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Home Credit: |
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This is a new style
of home loan that enables one to deposit his/her salary and any savings into their
mortgage to reduce the principal and term of their home loan faster.
Citibank HOMECREDIT works on a simple principle. The less you owe on your mortgage each
day the less interest you pay. By paying your salary into your HOMECREDIT account each
month, you reduce your principal and therefore reduce the amount of interest you pay,
which shortens your loan period.
Home Credit comes with a choice of four rate and fee Plans to suit the needs of all
customers.
Depending upon your circumstances one has the potential to cut 7 years off a 15 years loan
and save substantially on interest*.
One has access to his approved funds when he needs it, with a check book and Citicard to
use ATM's and EDCS.
One can make extra payments at any time. The home loan is fully portable from one property
to another.
Below is how your loan could close faster with home credit |
|
Home Credit |
WATCH YOUR LOAN CLOSE FASTER WITH HOME CREDIT |
Loan Amount (Rupees) |
1000000 |
Repayment period months |
180 |
Interest Rate |
14.5% |
|
Salary Rupees |
30000 |
Minimum Salary |
27310 |
Salary Assumed |
30000 |
Monthly Installment (Rupees) |
(13,655) |
Expenses as % of salary |
44% |
Maximum Expenses permissible |
54% |
Savings as % salary |
10% |
|
Annual Salary increase (%) |
25% |
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New Repayment Period (months) |
55 |
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Total amount paid - normal loan (Rupees) |
2,457,902 |
Total amount paid - Home Credit (Rupees) |
1,449,459 |
Savings (Rupees) 1,008,442 |
41% |
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*Assumptions regarding amount borrowed,
income, savings and expenses have been made which can be provided on request. Benefits may
differ depending on individual circumstances.
Note: All loans and security are subject to Citibank credit criteria,
normal establishment and, where applicable legal and valuation fees. Terms and Conditions
of loan apply and full details are available on application. Fees and charges are payable.
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