Citibank on Monday launched a novel Mortgage product 'CitiHome One' to supply its customers a Mortgage Loans facility.
The universal home product enables the bank's customers to avail a normal term Mortgage Loans along with a credit line for getting or constructing a home with their choice, the leading foreign bank said in the statement here.
"We offer customers a dual benefit of interest savings on their own Mortgage loans to utilise surplus funds and suppleness to structure repayments as per their convenience," Citi India business manager N. Rajashekaran said.
Customers can also determine the amount they would like to take as personal line of credit with all the balance being structured like a term loan.
"The house loan account, the location where the line of credit is placed, assists just as one umbrella account and permit customers to consolidate their banking requirements in a single CitiHome One account relationship," Rajashekaran noted.
The maximum limit for the house loan is Rs.5 crore (Rs.50 million), as you move the credit line can extend as much as 30 percent of the total facility or Rs.1 crore (Rs.Tens of millions of), whichever is gloomier.
The loan may have a variable interest of this particular bank's Mortgage prime lending rate.
The repayment tenure to the term loan is Twenty years but for the line of credit 10 years.
Customers may also create a one-time repayment or convert the loan line in to a term loan and repay through EMIs (equated monthly installments).
"Purchasing your house is really a major life event and a Mortgage is just about the financial commitments an individual makes. CitiHome The first is made to place customers in command of their finances to make home-buying a win-win on their behalf," Rajashekaran added.
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