What is Loan Closure?
Loan closure is the final step in the loan lifecycle. Loan Closure could be because of clearance of loan outstanding and/or completion of loan tenure; fulfillment of contractual liability, or due to pre-mature closure initiated by the customer.

Loan closure scenarios
A Citi Home Loan/Loan Against property is closed under the following scenarios:
  • Bank Initiated: Upon completion of the loan tenure and clearance of loan outstanding.
  • Customer initiated: When the borrower chooses to pre-close his loan account at any point during the loan tenure by paying off the outstanding loan amount as a lump sum (subject to applicable part payment and foreclosure charges, as per the Schedule of charges).
A) Bank initiated loan closure

In case the loan tenure has elapsed and loan outstanding has been completely paid off, the Bank will initiate for your loan account to be closed.
If you have registered for the alert service, upon loan closure, an alert will be sent to your email id and/or mobile number and a letter detailing closure of the loan will be sent at your registered mailing address within seven business days from the date of loan closure.

B) Customer initiated loan closure.
  • Is there a lock-in period?
    There is no minimum/lock in period to get the loan pre-closed.
  • How to initiate a closure request?
    Prior to initiating closure of the loan, please check your contact details maintained with the Bank. Kindly verify the correct mailing address, contact number and email ID so the closure communication reaches the Bank in time.
    Step 1: Contact the Bank to know your pre-closure amount. Pre-closure amount is the total closing balance payable to the Bank for the closure of the loan.
    • Login to your accountby accessing CBOL at and raise a query under ‘Your Queries’ section Or
    • Contact us by calling ourCitiPhone helpline at 18602102484; NRI clients may reach out at+91 22 4955 2484
    Step 2: Upon receiving your request, our team will get in touch with you at your registered contact number/email address to understand the reason for pre-closure of your loan.
    Step 3: The team will issue you a Loan Foreclosure Letter, detailing the pre-closure amount to be paid. The letter will also carry information on how you can make the pre-closure payment and collect your original title document submitted to the Bank. The foreclosure letter is sent to you on your email ID or your mailing address registered with the Bank.
    Hence it is important to keep your contact details updated, prior to the start of the loan closure process.
  • How to update your contact details?
    • Login to Citibank Online ( by using your User Name and IPIN. Access quick links on the top right panel and click on 'View/Edit'.
    • Choose your Account/Relationship Number. Click on 'Generate OAC*' and authorize with OAC received on your registered mobile number.
    • Edit your contact details (Mobile Number/E-mail ID/Address). Click on 'Confirm' to authorize changes.
    • Alternatively, you may visit our branch with a valid address proof to update the address. To know the list of valid documents, please click here.
What does pre-closure amount include?
  • - Principal outstanding
  • - Unbilled Interest chargestill loan closure date
  • - Pre-closure charges (if applicable)
  • - Goods and Services Tax (GST)
  • - EMI return charges and Penal interest, if any
For how long is a foreclosure letter valid?
The foreclosure letter is valid until the date mentioned in the letter. If the payment is to be made post the elapse of the validity date, we request you to please contact the Bank for re-issuance of a fresh letter.

What are the options for remitting the closure payment?
You are requested to make the payment towards the pre closure of your mortgage loan by choosing any one of the following options.

  • Payment from a Citibank Account:
    For payment on loan from a Citi account, you may submit a direct debit instructions letter to your nearest Citi branch in India. Refer Annexure 1 for the debit instruction format.
  • Payment from Other Bank Account
    • Payment is accepted only thru NEFT. RTGS payments are not accepted.
    • Payee Name: Primary applicant name as mentioned in loan account
    • Bank Name: Citibank, N.A.
    • City: Chennai
    • Branch Name: Anna Salai, Chennai
    • IFSC Code: CITI0000003
    • Account Number: Mention complete loan number
    • Account Type: Loan
  • Payment through Cheque/Demand Drafts
    • Payee Name: Citibank NA Loan No. xxxxxxx (Your complete loan account number)
    • Please deposit the cheque/ draft at your nearest Citibank branch in India.
  • Payment through Cash:
    • Please walk-in to the nearest Citibank branch in India for closure of loan via cash payment
    • The following documents are mandatorily to be carried for cash payments equal to or exceeding the below:
      • Rs 50,000: Copy of Pan Card
      • Rs 4,00,000: Copy of PAN card & details about source of funds
      • Rs, 10,00,000: Copy of PAN card and documentary proof of source of funds
When will the loan be closed?
  • Payment via Debit Instruction from a Citibank Account/NEFT – 3-5 working days.
  • Payment via Cheque/Demand Drafts - Clearance of cheque and application of payment on loan takes up-to 5 working days. Loan closure may take up to 7 working days from date of depositing your Cheque/Demand Draft.
  • Payment through Cash – 3-5 working days.
Home Credit Loan Account Closure
  • In a Home Credit loan, a current account is opened simultaneously with a home loan account and both these accounts are linked. The balance maintained in the current account is automatically transferred to the home loan account at the end of every day leaving a minimum threshold (as set by the bank) in the current account. The amount swept will be available in the current account in the form of line amount.
    If you have a Home Credit linked loan, the outstanding amount indicated in the pre-closure letter is net of the line amount and further may vary subject to the transactions in the linked current account. Please note that the line amount shall be utilized towards the closure of the loan. At the time of closure of loan, the linked home credit account will also be closed.
    If EMI repayment of the loan is through NACH and the loan closure happens after the 25th of the Month, then your EMI for the subsequent month will be presented. For excess amount received, a refund will be issued via NEFT or through a draft in your favour within 7 working days post the closure of loan.
    Once closure payment is applied and there are no other outstanding dues, the loan account and the linked home credit account (if any) will be closed.
How will I know about Loan closure?
  • If you have registered for the alert service, upon application of the closure payment, an alert will be sent on your email id and/or mobile number and a letter detailing closure of the loan will be sent at your registered mailing address within seven business days from loan closure.
Release of original property documents
  • When will my original property documents be released?
    The property papers will be released post the closure of the loan within 15 days of the repayment of all dues agreed to or contracted from the date of the loan closure.
    Post the closure of loan, subject to internal checks, the Bank will contact you within seven business days to schedule an appointment for the release of the property documents. Alternatively, you may write to us online on
  • Where can I collect the original property documents from?
    The property documents will be released from Bank’s branch/office where they were deposited as per scheduled appointment.
  • Do all the loan holders/co-borrowers on the loan need to be present for collecting the original property documents?
    Please note that for the release of original property documents, all the property owners are required to be present in-person. In case not all/any of the property owners are able to come in person, they can authorize the co-owner/any other co-borrowers on the loan to collect on his/her behalf). The property owner and/or the authorized representative should carry their own original Identity and Signature Proofs (e.g. Passport, Driving license, etc.). The authorized representative should also carry an Authority Letter co executed and signed by all property owners who are not present in-person (refer Annexure 2 & 3 for the authority letter format).
  • What is the process for removal of charge on the property in any government record?
    In case you require any assistance for removal of charge on the property in any government record, you may discuss the same with the documents- custodian at the time of release of property documents.
Click here for Annexures