The Home Loan for
Non-Resident Indians ("NRIs") is being made available by Citibank, India, solely
for purchase of residential properties in India. Any misrepresentation by the applicant of
his/her NRI status may invite prosecution under the Foreign Exchange Management Act, 1999
and entail rejection of the loan application or termination of the loan facility.
The loan
application will be processed and the loan, if approved will be disbursed in India in
Indian Rupees. Issuance of the pre-approval letter should not be construed as a commitment
by Citibank to grant the loan.
The loan quantum
as shown in the Loan Calculator is only indicative and may vary from the actual loan
amount disbursed. The exact loan amount as decided by Citibank will be communicated after
reviewing the documents furnished by you.
The loan
approval process requires Citibank to use the services of third parties to:
1. Evaluate the legal status of the property.
2. Ascertain the market value of the property.
3. Evaluate the loan proposal.
4. Initiate third party credit checks on the applicants.
5. The applicants shall be deemed to have consented to Citibank performing the above
activities.
For the purposes
mentioned above, a processing fee of USD 100 is collected along with the loan application
and the said fee is non-refundable.
The loan approval
will be intimated to you after we receive all the income papers from you and will be
subject to terms and conditions as mentioned in the approval letter.
The formal loan
agreement will need to be signed by all applicants and co-applicants as per final approval
and before disbursement of the loan. Execution of the laon and security documentation
outside India should not be construed as the loan being sanctioned outside India.
The loan and
security documentation will, on being received in India, be stamped in accordance with
applicable stamp laws of the relevant State of India and the loan documentation will
thereafter be executed by Citibank in India.
All loans are at
the sole discretion of Citibank and Citibank reserves the right to reject a loan
application.
The recovery of
the loan and enforcement of security and all the other disputes will be subject to the
exclusive jurisdiction of relevant courts in India, to the exclusion of all other courts.
