Citibank Home Loan Review: How Does Citibank Compare to the Competition?

Citibank Home Loan Review: How Does Citibank Compare to the Competition?

Citibank's home loans are not competitive in terms of total interest cost, but tend to offer competitive introductory interest rates.

Good for

  • Individuals who are willing to refinance their home loan every few years
  • Borrowers seeking a interest-offset account

Bad for

  • Borrowers seeking a home loan with a low total cost of borrowing

Editor's Rating

4.0/5.0

Citibank does not typically offer loans with low total interest costs. Its introductory rates, however, are relatively competitive and worth considering for individuals prefer a home loan that they will refinance every few years. Citibank also offers home loan borrowers preferred interest rates on savings accounts, which can be used to repay home loans.

Summary of Citibank's Home Loans
Competitive introductory interest rates
Legal Fee Subsidies: up to S$2,500
Total retail loans: S$408 billion

Table of Contents

What Makes Citibank Stand Out to Borrowers

Citibank does not typically offer cheap home loans in terms of total cost of borrowing. That said, it tends to offer relatively competitive introductory interest rates that rise significantly after 2 to 3 years. Other lenders offer both low introductory rates and cheaper total loan costs. Because banks are known to adjust their home loan interest rates frequently, it is imperative to compare current interest rates before choosing a home loan.

Because of its competitive introductory rates, Citibank is worth considering for individuals that would prefer to refinance their housing loan every few years. Additionally, the bank tends to offer slightly better interest rates for CITIGOLD customers and individuals seeking loans of more than S$500,000. Another positive aspect of Citibank's home lending products is its interest-offset account. This feature allows borrowers to earn 50% of the home loan's interest rate on deposits in a savings account with Citibank. This can help borrowers repay their loan more quickly by earning a consistent and relatively low risk yield from their savings account.

Citibank HDB Home Loans Interest Rates

Citibank's HDB housing loans are typically significantly more expensive than other lenders in Singapore in terms of total interest rate cost. However, the bank offers competitive introductory fixed and floating interest rates for HDB home loans, making it worth considering for individuals seeking to refinance their HDB property loan every few years. The table below details Citibank's current HDB home loan interest rates.

Bank1st Yr InterestLock-in PeriodApply Now
CITI Tracker2.08%2 years
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CITI Tracker2.18%2 years
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CITI Tracker2.23%2 years
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CITI Fixed2.10%3 years
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CITI Fixed2.13%3 years
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Similarly, Citibank's home loans for HDB properties under construction are generally competitive in terms of introductory rates but not in terms of total cost. These make the bank better for individuals seeking to refinance their BTO loan every few years compared to those who seek a housing loan with a loan total cost of borrowing. The table below shows Citibank's current home loan rates for HDBs under construction.

Bank1st Yr InterestLock-in PeriodApply Now
CITI Tracker2.13%0
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Citibank Private Home Loans Interest Rates

Citibank tends to offer private home loans with relatively competitive introductory interest rates, though these loans are usually more expensive than its competitors' loans when comparing the total cost of borrowing. This is because Citibank's competitive floating and fixed interest rates generally rise more significantly after 2 to 3 years. Borrowers that are willing to refinance their private home loans every few years might want to consider Citibank. Otherwise, prospective homeowners may be better off with loans from other lenders. Because rates change frequently, it is worth checking Citibank's updated rates before applying elsewhere. The table below shows Citibank's current first-year interest rates for private housing loans.

Bank1st Yr InterestLock-in PeriodApply Now
CITI Tracker2.08%2 years
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CITI Tracker2.18%2 years
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CITI Tracker2.23%2 years
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CITI Fixed2.10%3 years
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CITI Fixed2.13%3 years
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Citibank's home loans for private residences that are under construction are less competitive than its other loans. These loans tend to offer less competitive introductory interest rates and are not competitive with other banks in terms of total interest costs. That being said, interest rates for home loans are changed frequently. This, combined with Citibank's strong reputation as a lender, makes it worth keeping an eye on their rates as you decide to apply for a home loan. The table below shows Citibank's current home loan rates for private residences.

Bank1st Yr InterestLock-in PeriodApply Now
CITI Tracker2.13%0
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Citibank Refinancing Home Loan Interest Rates

When it comes to home loan refinancing, Citibank offers competitive introductory rates. This makes it a decent option for borrowers that plan to refinance their loan several more times. The bank does not usually offer competitive total interest costs with its home loan refinancing, so it is not as good of an option for borrowers that do not want to refinance their loan again. With that said, it is always worth checking rates as you prepare to refinance your home loans because banks update their rates frequently. The table below shows Citibank's current home loan refinancing rates.

Bank1st Yr InterestLock-in PeriodApply Now
CITI Tracker2.08%2 years
{"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["CITI"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"refinance","property_type":"hdb","sort":"total_interest_cost","current_financer":"WESTPAC","current_interest_rate":5,"existing_loan_amount":500000},"loan":{"bank_name":"CITI","name":"Tracker","interestRateYear1":"0.20","interestRateYear2":"0.20","interestRateYear3":"0.35","interestRateYear4":"0.50","interestRateYear5":"0.500","interestRateYear6Plus":"0.50","lockInPeriod":"2 years","features":"Max Loan for HDB = 30yrs","additionalInformation":"- Savings Account will earn interest of 50% of the home loan rate to offset home loan interest\r\n\r\n- For CitiPrivate Only","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"1M SIBOR","rt2":"1M SIBOR","rt3":"1M SIBOR","rt4":"1M SIBOR","rt5":"1M SIBOR","rt6":"1M SIBOR","rt1r":"1.88","rt2r":"1.88","rt3r":"1.88","rt4r":"1.88","rt5r":"1.88","rt6r":"1.88","sumYear1":"2.08","sumYear2":"2.08","sumYear3":"2.23","sumYear4":"2.38","sumYear5":"2.38","sumYear6":"2.38","sum":"2.08","y2":"$2,140","y3":"$2,174","y4":"$2,207","y5":"$2,207","y6":"$2,207","y1":"$2,140","monthly_installments":"$2,140","total_interest_cost":133612,"metadata":{"_id":18,"apply_now_icon_hidden":true,"apply_now_redirect":false,"apply_now_text":"Check Rates","collection":"home_loans"}}}
CITI Tracker2.18%2 years
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CITI Tracker2.23%2 years
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CITI Fixed2.10%3 years
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CITI Fixed2.13%3 years
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Additionally, Citibank offers a credit towards the legal fees associated with refinancing home loans. This subsidy is worth 0.2% of the loan amount and is capped at S$2,500. This subsidy compares well to other lenders as its cap is slightly higher than most banks and because it is offered to borrowers refinancing loans of all sizes.

Applicable Fees

Citibank charges a few standard fees with its home loans. These include partial repayment fees, full redemption penalties and cancellation fees. Citibank does not charge its CITIGOLD Clients full redemption or cancellation fees. The table below details fees associated with Citibank's home loan products.

Home Type TypePartial Repayment FeeFull Redemption PenaltyCancellation Fee
Completed1.5%1.5%1.5%
Completed (CITIGOLD Clients)N/AN/A1.5%
Buildings Under ConstructionN/AN/A0.75%

How to Apply: Application Process

Find the Cheapest Home Loans in Singapore

$
{"defaultValue":"500000","clearOnFocus":true,"label":"Loan Amount","name":"loanAmount","symbol":"$","symbolLocation":"left","showLabel":false}

Home loan applications tend to be very long and complicated processes. For this reason, we suggest that individuals interested in Citibank's home loans contact our home loan broker partner for further assistance. This is possible by clicking the "Enquire now" button on this page.

How Do Citibank's Rates Compare to Other Bank's Home Loan Rates?

Banks frequently adjust their housing loan interest rates, which makes it important to compare current offerings before applying for a loan. The table below features updated interest rates for some of Singapore's top banks.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Board2.00%2 years
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DBS Board2.08%1 year
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UOB Board2.08%2 years
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DBS Fixed1.89%3 years
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UOB Fixed2.18%2 years
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