Citibank India, a part of Citigroup, the world’s leading provider of financial services, today announced the launch of a new product targeted at the NRI (Non-Resident India) and PIO (Persons of Indian Origin) community of Canada. This new offering will enable the large and growing population of Indo-Canadians to avail of a Home Loan of up to Rs.5 crore (approximately CAD $1.13 million) for purchase of residential property, both ready or under construction.

The NRI Home Loan is available through Citibank’s NRI network (1-800-CITI-NRI) in Toronto and Vancouver in Canada. Since, the decision-making and purchase finalization is often done during a visit to India, customers can also avail the home loan through Citibank’s 39-branch network in India. The loan is available on properties in over 18 cities including Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi, Faridabad, Gurgaon, Hyderabad, Jaipur, Kolkata, Lucknow, Ludhiana, Mumbai, Noida, Pune, Surat, and Vadodara.

Announcing the launch, Anil Kumar, Business Manager, Citibank NRI Business, Citibank N.A., “Owning a home in India is a long-cherished desire of a majority of Citibank NRI clients. However, the distance from the purchase location can be discouraging. Our endeavor with the NRI Home Loan is to provide customers transactional convenience at every step of the purchase process, be it selection, documentation, and financing.

“The NRI Home Loan has received a very enthusiastic response from customers in the Middle East and Singapore. I am confident that NRIs in Canada too will fully leverage the value of this product,” he added.

Speaking on the occasion, Sameer Kaul, Business Head, Mortgages, Citibank N.A., said, “NRI interest in India as a destination for investments has gone up over the past couple of years, and real estate holds a wide-ranging appeal. Owning a property “back home” can signify NRIs’ confidence in the country’s overall economic buoyancy. Many a time, the purchase is aimed at settling one’s family members at a good location to which the NRI travels often. Today, NRIs are purchasing homes for self-occupation during vacations or extended stay, and even as part of their retirement plan.”

With two decades of NRI banking experience, the team at Citibank NRI Business functions from 12 countries (including India) over 66 centers across the globe. Citibank offers a slew of products for its NRI customers such as the Citibank Rupee Checking Account for NRIs, international ATM and debit cards and an unparalleled service in draft delivery to beneficiaries in India. The business has also recently launched India e-brokerage for NRI clients whilst being an active player in promoting Indian real estate for a long time.

For more details on the features and conditions of our Home Loan offering, please feel free to get in touch with Mala Singh, Citibank NRI Business Head-Canada on phone 1-416-947-5691 or via email at mala.singh@citigroup.com.


https://www.theasianbanker.com/A556C5/Update.nsf/0/BB0EB7221C0ABB184825717E000C91A3?Opendocument

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