MOST IMPORTANT TERMS & CONDITIONS (MITC)

The MITC covers the following Loan Products

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.

Purpose of loan

Home 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

Property Power (Loan Against Property)

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.

Rate of Interest

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.

Floating Rate of Interest Loans

The Interest rate of new loans is referenced to :

  • Treasury Bill benchmark based Lending Rate(TBLR), determined based on the 3 month Treasury Bill rate published by Financial Benchmarks India Private Limited (FBIL)

Semi Fixed Rate Of Interest Loans

"Semi Fixed Rate Loan" refers to a loan facility whereby the rate of interest offered is directly linked to the TBLR of the Bank and :

(a) remains fixed for an initial tenure and

(b) subsequently becomes variable after completion of the initial tenure

Calculation of interest rate

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.

Change in Rate of Interest

Consequent upon any change in applicable 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.

Fees and charges

Please refer to the applicable schedule of charges for the latest fees and charges updated on our websitehttp://www.online.citibank.co.in/soc/soc-pdfs/mortgages.pdf

Part Prepayment / Foreclosure charges are not applicable for :

  1. All variable rate of interest housing loans.
  2. All variable rate of interest Mortgage loans where all borrowers on the loan are individual borrowers.

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

Repayment

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.

Loan Tenure

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 mortgage credit acceptance parameters.

Security

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

Insurance

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 N.A., 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

Disbursement

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

  1. The Borrower must fulfill Citibank N.A., India 's requirement of creditworthiness.
  2. Progress of the Property/Project does not meet the agreed timelines.
  3. Utilisation of disbursement should be towards acquisition/construction of property or as per the end use specified
  4. No event of default shall have happened on the Loan. The below list only indicates some of the key events of default. Afull list is available in section 8.1 of the Loan agreement
    1. Default in the timely payments of Equated Monthly Installments orany other amounts which are due to Citibank N.A., India
    2. Supply of misleading information
    3. Depreciation in the value of the security (property) for which the loan is created to the extent that additional security is required in the opinion of Citibank N.A., India
    4. Sale or disposal of the property
    5. Default in the performance of any other loan or facility given by Citibank N.A., India
    6. Failure to provide end use statement of the Loan as and when required by Citibank N.A., India within 10 days of receiving such a request
    7. Insolvency
  5. No circumstances shall have occurred, which in the opinion of Citibank N.A., India may make it impossible for the Customer to fulfil the obligations under documents executed as perAgreement for Loan and other standard documents executed by the Customer for availing the loan.

Liability of Borrower to be Joint and Several

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.

Rights against Property

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 ofAttorney in favour of Citibank N.A., India :

  1. to give the Property on lease/licence or any other basis to such person or persons and on such terms and conditions as Citibank N.A., India may deem fit and to utilise the rent/fee/compensation received there from towards the Repayment of Loan;
  2. to obtain and take possession of the Property from the occupant thereof and to use the Property as Citibank N.A., India deems fit without any liability for payment of fees/compensation therefore.

Customer Service

For any service related issue, Customer can get in touch with Citibank N.A., India by:

  1. Calling Citi Phone-Banking service on the numbers provided on our website - www.online.citibank.co.in/customerservice/citiphone.
  2. Placing a request online by logging onto www.citibank.com/india

BCSBI Code

Citibank 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.

Disclosure:

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 (CIO) 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 N.A, India does not market any product or service to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey and Jersey.

This application 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, Switzerland, Guernsey and Jersey.

All information in this communication is correct at the time of printing/publishing (GCG/COMMON APPLICATION - MITC VERSION 1.3/DEC 2018)

Disclaimers:

Citibank India does not market any product or service to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey and Jersey.

This webpage 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, Switzerland, Guernsey and Jersey.