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Citigroup Inc. or its affiliates, used and registered throughout the world. Citibank Singapore Limited Co. Reg. No. 200309485K.
(i) total monthly income (or combined total monthly income of all borrowers where the
Property Loan is under joint-names) reduced by at least 25% or loss of employment after
1 February 2020; and
(ii
) rep
ayments under the Property Loan are not more than 90 days past due at the point of
application.
(e) Acknowledge and agree that you are aware that if this application is approved, Citibank will notify
you in writing including providing details on the start date of the ESS Programme, the monthly
instalment amount during and after the Reduced Instalment Period, and additional loan costs of
taking up the ESS Programme. You further acknowledge and agree that as there is lower payment
or no payment in the case of Interest-Only Programme (as the case may be) towards the principal
amount of the Property Loan during the Reduced Instalment Period, you will be incurring higher
interest amount over the loan tenure by participating in the ESS Programme.
(f) Acknowledge and agree that the Reduced Monthly Instalment Amount must minimally fully cover
interest, with the remainder towards principal payment. You understand that if the Reduced
Monthly Instalment Amount is not enough to cover interest, Citibank may allow you to defer
principal payment and pay interest only on the Property Loan for the Reduced Instalment Period
(the “Interest-Only Programme”). In such event, you agree that your selections as set out in
Section C – Application Details above regarding Existing Arrears and Accrued Interest as well as
tenure extension shall apply to the Interest-Only Programme.
(g) Acknowledge and agree that if you have Existing Arrears and Accrued Interest in respect of the
Property Loan which you have elected to repay prior to the commencement of the Reduced
Instalment Period, Citibank will notify you about the date by which you have to make full
repayment (the “Repayment Date”). You further acknowledge and agree that if you do not make
full repayment of the Existing Arrears and Accrued Interest by the Repayment Date, Citibank will,
without further notice to you, add the Existing Arrears and Accrued Interest to the outstanding
principal amount of the Property Loan. This will result in additional interest costs to you.
(h) Acknowledge and agree that Citibank will also add the following amounts to the outstanding
principal amount of the Property Loan before computing the Reduced Monthly Instalment
Amount or Interest-Only Instalment Amount (as the case may be): (a) interest charges which have
accrued on the daily balances in respect of the outstanding principal amount of the Property Loan
and not billed as of the date prior to the commencement of the Reduced Instalment Period and
(b
) the interest component of an
y other overdue and unpaid instalments as of the date prior to
the commencement of the Reduced Instalment Period. For the avoidance of doubt, any payments
due prior to commencement of the Reduced Instalment Period shall remain payable by you.
(i) Agree that upon being notified in writing of Citibank’s approval of this application, you will b
e
deemed as having agreed to and accepted the terms and conditions relat
ing to this application as
set out herein and in Citibank’s written notification unless you notify Citibank otherwise within 7
business days of receiving Citibank’s written notification; and
(j) Acknowledge that where there are two or more borrowers in respect of the Property Loan, all
declarations, agreements, authorisations, acknowledgements, terms and conditions, and
obligations relating to this application shall be deemed to be made by and binding on and
