Citi Mortgages CMPR (Base Rate) / MCLR Reference Rate

  1. Floating Interest Rate on all loans booked up till and including June 30, 2010 are linked to the Citibank Mortgage Prime Rate. The Citibank Mortgage Prime Rate (CMPR) is 15.25% effective from June 07, 2019. Interest on Floating rate Loans linked to the CMPR is in the range of 355 bps above and 840 bps below the CMPR.

  2. For loans booked effective July 01, 2013, the Interest Rate on new loans is benchmarked directly to the Base Rate of Citibank as applicable from time to time.

    For all loans booked between July 2010 to June 2013, the interest rate was earlier benchmarked to the applicable Reference Rates. Home Loans were referenced to the Home Loan Reference Rate (HLRR). Property Power, Home Loan Top-up and Home Loan Takeover Enhancements were referenced to the Property Power Reference Rate (PPRR). With effect from August 2013, the interest rate on all these loans is also directly benchmarked to the Base Rate of Citibank as applicable from time to time.

    The interest rate on floating rate loans linked to the Base Rate varies from Base Rate to 730 bps above the Base Rate.

  3. For loans booked effective April 01, 2016, the Interest Rate on new loans is benchmarked to the 3-month tenor Marginal Cost of funds based Lending rate (MCLR) of Citibank as applicable from time to time. The interest rate on floating rate loans linked to the MCLR varies from MCLR to 665 bps above the MCLR.

    To know the Citibank, N.A. current Base Rate, please click here.

    To know the Citibank, N.A. current MCLR , please click here.

  4. Customers have an option to link their mortgage loan to MCLR instead of the Base Rate/ CMPR. This would require a supplementary agreement to be executed with the Bank and does not involve any additional cost to them. Customers may contact us at CitiPhone at 18602102484 or log on to www.citibank.com/india to place a request to link their mortgage loan to MCLR. If customers were to opt to link their loan to MCLR, the interest rate on their loan will remain the same and a change will be made to the spread on the loan. The interest rate on linkage to MCLR will change upwards or downwards as the case may be, in line with movement of the MCLR, if any, with a quarterly reset frequency in the subsequent quarter/s after execution of the supplementary agreement.

    To illustrate, we have provided an example below, based on the MCLR as applicable as of November 07, 2017.
    1. Details Current Rate (CMPR or Base Rate linked) After conversion to MCLR
      Benchmark Base Rate/ CMPR MCLR
      Benchmark Rate (a) 8.65% 8.10%
      Spread (b) 1% 1.55%
      Rate of Interest (a) + (b) 9.65% p.a 9.65% p.a *

      *Please note that changes to MCLR will be reflected in your interest rate, starting with the next quarterly reset cycle subsequent to linkage to MCLR.