Public Relations
Citibank launches first universal mortgage account
Citibank today launched CitiHome One, a first-of-its-kind universal mortgage product, that would enable customers to get a home-loan as a combination of a conventional term-loan and credit line. - Credit card industry breathes easy - Foreign banks hike minimum balance for savings accounts - Aditi sharpens focus on services; to double headcount - Citibank launches new credit card rewards platform - Suvrat Saigal is Barclays" Consumer Banking Director - Emaar MGF to use over half of Rs 3,850-cr IPO to repay debt With CitiHome One, customers would enjoy a dual advantage of interest savings on their home-loans by utilising surplus funds and the flexibility to structure repayments as per their convenience, the bank said in a statement here. Subject to an overall limit, customers can self-determine the amount they wish to take as credit line with the balance being structured as a term-loan, it added. Customers of the new CitiHome One loan account would be automatically enrolled into a new feature-rich current account facility, that will serve as an umbrella account and will allow customers to consolidate all their banking requirements into a single CitiHome One Account relationship. CitiHome One customers can take a maximum of Rs 5-crore under the loan facility and the credit line can extend upto 30 per cent of the total facility or Rs 1-crore, whichever is lower. The loan would be subject to a variable interest rate linked to the Citibank Mortgage Prime Lending Rate. The term-loan component has a standard loan tenure of up to 20-years, while the credit line is subject to a maximum tenure of 10-years, post which customers can either make a one-time repayment, or convert the credit line into a term loan and pay back through EMIs.Kwik Quid commented:
I am glad to know that citibank has launched as great mortgage account which would enable customers to get a home-loan as a combination of a conventional term-loan and credit line.It can really help the people a lot.
27.12.2011