Citibank has launched CitiHome One, a mortgage product, to enable customers to get a home loan facility as a combination of a conventional term loan and a credit line in India. Citibank has also unveiled CitiHome One variant for loans against property.
Citi has claimed that with CitiHome One, customers will get 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.
Citi has added that the account would serve as an umbrella account and allows customers to consolidate all their banking requirements into a single CitiHome One Account relationship, beginning with financing the purchase of their 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.
Narasimhan Rajashekaran, country business manager of global consumer group at Citibank 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 program 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.”
Ashish Mehrotra, head of consumer assets at 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.”
