Citibank will issue a Certificate of Interest and Principal every year to keep you updated on how much interest and principal you’ve paid towards your loan.
What are Certificates of Interest and Principal? Why are they important?
The Certificate of Interest is a summary of all interest charged on your loan and paid over a particular financial year. Similarly, the Certificate of Principal is a summary of all principal payments made by you over a financial year.
These certificates are very important as they will enable you to claim tax benefits# under Income Tax Act.
How do I get my Certificates?
- Citibank will mail the Certificates in the month of April/May every year (at the end of the financial year) to your registered e-mail address. If you have changed your residence and want all communication to reach at the new address kindly visit Citibank Online and update your contact details.
- You can view and download your Interest and Principal Certificates anytime through Citibank Online (CBOL) by visiting our portal www.citibank.com/india.
- Alternatively, you can call our Citiphones Officers and request for these Certificates. Post confirming with you, we will send these to you. You shall receive these in 24 hours through E-mail.
For tax purposes my employer needs the Provisional Interest and Principal Certificates. Can I get a Provisional Interest and Principal Certificate for the current year?
To help plan your tax submission, Citibank will send provisional Principal & Interest Certificates in the month of December.
You can also view and download the Provisional (Current financial year) Interest and Principal Certificates anytime through CBOL by visiting our portal www.citibank.com/india.
Get your property related queries answered.
I have availed a Home / Property Power Loan from Citibank. When should the property papers be submitted?
The property papers are to be submitted at the time of taking the disbursal. Our officer will collect the papers and also issue you the necessary custody certificate.
Who keeps my property papers?
All papers related to the property financed and/or mortgaged are kept with Citibank in safe custody till the loan is completely paid off.
Will I get a certificate listing out property documents in Citibank’s custody?
Yes. Citibank will provide you with a certificate listing out property documents handed over at the time of disbursal.
I have misplaced the certificate. What should I do to obtain duplicate copy of the certificate for title documents in Citibank’s custody?
Kindly place a request for copy of the tile document certificate by contacting our service desk at CitiPhone or visit us at www.citibank.com/india along with your loan number.
Can I sell my property or a part of my property without clearing my mortgage in full?
No. Your property is mortgaged to Citibank and you are not entitled to sell any part of your property till your entire loan dues are paid in full and a "No Dues Certificate" is obtained from Citibank.
Can I take my property documents for a few days?
No. Citibank will not hand over the original property documents to you until the loan is repaid in full.
Can I pledge my property to someone else and raise an additional loan?
No. Your property is mortgaged to Citibank, therefore sale, transfer or mortgage of this property to anyone else is not permissible till the loan dues are cleared in full and a "No Dues Certificate" is obtained from Citibank.
Can I rent out my property?
Yes, you can rent out your property. However, before renting, kindly inform Citibank about the tenant, lease period and monthly rent and provide a copy of the lease deed to Citibank.
Can I use my property for commercial purposes?
If you have availed of a loan for the purchase of a residential property or availed of a loan against the residential property, you cannot use your property for commercial purposes.
If there is a problem with my property, can Citibank help?
Citibank is not liable and does not take guarantee on the legality, title or value of your property. Please note that in case there is a dispute on your property or its value falls in the market, you are still required to continue paying your installments towards your loan obligations as per the schedule agreed upon at the time of loan approval.
Points to Remember
- Do not sell your property unless you have paid your loan, plus interest and other charges in full. Your property is mortgaged to Citibank till you pay your dues in full and obtain a "No Dues Certificate" from Citibank
- Please inform Citibank about any construction, renovation or renting out of the property.
*Terms and conditions apply. All loans are at the sole discretion of Citibank N.A. Citibank reserves the right to ask for any additional documents from the applicant. Citibank reserves the right, at anytime, with prior notice to add / alter / modify / change or vary any of the Terms and conditions or to replace them, wholly or in part. Click here for Most Important Terms and conditions. Please refer to our Schedule of Charges.
Mortgage Loans are available only in Delhi-NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, Jaipur, Coimbatore, Ahmedabad, Chandigarh & Kolkata.
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