Best Citibank Mortgage Plan in Hong Kong
Citi is a leading global bank with approximately 200 million customer accounts and does business in 160+ countries and jurisdictions. Citi provides a broad range of financial products and services to consumers, corporations, governments and institutions, including consumer banking e.g. mortgages and credit, corporate and investment banking, etc.
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Mortgage Plans
Citibank provides HIBOR Mortgages and Prime-Based Mortgages for clients to choose from. You can choose the plan that suits you the most and enjoy cash rebate at the same time.
Citibank New Buy Mortgage Rate Plans
| New Buy Mortgage Plan | Rate | Interest Rate Cap | Applicable Property Types |
|---|---|---|---|
| Citibank 1 Month HIBOR | H+1.3% | P(5.25%)-2.75% | All property types apart from public housing and HOS Scheme |
| Citibank Prime Rate | P(5.25%)-2.75% | 5.25% | Public Housing and HOS Scheme |
Citibank Refinance Mortgage Rate Plans
| Refinance Mortgage Plan | Rate | Interest Rate Cap | Applicable Property Types |
|---|---|---|---|
| Citibank 1 Month HIBOR | H+1.5% | P(5.25%)-2.75% | All property types apart from public housing and HOS Scheme |
| Citibank Prime Rate | P(5.25%)-2.75% | 5.25% | Public Housing and HOS Scheme |
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Citibank Mortgage Plan: Advantages
Citibank provides tailor-made mortgage solutions with affordable interest rates with easy repayment options to meet your financial needs. Your property will be valued by Citi before Citi assesses your mortgage affordability and makes an offer to you. You can also enjoy cash rebate and fee waivers on the 1st year fire insurance fee and the valuation fee.
Citibank Mortgage Plan: Disadvantages
Penalty Period
Paying back some or all of your mortgage within the penalty period will incur early repayment charges. For details, you can check your facility letter.
Restrictions on Property Types
You may need to submit extra documentation for certain types of property and some are not even applicable to Citibank mortgage plans such as mainland properties, public housing, etc.
Mortgage Term with Citibank
Property age, types of property and credit scores all affect Citibank mortgage terms.
Mortgage applications are affected by a number of factors:
Property Valuation with Citibank
Most of the banks do not have their own valuation department. They usually use the valuation service by a third party company like DTZ, CBRE, Savills and Centaline Property Agency etc. to provide valuation services. HSBC only accepts valuation service from Debenham Thouard Zadelhoff (DTZ), therefore their valuation tends to be reserved.
Online Valuation Service
Online Valuation Service doesn’t cover all properties in Hong Kong and the valuation tends to be more reserved. MoneySmart suggests considering valuation from a number of banks or using MoneySmart Property Valuation Calculator.
Property valuation is an important part of the entire mortgage application process. It does not only affect new purchase but also refinance mortgage. Numerous specific factors relating to the building will be looked at for example house prices of recent sales in the area, sales transactions, age, quality, unauthorised building works and building orders (if any). Village houses, old buildings and single private residential buildings usually have a low number of sales transactions, resulting in a low mortgage valuation.
For properties with a lower than expected valuation, MoneySmart suggests:
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Can these properties get a Citibank mortgage?
| Property Type | Y/N | Notes |
|---|---|---|
| Off Plan Property | Y | Less than 6 Million: 80% LTV 6 -10 Million : 60% LTV or 5 Million (whichever is less) 10 Million or above: 50% LTV |
| First hand Property | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Second hand Private Housing | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Village Housing | N | - |
| Tong Lau | N | - |
| Home Ownership Scheme Housing | N | - |
| Public Housing | N | - |
| Housing in Mainland China | N | - |
Paying for Citibank Mortgage
The repayment methods are similar among different banks but it's important to check the facility letter for early repayment terms. Usually, a penalty applies if you wish to repay the mortgage earlier.
Can I apply for a mortgage only by rental income?
Yes. But not all rental income will be counted as monthly regular income. Please see below for details:
Percentage of rental income calculated as monthly regular income.
- Lease with stamping: 70%
- Lease without stamping: 60%
For example: If the monthly income of the applicant is HK$20,000 and his/ her monthly rental income (lease with stamping provided). His monthly income will be HK$20,000 + HK$10,000 X 70%, which is HK$27,000.
Should you pay off your mortgage early?
Early mortgage repayment
There are two types of early mortgage repayment. The first one is to pay off the debt completely and the property will become yours. The second one is to pay back the capital to save on some interests. No matter which one you choose, you may be subject to early mortgage repayment fees. In recent years, some banks have shortened the penalty period to half a year or a year. If a borrower decides to repay the debt within the penalty period, a higher early mortgage repayment fees/ interest rates will be incurred. If it is beyond the penalty period, the fees will be a lot less. In the first year of the penalty period, the penalty is 1%+cash rebate and in the second year, the penalty is all cash rebate. MoneySmart suggests negotiating the best penalty period terms before accepting the mortgage plan.
How to apply for your Citibank Home Loan
Apply for Citibank Mortgage via MoneySmart
Get in touch with our mortgage team
Applicants can contact our professional mortgage team though our website WhatsApp +852 9665 5218
Compare Citibank mortgage plans
MoneySmart will follow up on your enquiry and provide you with different mortgage plans to choose from
Apply online with required documents
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Citibank Mortgage Plans FAQ
What documents are required when applying for Citibank mortgage?
- To apply for Citibank mortgage, proof of identity, provisional agreement for sale and purchase (applicable to new purchase)/ recent 3-month repayment record, current mortgage repayment information, proof of residential address (applicable to refinance), recent 3-month salary record, bank statement and recent tax bill are required.
Does Citibank impose any restriction on the property with building order?
- Citibank will not provide mortgages for properties with building order.
Can I apply for a mortgage without a fixed income? Can I apply with my asset instead?
- In general, self-employed applicants are required to provide 6-month of bank statement as income proof to apply for Citibank Mortgages. Applicants can also apply through Asset Based Lending.
Can I apply for a pre-approved mortgage?
- Citibank does not accept mortgage application without a tax bill. Applicants can consider applying through Asset Based Lending (ABL) if he/ she has more assets.
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