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May 17, 2012 on 7 alerts for a money crunch!
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Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Citibank launches unique universal mortgage account
by 28, December, 2009 0 |
Citibank recently launched CitiHome One, a unique universal mortgage product, that would enable customers to get a home-loan as a combination of a conventional term-loan and credit line. With the launch of this new scheme, customers will be able to enjoy the dual advantage of interest savings on their home-loans by utilising surplus funds as well as the flexibility to structure repayments as per their convenience.
According to a statement issued by the bank, customers can self-determine the amount they wish to take as credit line with the balance being structured as a term-loan, subject to an overall limit. Another exciting feature of the scheme is that all customers 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.
Currently, customers of this product 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 with an upper ceiling of Rs 1-crore.The interest rate would be variable and linked to the Citibank Mortgage Prime Lending Rate. Term loan & credit line has a max. tenure of 20 years and 10 years respectively.
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