For your info. CitiBank has confirmed receipt of BNM letter at noon of last friday (08-Dec-2006). They will review and reply to BNM on their decision.
Interest Waiver / Reduction for RA and NG
Submitted by Andy Yeap on 12 December 2006 - 11:03am.
That was told by Citibank Customer Officer. May be Mr Pritpal can check with BNM and advise.
Thank you and best regards.
Submitted by pritpalsingh on 12 December 2006 - 11:12am.
Kindly refer issue on bank interest waiver to the letter from bank negara to me which is self explainatory. It will be posted on YB Dato' Lee's website maybe today or tommorrow.
1. Go to your bank and seek waiver / reduction on interest. Kindly write in and cc copy to me.
2. If bank refuses, let me know and i will forward your case to bank negara for assistance.
Regards
Pritpal
Submitted by aachin on 14 January 2007 - 5:58pm.
To all NG21 and RA owners, have any of you being successful in your application?
I have yet to hear positively from Citibank since end of November. Citibank has been quite good in the past on this project and I hope that they will be so now and in the future.
Hope to hear some good news by other banks.
Thank you and with regards.
Submitted by Castle-in-the-air on 15 January 2007 - 11:19am.
I faxed in my request to Citibank end last year requesting for a possible waiver / reduction on the interest paid. Was informed verbally that the bank has not come to any decision yet.
Yes, I would agree that Citibank is accommodating. I have been paying the installments since few years back and they give special rate of BLR - 1%, renewable annually. As such, the current principal balance is about RM13,200, down from the original loan amount of RM75,000.
Submitted by aachin on 17 January 2007 - 10:30pm.
I am in full support of Pritpal's last resort to get the banks to act. Apparently, our BNM did not seem to have written a more affirmative letter to the banks or otherwise the banks would have acted immediately.
Yes, when the bank wants you to borrow from them, they are all out to offer you this and that. However, when it comes to the crunch, they bail out. This may not be true for all banks. Citibank has done its share in providing to those who have applied, a Special Interest Rate for the abandoned Newgate project, of which the other Citibank borrowers and myself are most grateful.
I believe that I am speaking on behalf of all Citibank borrowers that we do hope that actions will be taken soon and Citibank lead the way for the other banks. It is a shame that the local banks are not that highly regarded in cases such as this, to date.
Thank you and with regards.
Submitted by Andy Yeap on 19 February 2007 - 12:38am.
After more than two months I have requested Citibank on 5 Dec 2006 to review the Interest Waiver / Reduction, I did not receive any response. I decided to re-visit them on 15 Feb 2007 to find out what has taken them so long to answer the request from BNM.
This time I was sent to the 8th floor (Collection) instead of 24th floor (Credit) the previous visit to Menara Citibank. The Customer Officer told me she already has a guideline to review the amount of reduction and within half an hour, everything was sorted out and was told that the final approval by the Management will be advised within a week.
I would like to advise those Citibank borrowers to visit the 8th floor of Menara Citibank as soon as possible if you are still not getting any response on this matter.
Best regards.
Dear Andy
It is good news that Citibank has received the letter from BNM. However, are there supposed to review further? I thought it is supposed to be a driective from BNM?
Thank you and with regards.