NRI Home Loans

Key Highlights

  • Variety of products depending on your unique needs such as buying a house, building a house or purchasing property in India, and more.
  • Speed and convenience – online loan application as well as online tracking of application.

Overview

Want to buy or build a new home? Purchase land? Whatever be your unique need, ICICI Bank has a loan product just for you.

 

Benefits

  • Attractive interest rates on a monthly reducing basis.
  • Choice from fixed and floating interest rates.
  • Part–prepayment facility for zero fees.
  • Free personal accident insurance to the extent of loan outstanding.
  • Doorstep service in India till disbursement.

Eligibility

Age

  • You must be minimum 21 years old.
  • For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.

Residential status

  • If salaried applicant, you should have been abroad for a minimum period of 1 year.
  • If self-employed applicant, you should have been abroad for a minimum period of 3 years.

Income:

  • * tenure between 11–15 years, minimum qualification to be Diploma/ Graduate with minimum 3 years of employment abroad or professional qualification with 1 year of employment abroad.
  • Minimum Income Per Annum break up is as follows:

 

CountriesTerm<= 5 yearsTerm 6&10 years Self employed
Middle East 36,000 dhms 48,000 dhms Post Graduate 96,000 dhms
      Professional degree 72,000 dhms
USA & Others 30,000 USD 42,000 USD   42,000 USD

 

For Merchant Navy -

Term<= 5 yearsTerm 6&10 years
20,000 USD 26,000 USD

 

For Self Employed -

Term<= 5 yearsTerm 6&10 years
48,000 dhms for GCC 2,000 USD for USA and others.

 

Amount mentioned above or equivalent.

Charges

Processing Fee : 0.5% of the loan amount + applicable Service Tax & Surcharge

Documents

 

Personal details documents

  • 1 passport size latest photograph of each applicant (applicant & co-applicant) with signature across
  • Valid passport copies for all the applicants
  • Valid visa copies for all the applicants
  • Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format*
  • Power of Attorney document as per our format duly signed by all the applicants
  • Authority letter duly signed by all the applicants as per our specified format
  • Company details as per our format
  • Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
  • Copy of PAN Card for the Ist applicant OR Form 60 as per our format attached here with
  • Self attested address proof of all applicants

 

Financial details documents: for salaried individuals

  • Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
  • Copy of previous appointment letters
  • Last 3 months salary slip for fixed salary and last 4 months for variable salary
  • Last 6 months bank statements clearly mentioning salary credits in the account

 

Financial details documents: for self employed individuals

Copy of

  • Incorporation of business
  • Income Proof -
    • Middle East: Last 2 years audited/C.A certified P&L accounts.
    • US & Canada: Last 2 years CPA compiled/reviewed/audited P&L accounts.
    • Others: Last 2 years C.A or equivalent certified/audited P&L accounts.
  • Partnership deed (incase of a partnership firm)
  • MOA & AOA of the company (incase of a private ltd. company)
  • Last 6 months bank statements in the company's name
  • Last 6 months bank statements in individual's name
  • Business profile and office address proof

 

NRI Personal Guarantor documents

If you have opted for a NRI Personal Guarantor on your loan, arrange to send the following documents

  • Passport & visa copies of the NRI Guarantor
  • Current overseas address verification proof of the NRI Guarantor. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
  • Current income documents of guarantor

Note:

Co-applicant's income can be considered for enhancing your loan eligibility or increasing your loan amount. Please ensure that all financial documents of co-applicant(s) are attached with your India Home Loan Application. In case, you have opted to not consider your co-applicant's income for loan eligibility, you may send across the declaration form for your blood relative(s) / spouse coming in as co-applicant(s).

 

In case there is no co-applicant, an NRI Guarantor is required compulsorily along with his / her identity and address proof.

Repayment

Under the RBI regulations, the repayment of the housing loan by NRIs can only be made by remittances from abroad through normal banking channels or through NRE/NRO account or out of rental income derived from the impugned property. The amount must be payable in Indian Rupees only.

 

Modes of Repayment

 

Before availing full disbursement of loan

 

Where you have availed only a part of the loan, you would be required to pay us only the interest on the amount disbursed till the full loan is availed. This payment would have to be made every month-end. This payment would have to be made by you by post-dated cheques.

 

After availing full disbursement of loan

 

After you avail full disbursement, you have the convenience of setting up a standing instruction in your bank account with us, for monthly repayments of your home loan installments. For this, you need to execute (Direct Debit) Mandate in our favor and also give us four postdated cheques from the account. For the format of the (Direct Debit) mandate please click here.

 

Prepayment

 

You can make part-prepayments during the tenure of the loan at no cost. We would reduce the outstanding balance of your loan to the extent of the prepayment made by you. The interest on your loan would therefore be calculated only on the balance loan outstanding. This would help you in either reducing the tenure of the loan or reducing the monthly installment that you would be paying.

Please Note: For full prepayment of the loan, however a 2%, pre–closure charge would be levied on the outstanding amount and whatever amount that is pre-paid in the last 12 months, as on date.

What can you do next?

 

Apply for Home Loan