What is the Citi Mortgage MGM program?
It is a Mortgage Loan referral program under which existing Citibank, N.A. Mortgage, Cards, Suvidha, Banking and Personal loans customers in India can refer their friends and acquaintances for Citi Home Loan products and win exciting rewards
Who is eligible under the MGM Program?
Please click here to see the detailed terms and conditions of the Mortgage MGM program
How to refer under the MGM program?
The Referrer has to refer their friends through the online referral form only. The online referral form asks the prospect's details (Name/Mobile/Email) and the referrer details (Name /City /Mobile /Email/Existing Citi relationship).
What is the eligibility criteria for a reward?
For customers to be eligible to get a reward, the referred loan should be booked and disbursed within 3 months from the date of booking. If the loan is not disbursed within 3 months from the date of booking, the referrer will not be eligible for the payout. The payment will be made by wire transfer to the customer’s bank account. The reward is subject to tax deduction under Section 194H of the Income Tax Act. PAN number is mandatory to be quoted.
|DISBURSED AMOUNT (in Rs.)^||REFERRAL REWARDS ON DISBURSAL*|
|30 Lakh - 50 Lakh||Reward of Rs.9999|
|50 Lakhs - 1 Crore||Reward of Rs.25,000|
|>1 Crore - 2 Crores||Reward of Rs.50,000|
|>2 Crores||Reward of Rs.75,000|
^Incase of under construction properties, the referral will qualify for payout calculated on the basis of the entire sanctioned loan amount post first tranche disbursal, provided the same is done during the approved time period.
*Subject to tax deduction at source under Section 194H of the Income Tax Act. The reward payouts are subject to the Income Tax, Service Tax, and other laws and regulations applicable at the time of calculations and making of the payments.
How and when will the referral reward be processed?
The reward payout, as directed, will be given in form of an account payable instrument within 4 months from the date of loan disbursal subject to submission of copy of PAN and other required details by the referrer. If the referral reward has not been credited even after 120 days and all required details and documents been submitted by referrer in time, please write to Citi customer care with the following details:
I will make the tax payments directly, can you please wire transfer the entire amount to my bank account?
As per Section 194H of the Income Tax Act, the tax will need to be deducted at source by Citibank, N.A., and remitted to the tax authorities. Hence, we cannot do a wire transfer for the entire amount.
Is there a limit to the number of Mortgage loan referrals a referrer can make?
There is no limit to the number of referrals that a participant to the Program can make under the MGM Program.
Upon submission of the referral form, what is the referral process?
Once referrer submits the referral form with all the details required, automated emails and SMS are sent to both the referrer and all his referees. Please note that customers under the DND (Do Not Disturb) registry may not receive the SMS. The referees would receive an email and SMS informing them that their friend (friend's name would be mentioned) has referred them for a Citi Mortgage Loan. The referees can then indicate consent to be contacted by Citi by:
(a) Clicking on the ‘I agree’ button in the email received. OR (b) SMS MORT to 52484 from the mobile number where they received the SMS confirmation.
Can the referees apply anywhere for a Citi Mortgage Loan?
Each referee's email is unique and customized for his/her referral. The referees should indicate consent to be contacted by Citi directly ONLINE for a Citibank Mortgage loan through this email only or by sending an SMS MORT to 52484. The referees should NOT apply through anywhere else online or offline. They should NOT apply through another referee's referral mail too. If the referee applies elsewhere other than his/her own referral email, the referring customer would automatically not be eligible for that particular referral.
What if the referees do not receive their referral email?
There is a chance that the referral mail might be present in the Spam/Junk/Promotions folders of the referee's mailbox. If the referee still has not received the referral email, kindly write to Citi customer care.