3 years if you successfully apply online by 31 May 2017. SIBOR is Singapore Interbank Offered Rate. It is the interest rate used by banks in Singapore whenever they get a loan from each other. It is set by the Association of Banks in Singapore (ABS).

What to consider before getting a Citibank Home Loan?

What type of buyer are you?

It is vital to consider if you are buying a property from an investor or an owner. As an investor, you might want to purchase an apartment that has the potential to be in-demand. You may even buy an apartment in a high-growth property area. On the other hand, if you purchase a homeowner, you will highly consider your own lifestyle in a specific area.

What type of rate do you want?

Should you take a fixed rate or the variable rate? Both types of interest rates have their advantages and limitations. The decision will depend on how you manage your finances. For example, if you are the kind of person who likes security, take the fixed rate.

On the other hand, if you want to keep your options open and take the chance that your interest rate may go/stay low, then the variable rate will fit you best.

Do you know all the fees toy have to pay?

There are a lot of fees involved in a housing loan. The upfront fee is the application fee charged by the bank when you take out a loan. Ongoing fees are fees or charges you have to pay during the loan duration until its maturity. Exit or discharge fees are not always applicable. However, you may have to pay specific fees, such as the legal fees on the property’s title.

How much should you borrow?

The more deposit you pay, the lesser you have to borrow. However, keep in mind that you also need to pay the lawyer, stamp duty, and mandatory insurance aside from the interest rate.

Buying a home is not as easy as it seems. It takes serious consideration. It is best to ask the bank about the possible fees you get charged with. Also, if you want to get a loan for a minor home improvement, you can just get a personal loan from licensed moneylenders such as Cash Mart.