Financial services firm Religare Enterprises has announced that it plans to get hold of Citigroup India's home loan portfolio at just Rs. 500 crore, i. e. five per cent of Citi's total mortgage book. The Citi group has also agreed on this fact and soon there will be a buyout deal between these two firms.

An agreement has been entered upon to get hold of the concerned mortgage portfolio in the following three months. Religare has been in this business for the last three years and the getting hold of Citi's chief assets in mortgage business will give it an advantage over others.

This is the first acquisition by Religare Finvest and its last loan offered was for SME commercial vehicles in 2008.

This is lower than five per cent of the total mortgage portfolio. Citibank routinely sells parts of its portfolio to increase their benefits and returns on the capital, which in turn would be substituted by newer loans.

Citi's main services are Mortgages and it has a variety of services offered to customers.