Guys - stay away from it! It looks very nice on paper, the scheme looks nice, but the way Citibank manages - real mess. I have real bad experience with this, the scheme is little complicated, it opens one Current A/c , and whatever money u have in Current A/c will deducted from Principal O/S, so u will pay less interest, as put more money in Current A/C - this looked xcellent to me - but the way Citibank handles it real mess, and their guys do not understand some simple math, I have go to their office and explain like a teacher, also they do not keep the promises made by them.
I took a loan of 23 lacs, and I had good amount of money in Current A/C, then they called me and said I am eligible for 2 lacs more without any extra booking fee, I thought fine, I applied it - then they closed my previous loan and opened a new one, while doing this they broke the computer and my head, they charged 2.5% booking fee and adjusted the money whatever I had in Current A/C with loan - one fine morning I found my Current A/C bal 0, then I had to scream and shout to get it corrected - customer service - pathetic! Still I am fighting with them for the booking fee.
-Bhaskar