[By NBC-1TV H. J Yook]Citibank Korea.(CEO Yung-Ku Ha, www.citibank.co.kr) offer “Mixed Rate mortgage product” rated at minimum 2.99% per year with total cap of 500 billion won from April 1st.

The term of “Citi Mixed Rate Mortgage” will be at least 10 years and up to 30 years on a mixed rate scheme where fixed rates will be applied for the first 3 or 5 years and then floating rates. As of today, the fixed rate for the initial 3 years will be rated between 2.99% and 4.09%.

An official of Citibank Korea strongly recommended the new product by saying, “it’s an opportunity for those who have mortgage loans at relatively high rates to greatly reduce interest payment.”