| Citibank on Monday launched a novel mortgage | | | | CitiHome One account relationship," Rajashekaran |
| product 'CitiHome One' to offer its customers a home | | | | noted. |
| loan facility. | | | | The maximum limit for the home loan is Rs.5 crore |
| The universal home product enables the bank's | | | | (Rs.50 million), while the credit line can extend up to 30 |
| customers to avail a conventional term loan and a | | | | percent of the total facility or Rs.1 crore (Rs.10 million), |
| credit line for buying or constructing a home of their | | | | whichever is lower. |
| choice, the leading foreign bank said in a statement | | | | The loan will have a variable interest rate linked to the |
| here. | | | | bank's mortgage prime lending rate. |
| "We offer customers a dual advantage of interest | | | | The repayment tenure for the term loan is 20 years |
| savings on their home loans by utilising surplus funds | | | | and for the credit line 10 years. |
| and flexibility to structure repayments as per their | | | | Customers can also make a one-time repayment or |
| convenience," Citi India business manager N. | | | | convert the credit line into a term loan and pay back |
| Rajashekaran said. | | | | through EMIs (equated monthly installments). |
| Customers can also determine the amount they wish | | | | "Purchasing a home is a major life event and a |
| to take as credit line with the balance being structured | | | | mortgage is one of the financial commitments an |
| as a term loan. | | | | individual makes. CitiHome One is designed to place |
| "The home loan account, where the credit line is set, | | | | customers in command of their finances and make |
| will serve as an umbrella account and allow customers | | | | home-buying a win-win for them," Rajashekaran |
| to consolidate their banking requirements into a single | | | | added. |