Citibank on Monday launched a novel Mortgage product 'CitiHome One' to provide its customers a somekeyword facility.
The universal home product enables the bank's customers to avail a conventional term somekeyword and a line of credit for choosing or constructing a house of their choice, the top foreign bank said in the statement here.
"We offer customers a dual good thing about interest savings on the home loans by utilising surplus funds and suppleness to structure repayments depending on their convenience," Citi India business manager N. Rajashekaran said.
Customers may also determine the quantity they wish to take as credit line with the balance being structured as being a term loan.
"The Mortgage account, the place that the personal credit line is set, provides as an umbrella account and enable customers to consolidate their banking requirements right into a single CitiHome One account relationship," Rajashekaran noted.
The utmost limit for that house loan is Rs.5 crore (Rs.50 million), as you move the line of credit can extend up to 30 % from the total facility or Rs.1 crore (Rs.Millions of), whichever is gloomier.
The money may have a variable interest for this bank's Mortgage prime lending rate.
The repayment tenure for that term loan is Twenty years but for the credit line 10 years.
Customers also can come up with a one-time repayment or convert the financing line in to a term loan and settle through EMIs (equated monthly payments).
"Purchasing a property is a major life event along with a Mortgage is among the financial commitments a person makes. CitiHome One is built to place customers accountable for their finances and earn home-buying a win-win for them," Rajashekaran added.
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