Press release from Business Wire India
Source: Citi
Monday, December 21, 2009 02:12 PM IST (08:42 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Construction, Financial Analyst, Real estate
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Citibank Launches CitiHome One
Market's First Universal Mortgage Account
Mumbai, Maharashtra, India, Monday, December 21, 2009 -- (Business Wire India) -- Citibank today announced the launch of CitiHome One, a one-of-a-kind mortgage product that will enable customers to get a home loan facility as a combination of a conventional term loan and a credit line. CitiHome One is the first "Universal" mortgage product to be available in the market. With CitiHome One, customers will enjoy a dual advantage of interest savings on their home loans by utilizing surplus funds and the flexibility to structure repayments as per their convenience. 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. Customers of the new CitiHome One loan account will be automatically enrolled into a new feature-rich current account facility.
This account, where the credit line is set, will serve as an umbrella account and will allow customers to consolidate all their banking requirements into a single CitiHome One Account relationship, beginning with financing the purchase of their dream home to deploying surplus funds for saving interest on the home loan, drawing down from this available credit line to finance all future needs, and managing their wealth whilst enjoying the entire bouquet of premium banking privileges. Citibank also unveiled the CitiHome One variant for loans against property.
CitiHome One customers can take a maximum of Rs.5 Crores under the loan facility. The credit line can extend up to 30 per cent of the total facility or Rs.1 Crore, whichever is lower. The loan will be subject to a variable interest rate linked to the Citibank Mortgage Prime Lending Rate¹. The term loan component has 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.
Unveiling the new programme, N Rajashekaran, Country Business Manager, Global Consumer Group, Citi India, said, "Purchasing a home is a major life event and a mortgage is one of the largest financial commitments an individual makes. CitiHome One is designed to place customers' firmly in command of their finances and make home-buying a win-win for them. This new programme will also serve as an excellent gateway for customers to experience the entire bouquet of our products and services thereby deepening our relationship with them and strengthening our efforts towards providing complete banking solutions for our customers."
Providing details of CitiHome One Loan, Ashish Mehrotra, Head-Consumer Assets, Citibank India said, "We are very pleased to launch the market's first Universal home loan product. By making our customers' money work harder for them, this research-backed product should become the preferred alternative to the conventional home loan. We are confident that CitiHome One will find resonance amongst our customers and reinforce our commitment of driving success for them."
Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
¹As on date, the Citibank Mortgage Prime Lending Rate is 13.5 per cent.
CONTACT DETAILS
Indu Aishwerya Anand, Citi, +91 (124) 418 6766, indu.anand@citi.com
Shreela Roy, IPAN, +91 9820149119, sroy@ipanhillandknowlton.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, CONSTRUCTION, Financial Analyst, REAL ESTATE
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