Citibank launches individual mortgage home loan product in China

Wed. September 24, 2008; Posted: 11:11 PM

SHANGHAI, Sep 24, 2008 (Xinhua via COMTEX) -- KPPLF | Quote | Chart | News | PowerRating -- Citibank (China) announced Wednesday to kick off a new mortgage home loan product in China, individual periodic home mortgage loan.

Citibank's new product is launched in association with Singaporean developer Keppel Land, and customers can apply this yuan denominated loan in Citybank's Shanghai branches.

The new product is tailored for Keppel Land's villa purchasers.

The total loan can be separated into four phases. The loan value in the first and fourth phase each accounts for 10 percent of the total; that in the third phase, 20 percent; and that in the second phase, 60 percent.

Interest is calculated since the real loan issuing date. Customers only need to pay the interest for the issued loans, alleviating burden of interest payment.

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