Citibank, N.A. India Home Loans, Property Power Loans, Home Loans Enhancement /Takeover with or without additional cash out portion and Property Power Enhancement/Takeover (with or without an enhancement amount) loans.
The loan will be sanctioned for purchase of ready or under construction residential property. The usage of the constructed property is to be residential only. No loans are available for only purchase of land or towards self construction on a plot of land.
The loans will be sanctioned against a ready property collateral and may be provided for personal expenses like marriage, travel, medical, education, repair/ renovation of property, OR for the purpose of use in business/profession of the borrower.
End use of the loan cannot be towards any speculative or anti social or illegal or unproductive purpose. End use cannot be towards purchase of Kisan Vikas Patra, purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds.
This is the rate at which Citibank N.A., India will compute and apply Interest on the Loan. This will be based on the daily outstanding balance on which the interest rate will be calculated.
The Interest rate of new loans is referenced to:
"Semi Fixed Rate Loan" refers to a loan facility whereby the rate of interest offered is directly linked to the or TBLR of the Bank and :
(a) remains fixed for an initial tenure and
(b) subsequently becomes variable after completion of the initial tenure
The Borrower will be charged interest on the last day of each month or such other period as may be communicated from time to time. Interest shall be computed on actual daily outstanding balance of the Loan on the basis of actual number of days in a year.
Consequent upon any change inapplicable CMPR/Base Rate/MCLR or TBLR of Citibank, N.A., the borrower will be notified of the revised interest rate applicable on the loan. Every such revision will apply with effect from the date specified by Citibank, N.A., India.
The reset date shall be 1st day of every Month/Quarter or Half Year as applicable and contracted.
Further, consequent to any increase in interest rate, the effect of the repricing will initially be accommodated by modifying the tenure of the loan, subject to maximum allowable as per the Citibank N.A., India mortgage credit acceptance parameters. Monthly Installment is modified for cases which cannot be accommodated in tenure extension.
Please refer to the applicable schedule of charges for the latest fees and charges updated on our website - http://www.online.citibank.co.in/soc/soc-pdfs/mortgages.pdf
Part Prepayment/ Foreclosure charges are not applicable for :
Part Prepayment/ Foreclosure charges are applicable on fixed rate housing loans, semi-fixed rate housing loans (during the period when the rate of interest on the loan is fixed) and Cash out Loans (Property Power / Home Loan Takeover with Enhancement / Home Loan Top-up). For details of applicable Part Prepayment/ Foreclosure charges, please refer to the applicable schedule of charges updated on our website - http://www.online.citibank.co.in/soc/soc-pdfs/mortgages.pdf
The loan is to be repaid in Equated Monthly Installments over the tenure of the loan. The repayment installment commences from a date specified in the loan agreement. The liability to Citibank N.A., India will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount, if any.
The Loans are presently offered for a maximum period of
1. 25 years for Home Loans
2. 15 years for Property Power Loans
The tenure on an individual loan will be dependant on customer risk profile, age of customer at maturity of loan, age of property at loan maturity and any other terms which may be applicable in line with Citibank N.A. mortgage credit acceptance parameters.
The loan will be secured by Equitable/Registered mortgage/extension of mortgage of land and building/flat for which the loan is to be sanctioned.
Citibank N.A., India shall have the right to decide, in its sole discretion, the type, manner and the timing of creation of mortgage or any other security; and/or any additional security to be created by the Borrower for securing the Loan and all other amounts as aforesaid .The Borrower is bound to create such security and shall duly execute documents evidencing the same as may be required by Citibank N.A., India.
The Borrower shall insure and keep insured the Property against fire and other customary risks and hazards, for a value as may be required by Citibank N.A., India , with an insurance company acceptable to Citibank N.A., India . Citibank N.A., India shall be made the sole beneficiary under the policy and shall produce evidence thereof to Citibank N.A., India before the 10th day of January of every year or whenever called upon to do so. Any omission or delay on the part of Citibank N.A., India to require for submission of proof of insurance on the Property shall not be construed as waiver of this condition by Citibank N.A., India. The Borrower agrees that in the event of the Borrower failing to insure the Property to the satisfaction of Citibank NA., India. Citibank N.A., India shall be entitled to cause the Property to be insured with an insurance company for all risks that Citibank N.A., India may, in its sole discretion, deem fit and to debit the insurance charges to the Loan Account of the Borrower.
Citibank N.A., India shall disburse the loan to the borrower subject to certain conditions, a few of which are given below. The full list of conditions upon which disbursement of the loan is dependent on is listed out in Article 5 in the Loan Agreement
Where the Loan is provided to more than one Borrower, then the liability of the Borrower to repay the Loan together with interest and all other amounts and to observe the terms and conditions of the Agreement/ and any other agreement(s), document(s) made between the Borrower and Citibank N.A., India in respect of the Loan is joint and several.
In the event of Citibank N.A., India becoming entitled to enforce the security, created in its favour under the terms of the agreement, the Borrower shall authorise Citibank N.A., India to do any of the following acts, deeds, matters and things and for the purpose, execute necessary writings and Power of Attorney in favour of Citibank N.A., India :
For any service related issue, Customer can get in touch with Citibank N.A., India by:
Citibank N.A, is a member of Banking Codes & Standards Board of India(BCSBI). Please visit the homepage of our website www.citibank.com/india to view the BCSBI code.
Citibank N.A, India is authorized to disclose from time to time any information relating to the loan to any credit bureau (Existing or Future) approved by Government of India and Reserve Bank of India without any notice to the borrower. Citibank N.A, India is also authorized to make inquiries with the Credit Information Companies (GIG) and get the applicant's Credit Information Report.
The information in this document is current as on the date. The Most Important Terms and Conditions mentioned above are an indicative list of terms and conditions of our loan products. These Terms and Conditions are further described in our loan agreement under relevant sections / schedules and therefore should be read in conjunction with those mentioned in the loan agreement. For an exhaustive list of Terms and Conditions of our loan products, please refer to the loan agreement available on our website. Citibank India does not market any product or service to individuals resident in the European Union, European Economic Area, United Kingdom, Brazil, New Zealand, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, and The Isle of Man. This form is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to individuals resident in the European Union, European Economic Area, United Kingdom, Brazil, New Zealand, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, and The Isle of Man. The Borrower understands Bank's 'Privacy Policy' as available on www.citibank.com/india. Such Privacy Policy may be amended by Bank from time to time at its sole discretion, and shall be made available on the abovementioned website for my view.
All information in this communication is correct at the time of printing/publishing (GCG/COMMON APPLICATION - MITC VERSION 1.7/May 2021)