Bangalore: Citibank Monday launched a novel mortgage product 'CitiHome One' to offer its customers a home loan facility. The universal home product enables the bank's customers to avail a conventional term loan and a credit line for buying or constructing a home of their choice, the leading foreign bank said in a statement here. "We offer customers a dual advantage of interest savings on their home loans by utilising surplus funds and flexibility to structure repayments as per their convenience," Citi India business manager N. Rajashekaran said. Customers can also determine the amount they wish to take as credit line with the balance being structured as a term loan. "The home loan account, where the credit line is set, will serve as an umbrella account and allow customers to consolidate their banking requirements into a single CitiHome One account relationship," Rajashekaran noted. The maximum limit for the home loan is 5 crore (50 million), while the credit line can extend up to 30 percent of the total facility or 1 crore (10 million), whichever is lower. The loan will have a variable interest rate linked to the bank's mortgage prime lending rate. The repayment tenure for the term loan is 20 years and for the credit line 10 years. Customers can also make a one-time repayment or convert the credit line into a term loan and pay back through EMIs (equated monthly installments). "Purchasing a home is a major life event and a mortgage is one of the financial commitments an individual makes. CitiHome One is designed to place customers in command of their finances and make home-buying a win-win for them," Rajashekaran added.