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Citi Bank Home Loan
Join Citi Bank's Home Loan Referral Program and earn up to Rs 75,000 for every successful home loan referral. Refer someone today and enjoy the benefits!
Loan
Q: What is a Citibank Home Loan?
A: A Citibank Home Loan is a loan provided by Citibank to individuals for the purpose of purchasing or constructing a residential property.
Q: What types of properties can be financed with a Citibank Home Loan?
A: Citibank Home Loans can be used to finance the purchase or construction of apartments, villas, independent houses, and residential plots.
Q: What is the eligibility criteria for a Citibank Home Loan?
A: The eligibility criteria for a Citibank Home Loan includes factors such as age, income, employment stability, credit score, and property value.
Q: What is the Home Loan Referral Program offered by Citibank?
A: The Home Loan Referral Program offered by Citibank allows existing customers to refer their friends, relatives, or acquaintances who are interested in availing a home loan, loan against property, or transferring their existing home loan to Citibank. In return, the referrer can earn cash rewards up to Rs. 75000/- per successful conversion.
Q: How can I participate in the Citibank Home Loan Referral Program?
A: To participate in the Citibank Home Loan Referral Program, you need to fill in your details such as name, email ID, phone number, Citibank account number, and PAN number. You also need to provide the details of your referrals, including their name, phone number, email address, and physical address.
Q: How does the referral process work?
A: Once you have provided the details of your referrals, Citibank will send a unique link to each referral via their email ID. The referral can use this link to apply for a home loan. You will be eligible to receive the cash reward once your referral successfully applies for a home loan through the unique link.
Q: How much cash reward can I earn per successful conversion?
A: The cash reward amount depends on the disbursed amount of the referred loan. The reward payout grid provided by Citibank states that the reward ranges from Rs. 9999/- for loans disbursed between 30 lakh - 50 lakh, up to Rs. 75,000/- for loans disbursed above 2 crores.
You will receive a reward based on the following grid for every loan that is referred, booked, and disbursed:
REWARD PAYOUT GRID | |
DISBURSED AMOUNT (in Rs.) | REFERRAL REWARDS ON DISBURSAL* |
30 Lakh - 50 Lakh | Reward of Rs.9999 |
>50 Lakh - 1 Crore | Reward of Rs.25,000 |
>1 Crore - 2 Crore | Reward of Rs.50,000 |
>2 Crore | Reward of Rs.75,000 |
*Please note that the cash reward is subject to tax deduction at source as per Section 194H of the Income Tax Act
Q: Is there any tax deduction on the cash reward?
A: Yes, the cash reward is subject to tax deduction at source under Section 194H of the Income Tax Act.
Q: Can I refer multiple people for the Home Loan Referral Program?
A: Yes, you can refer multiple people for the Home Loan Referral Program. There is no limit on the number of referrals you can make.
Q: Can I refer someone for a loan against property or a loan transfer as part of the program?
A: Yes, you can refer someone for a loan against property or a loan transfer through the Home Loan Referral Program. The program covers all these categories.
Q: Can I refer someone who is not an existing Citibank customer?
A: Yes, you can refer someone who is not an existing Citibank customer for the Home Loan Referral Program.
Q: How will I receive the cash reward?
A: Once your referral successfully applies for a home loan through the unique link provided by Citibank, the cash reward will be disbursed to you. The bank will inform you about the payment process and mode.
Q: Are there any restrictions on who can participate in the Home Loan Referral Program?
A: The Home Loan Referral Program is not applicable if the referee is a resident individual of the European Union, European Economic Area (EEA), or any other jurisdictions where referral activity is restricted. For more details, it is advisable to consult a bank representative.
Q: Can I refer someone residing outside of India for the Home Loan Referral Program?
A: Citibank India does not market its products or services to individuals resident in several countries, including the European Union, European Economic Area, Brazil, New Zealand, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, The Isle of Man, or the UK. Therefore, the program may not be applicable if the referee resides in any of these locations.
Q: How long is the approved time period to qualify for the referral payout for under construction properties?
A: In the case of under construction properties, the referral will qualify for the payout calculated on the basis of the entire sanctioned loan amount post the first tranche disbursal, provided the disbursement is done during the approved time period. It is advisable to check with the bank for the specific approved time period.
Q: Is there any specific criteria for a successful conversion under the referral program?
A: A successful conversion refers to the referred loan being booked and disbursed. Once the loan is disbursed, you will be eligible for the cash reward as per the reward payout grid mentioned by Citibank.
Q: Can I refer someone for both a home loan and a loan against property?
A: Yes, you can refer someone for both a home loan and a loan against property through the Home Loan Referral Program.
Q: Are the cash rewards applicable to all loan tenures?
A: The cash rewards offered under the Home Loan Referral Program are applicable to all loan tenures. The disbursed amount is the key factor in determining the cash reward.
Q: Is there any limit on the number of referrals I can make?
A: There is no specific limit on the number of referrals you can make for the Home Loan Referral Program. You can refer as many people as you wish.
Q: Can I participate in the Home Loan Referral Program if I don't have a Citibank account?
A: To participate in the Home Loan Referral Program, you need to have a Citibank account. The program is specifically designed for existing Citibank customers.
Q: Can I track the status of my referrals and the cash rewards I have earned?
A: Citibank will provide you with updates on the status of your referrals and the cash rewards you have earned. You can inquire about the status by contacting the bank's customer support or designated referral program team.
Q: Can I refer someone for a home loan if they already have an existing Citibank account?
A: Yes, you can refer someone for a home loan even if they already have an existing Citibank account. The referral can consider availing the home loan for additional property or for other purposes.
Q: Can I refer someone if they already have a home loan with Citibank?
A: The Home Loan Referral Program is specifically designed for individuals interested in transferring their existing home loan from another bank to Citibank. Therefore, if someone already has a home loan with Citibank, they may not be eligible for referral under this program.
Q: Can I refer someone for a loan other than a home loan or a loan against property?
A: The Home Loan Referral Program is specifically for home loans, loans against property, and loan transfers. Referrals for other types of loans may not be eligible for cash rewards under this program.
Q: Can I refer someone who is not a close associate or relative?
A: Yes, you can refer someone who is not a close associate or relative for the Home Loan Referral Program. The program is open to all individuals interested in availing a home loan, loan against property, or loan transfer.
Q: What should I do if I have any issues with the Home Loan Referral Program?
A: If you have any issues or queries regarding the Home Loan Referral Program, you can reach out to Citibank's customer support or contact their designated referral program team for assistance.
Q: Are there any additional terms and conditions for the Home Loan Referral Program?
A: There may be additional terms and conditions for the Home Loan Referral Program, which can be found on Citibank's website or by contacting the bank directly. It is advisable to familiarize yourself with the terms and conditions before participating in the program.
Q: Can I participate in the Home Loan Referral Program if I reside outside India?
A: The Home Loan Referral Program is specifically designed for Citibank customers in India. If you reside outside India, you may not be eligible to participate in this program. It is recommended to consult a bank representative for specific eligibility criteria based on your location.
Q: What is the maximum loan amount that can be availed with a Citibank Home Loan?
A: The maximum loan amount that can be availed with a Citibank Home Loan varies based on factors like the borrower's income, repayment capacity, and the value of the property being financed.
Q: What is the interest rate offered on Citibank Home Loans?
A: The interest rates on Citibank Home Loans are subject to change and depend on various factors, including market conditions, the loan amount, and the borrower's creditworthiness.
Q: What are the repayment options for a Citibank Home Loan?
A: Citibank offers flexible repayment options for Home Loans, allowing borrowers to choose between fixed or floating interest rates and tenure options ranging from 5 to 25 years.
Q: Are there any processing fees or charges associated with Citibank Home Loans?
A: Yes, Citibank charges a processing fee for home loan applications. The exact fee amount may vary, and it is advisable to check with the bank for the most up-to-date information.
Q: Can I prepay or foreclose my Citibank Home Loan?
A: Yes, Citibank allows borrowers to prepay or foreclose their home loans. However, there may be certain conditions or fees associated with such prepayment or foreclosure. It is recommended to check with the bank for specific details.
Q: Is it possible to transfer my existing home loan to Citibank?
A: Yes, Citibank offers the option to transfer your existing home loan from another bank to Citibank. This is known as a balance transfer facility.
Q: How can I apply for a Citibank Home Loan?
A: You can apply for a Citibank Home Loan online through the bank's website or by visiting a Citibank branch. The bank will require you to fill out an application form and provide the necessary documents for loan processing and verification.
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