Additional Features on Your Loans Enjoy additional features on your Home / Property Power Loan. Get the advantage of Home Credit, Insurance on your Home Loan, Property & Casualty Insurance and CitiAlert.
Citibank Home Credit is a unique proposition that combines the advantages of a Term Loan with the flexibility of an Overdraft Account.
How does Citibank Home Credit work?
A current account called the Home Credit Account is opened along with your Loan account
This current account gives you an overdraft line that varies depending on the money deposited in the home credit account
Interest calculated on net loan outstanding on a daily basis
Flexibility to withdraw your money, using your cheque book or ATM Card
Please note that the Home Credit Account can only be linked with a current Account and not with any savings account that you might have with Citibank N.A.
Who is eligible?
Any person who takes a home loan can choose to avail home credit facility.
Why should you choose Citibank Home Credit?
Imagine having idle / surplus money and don’t know what to do?
Just deposit into your Home Credit Account and it is automatically transferred to your Home Loan Account, thereby reducing the loan outstanding. Citibank computes interest on Home Loans on a daily balance outstanding basis, which enables you to reduce your interest payable considerably. So, instead of letting your surplus cash stay idle, Citibank Home Credit makes every rupee work harder towards reducing your interest cost.
Use the home credit account to deposit your excess savings, annual bonus rather than keeping them idle or making partial prepayments. You will have the flexibility to withdraw the idle / surplus money deposited in Home Credit account at any point of time.
The current account can be used like a normal banking account and you will be provided with a cheque book and free ATM Card. It also provides you access to Citibank Online Internet Banking wherein you can
•
Transact
•
Transfer Funds across your Citibank and Non Citibank Account
Home PowerProtect - quality
insurance package brought to you by Citibank
through Royal Sundaram. Home PowerProtect
provides complete coverage for damage to your
building and contents. Royal Sundaram will pay
the reconstruction cost of the building in the
event of its destruction subject to the maximum
Sum Insured.
Comprehensive Home
Insurance Home PowerProtect is a
comprehensive package of insurance benefits
covering the following.
Building Insurance /
Collateral Property Insurance covering Fire
& Allied perils including
Earthquake.
Home Contents and
Appliances covering Fire & Allied perils,
Burglary and Machinery Breakdown, wherever
applicable.
Benefits
under Fire and Allied Perils
include:
Fire
Lightning
Explosion /
Implosion
Aircraft damage
Riot, Strike and Malicious
Damage
Storm, cyclone, typhoon,
tempest, hurricane, tornado, flood and
inundation
Impact Damage
Subsidence and landslide
including rockslide
Bursting and / or
overflowing of water tanks, apparatus and
pipes
Missile testing
operations
Leakage from automatic
sprinkler installations
Bush fire (excluding loss
or destruction caused by forest fire)
Royal Sundaram offers you
Escalation benefit to insure your collateral
property. Under Escalation method, the Sum
Insured in the subsequent year will increase by
10% of the original Sum Insured every year. For
example, if the original Sum Insured is Rs. 10
lakhs, in second year the Sum Insured will be Rs.
11 lakhs and in the third year the Sum Insured
will be Rs. 12 lakhs. This escalation comes to
you at no additional
cost.
Advantages of
Escalation
1.
It is important that the
sum insured should represent the cost of
reconstruction of the collateral building on the
date of loss. Hence, yearly increase of Sum
insured to match inflation is
critical.
2.
Escalation provides for
automatic increase of the initial Sum Insured
every year. Hence, you do not have to call /
inform Royal Sundaram Alliance Insurance Company
Limited for increasing Sum Insured.
3.
Since Sum Insured gets
automatically increased by 10% of the original
Sum Insured every year, it matches the expected
cost of reconstruction for subsequent
years.
Premium Plan*
Home
Fire & Special Perils
@ Rs. 50
per lakh per annum
Building
Earthquake
@ Rs. 10
per lakh per annum
Total
@ Rs. 60 per lakh per
annum
*The above rates are exclusive of 12% Service tax and 3% Education cess on Service tax and are subject to change as and when there is an announcement passed by the government.
Coverage is available for tenure of 10, 15 or 20 years.
Premium Calculation Example - Home Building
Home Building
Example
Reconstruction cost (SI) - (A)
1,500,000
Premium Computation - for 1 Year
Fire & Special Perils @ Rs. 50 per lakh - (B)
750
Earthquake @ Rs. 10 per lakh - (C)
150
Premium - D = (B+C)
900
Premium Computation - for 15 Year
Home Building Premium for 15 Years (D*15) (E)
13,500
Add Service Tax @ 12.36% (F)
1,669
Total Premium amount including Service Tax @ 12.36% for 15 years (E+F) = (G)
15,169
Add Transaction Fee including Service Tax @ 12.36% (H)*
1,124
Total amount payable including Transaction Fee (G+H)
16,293
*Transaction fee is fixed across for all coverage tenures.
Home Content
Benefits+
1.
The contents cover is an ANNUAL COVER, which requires renewal every year.
2.
There is a basic plan and three optional extra covers.
3.
There are three sum insured to choose from
• Rs. 5 lakhs
• Rs. 10 lakhs
• Rs. 15 lakhs
4.
Option of payment of renewal premium through
Credit Card / bank account.
5.
Easy settlement of claims within 10 days from receipt of final documents.
Coverage details: Fixed Plan Cover
Coverage
Perils Covered
Plan Option 1 500,000
Plan Option 2 1,000,000
Plan Option 3 1,500,000
Household Contents Clothing, Linen, Furniture and fixture, curtains, utensils and crockery
Fire and allied perils including earthquake and terrorism, Burglary and House Breaking, including larceny and theft
175,000
350,000
550,000
Maximum Limit per Item
17,500
35,000
55,000
Household Appliances
Television, Refrigerator, Washing Machine, Microwave Oven, Music System, VCR / VCP, DVD Player
Fire and allied perils including earthquake and terrorism, Burglary and House Breaking, including larceny and theft, Electrical and Mechanical breakdown
175,000
350,000
550,000
Maximum Limit per Item
50,000
75,000
100,000
All Risks for Jewellery & Valuables including camera kept in the Home
Fire and allied perils including earthquake and terrorism, Burglary and House Breaking, including larceny and theft, snatching of jewellery whilst worn on person
100,000
150,000
175,000
Jewellery & Valuables while in a Bank Locker only
Fire and allied perils including earthquake and terrorism, Burglary and House Breaking, including larceny and theft
50,000
100,000
150,000
3A & 3B Maximum Limit per Item*
25,000
50,000
50,000
Third Party Liability (excl. liability arising out of motor vehicles)
Legal liability due to third party injury / death / property damage
Fire and allied perils including earthquake and terrorism
--
50,000
75,000
Maximum Limit per Item
10,000
10,000
10,000
Annual Premium with 12.236% Service tax
5,098
10,196
15,278
Excess (each and every claim)
2,000
3,500
5,000
Cover details: Optional Sections
Over and above the basic coverage plan shared in the table above, you can also choose extra coverage options given below for a more comprehensive cover:
Coverage
Perils Covered
Plan Option 1
500,000
Plan Option 2 1,000,000
Plan
Option 3 1,500,000
Add-on Cover (option 1)
Personal Computer, Air conditioner and Air Cooler
Fire and allied perils including earthquake and terrorism, Burglary and House Breaking, including larceny and theft, Electrical and Mechanical breakdown
Fire and allied perils including earthquake and terrorism, total loss due to Accidental Breakage, Burglary and theft, excl. mechanical faults
25,000
50,000
50,000
Annual Premium for Add-on with 12.24% Service tax
127
255
255
Excess (each and every claim)
500
1,000
1,000
Notes: *Under Section - 3A & 3B any single item more than Rs. 50,000 needs specific acceptance after valuation by the approved valuer.
Premium Plan
Insured
Annual Premium
Add-on-1 extra premium
Add-on-2 extra premium
Add-on-3 extra premium
Plan 1
500,000
5,098
1,275
127
102
Plan 2
1,000,000
10,196
1,912
255
255
Plan 3
1,500,000
15,278
2,228
382
255
For Example: If the customer wishes to go for Plan option 1, that is with Sum Assure of 15 lakhs and take add-on option 2 and add-on option 3, then his premium would be:
Home Content Premium Calculation Example
Plan Option (1)
5,098
Add-on-1
1,275
Add-on-2
127
Add-on-3
Total Premium Rs. 17,751
6,500
+For more details please
Contact Us
CitiAlert
CitiAlert service is FREE# for all Citibank Home Loan and Mortgage Customers.
Get regular SMS / E-mail alerts on your home loan account. Stay informed 24x7 even when you are on the move.
Loan Booking Alert
Customers will receive this alert when a Home Loan is booked
Loan Disbursal Alert
Customers will receive this alert post generation of Disbursal Instrument
EMI Payment Confirmation
This alert will be sent when Citibank receives the EMI Payment
E-Mail Updation Alert
Customers will receive this alert every time their E-mail ID is updated against their Home Loan / Mortgage Account
Mobile Updation Alert
Customers will receive this alert every time their Mobile Number is updated against their Home Loan / Mortgage Account
Address Updation Alert
Customers will receive this alert every time their Postal Address is updated against their Home Loan / Mortgage Account
Registration Process
All customers with a valid E-mail ID and Mobile Number can register for CitiAlert by logging into www.citibank.com/india using their Internet password (IPIN) or by writing to indiaservice@citicorp.com
Only customers with a valid E-mail ID and Mobile Number updated in the system are eligible to receive CitiAlerts. You can update your E-mail ID and Mobile Number, by logging into www.citibank.com/india using your Internet password (IPIN) or by sending a signed request to Citibank to the following address: Citibank N A, PO Box # 4830, Anna Salai Post Office, Chennai - 600002
CitiAlert service is FREE for all Citibank Home Loan and Mortgage Customers
Click here to view CitiAlert services related Terms and Conditions Click here to view Mobile Banking related Terms and Conditions
* Terms and Conditions apply. All
loans are at the sole discretion of Citibank N.A. Click here to view the Terms
and Conditions.
+ Please refer to our
Schedule of charges for penalties on partial prepayment
in the event of loan closure.
# Subject to change with
prior notice
Insurance is the
subject matter of solicitation.
Disclaimer: Insurance products are
obligations only of the Insurance Company. They are not
bank deposits or obligations of or guaranteed by
Citibank N.A, Citigroup, Inc or any of its affiliates or
subsidiaries or any Governmental agency. All Claims
under the policy will be solely decided upon by the
Insurance Company. Citibank, Citigroup or any of their
affiliates and group entities hold no warranty and do
not make any representation about the insurance, the
quality of claims processing and shall not be
responsible for claims, recovery of claims, or for
processing of or clearing of claims, in any manner
whatsoever. Insurance is the subject matter of
solicitation. This document does not constitute the
distribution of any information or the making of any
offer or solicitation by anyone in any jurisdiction in
which such distribution or offer is not authorized or to
any person to whom it is unlawful to distribute such a
document or make such an offer or solicitation.
Investment products are not available to US persons and
may not be available in all jurisdictions.
IRS
Circular 230 Disclosure: Citigroup, Inc., its
affiliates, and its employees are not in the business of
providing tax or legal advice to any taxpayer outside of
Citigroup, Inc. and its affiliates. This emailer and any
attachments are not intended or written to be used, and
cannot be used or relied upon, by any such taxpayer for
the purpose of avoiding tax penalties. Any such taxpayer
should seek advice based on the taxpayer's particular
circumstances from an independent tax
advisor.
Tax benefits are subject to changes in
the tax laws.
Citibank is a licensed Corporate
Agent of Birla Sun Life Insurance Company Limited and
Royal Sundaram Alliance Insurance Company Limited under
the composite license number 1137144.
This policy
is underwritten by Birla Sun Life Insurance Co. Ltd.
with its registered office at 6th Floor, Vaman Centre,
Makhwana Road, Off Andheri-Kurla Road, Near Marol Naka,
Andheri (E), Mumbai 400 059. All guaranteed benefits are
payable only when all premiums are paid when due. For
more details on risk factors, terms and conditions
please read the sales brochure carefully before
concluding the sale.
This policy is underwritten
by Royal Sundaram Alliance Insurance Company Limited with
its registered office at No. 21, Patullos Road, Chennai
600 002. For more details on risk factors, terms and
conditions please read the sales brochure carefully
before concluding the sale.
SECTION 41 OF THE
INSURANCE ACT 1938 PROHIBITION OF REBATES 1) No
person shall allow or offer to allow either directly or
indirectly as an inducement to any person to take out or
renew or continue an Insurance in respect of any kind of
risk relating to lives or property in India any rebate
of the whole or part of the commission payable or any
rebate of the premium shown on the policy nor shall any
person taking out or renewing or continuing the Policy
accept any rebate except such rebate as may be allowed
in accordance with the published prospectus or tables of
the Insurer.
2) If any person fails to comply
with regulation above he shall be liable to payment of
fine, which may extend to five hundred rupees.
