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NRI Mortgage Loans
Loans to purchase property in India
NRI Home Loan is now easy and convenient for an NRI/OCI salaried customer residing in any country*. As an NRI/OCI customer, you may choose to apply for mortgage loan digitally and get the loan disbursed through Power of Attorney (POA) holder without visiting India. There are variety of products available for you depending on your need right from purchasing a property, constructing a house, buying a residential land, loan against property or requirement of additional funds for personal use. Whatever be your need, ICICI bank has a loan product just for you. You can also opt to transfer your mortgage loan from another lender to us to benefit from our loan offers.
Thus sit back and enjoy the convenience of applying digitally through our Express Home Loan platform.
*Except sanctioned & FATF countries.
Whether you own a residential or commercial property, it is an asset that can be used as collateral against a loan, when you have a financial requirement. Monetary problems pertaining to business expansion/set up in India if any, wedding or medical emergency can strike anytime but it can be settled conveniently if you own a property.
Planning to transfer your loan? Home Loan Balance Transfer facility helps you transfer your outstanding loan amount from your current lender to a new lender with lower interest rates and better terms. Transfer your existing loan with Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) to ICICI Bank. The facility is applicable for Home Loan, Land Loan, Home Improvement Loan and Office Premise Loan. It is easy and quick.
If you have an ongoing loan liability, there may be situations when things could go beyond your financial capacity. In such circumstances, you may wonder how you can fulfil those aspirations or dreams. One way you can tackle this, is by applying for a Top up Loan on your existing Home Loan.
As an NRI/OCI customer, you can now avail loan to buy an office space in India. This can be either to set up or expand business in India for investment.
Home Loans FAQs
The maximum loan amount can be up to Rs <5> crore. However, an NRI/OCI customer can also apply for an amount greater than Rs <5> crore.
Yes. An RI or NRI individual can be a co-applicant for an NRI mortgage loan.
Yes. Pan card is mandatory to apply for a mortgage loan. In the absence of PAN card, Form 60 is to be submitted.
No. Aadhaar is not mandatory for NRI/OCI customers. However, if Aadhaar is available, it can be submitted as Indian address proof.
No. NRE/NRO Savings Account is not mandatory to apply for mortgage loan. However, at the time of disbursement NRI/OCI customer must have an active NRE/NRO Account for repayment of mortgage loan.
Yes. An NRI/OCI salaried customer is eligible to apply for a Home Loan in India. For an NRI/OCI self-employed customer, feasibility of office visit overseas must be checked before applying for a mortgage loan.
Below is the annual gross income required to apply for a mortgage loan:
For USA & other countries: <8,400> USD or equivalent per annum
For GCC countries: <7,000> AED or equivalent per annum
As an NRI/OCI customer if you are applying through offline mode, you are required to be physically present in India and submit a signed physical application form along with self-attested KYC & income documents.
As an NRI/OCI customer if you are applying through online mode, you are required to upload a scanned copy of the original documents. In ICICI Bank, we have our online digital platform, Express Home Loan (EHL) through which our NRI/OCI salaried customers can apply. You can start the journey as either ‘New to Bank’ customer or ‘Existing customer’. <Click here to start your mortgage loan application.
Yes. PIOs can apply for a Home Loan in India.
If you are a salaried NRI/OCI customer,click here to start your mortgage loan application online via Express Home Loan (EHL). Once you complete your journey, an application number will be generated for all your future correspondence. Our central desk will get in touch with you for further processing and sanctioning your loan.
The maximum tenure for Home Loan is <20> years. However, for salaried NRI/OCI customers from USA, UK, Singapore & Canada the maximum tenure can go up to <30> years.
Yes. Loan against property (LAP) can be availed by NRI/OCI customer. LAP can be availed against residential or commercial property located in India.
Indian Address proof is mandatory only if Indian address is provided for mailing/communication in the application.
If you are holding a foreign passport, you must qualify as an Overseas Citizen of India (OCI) to apply for a mortgage loan. The OCI card must be submitted at the time of loan application. In the absence of the same, OCI declaration in the Bank’s format must be signed by the customer.Click here for the OCI format.
Yes. Valid residence visa/work permit/permanent citizen card or equivalent is mandatory to establish NRI status.
Yes. Overseas address proof is mandatory for NRI/OCI customer to apply for a mortgage loan.
List of documents required:
Valid Passport copy (For NRIs, both front & back page)
Valid visa (Residence visa/work permit/Permanent citizen card)
OCI card (For OCI customers only. In the absence of OCI card, OCI declaration in bank’s format to be submitted. For OCI format <click here>)
Valid overseas address proof
Valid Indian address proof (Applicable only if Indian address is provided as mailing/communication address)
PAN card copy (In absence of PAN number, Form 60 is required. <Click here> for Form 60
Last 2 months’ salary/wage slips
Last 3 months’ overseas bank statement with salary credit
Last credit report (applicable for USA, UK, Canada, Singapore, Hong Kong, UAE, Qatar, Saudi Arabia, Oman, Kuwait, Bahrain, New Zealand, Australia, Ireland, South Africa)
Yes. It is mandatory to have an active NRI savings account at disbursement stage to avail LAP or Top Up. Disbursed funds must be credited only to NRI/OCI customer’s NRO account.
Yes. Sanction Letter is valid for a period of 6 months or 180 days from the date of issue.
An NRI/OCI customer can avail either fixed or floating rate of interest. One can also opt for a combination of fixed at initiate stage and floating at later stage.
Yes. An NRI/OCI customer can avail a mortgage loan on repo rate.
Yes. You can make part payment of a Home Loan any time after disbursement. There will be nil fee if you have taken a loan on floating interest rate.
Yes. POA is mandatory in an NRI/OCI mortgage loan. The POA holder may also submit post disbursement related services in any of the asset servicing branches on the customer’s behalf.
POA holder can be anybody from your family, friends or neighbours residing in India.
No. POA execution is not mandatory at the time of applying for a mortgage loan. The customer must execute a POA before disbursement only.
If you are an NRI/OCI customer and do not intend to visit India before disbursement, you can also execute a POA overseas at your country of residence. You are required to take a print of the format and visit the Indian Embassy to fill up the document, sign and get it attested from embassy officials. Alternatively, POA can be executed through notarisation by a notary officer in all countries except GCC.
POA must be executed only in ICICI Bank’s format.
Yes. If you are filing your IT returns in India as an NRI/OCI, you can get tax benefits on the principal and interest components on your Home Loan under the Income Tax Act, 1961. As the benefits could vary every year, please contact your tax advisor for updates.
EMI means Equated Monthly Instalment. It is the amount you will repay to your lender on a specific date each month till the loan is repaid in full. EMI comprises of the principal and interest component.
Own contribution is the differential amount of the cost of property and the Home Loan amount to be paid by the borrower.
Yes. An NRI/OCI customer can avail Top-up loan over and above the existing Home Loan. If you are in India, you can visit your nearest ICICI Bank branch. If you are an NRI salaried customer currently overseas, you can apply online through Express Home Loan (EHL). To applyclick here
Yes. Basis income eligibility & property valuation, an NRI/OCI can avail Balance Transfer with higher than original sanction amount.
Yes, an NRI/OCI customer can avail Top-up along with balance transfer.
Home Loan - Builder purchase
Home Loan - Construction of house
Home Loan - Resale transaction
Land Loan - To buy residential land
Land + Construction- To buy residential land and construct a house
Home Improvement Loan - For executing repair or home renovation
Loan against property (LAP)- Loan against residential or commercial property
Non-residential property - To buy office premises for self-use or investment
LTV is defined as maximum loan amount that can be availed basis the cost of the property.
A co-applicant is an individual who comes as a joint holder along with the primary/1st applicant in the loan structure. Yes. It is mandatory to have a co-applicant in NRI loan. In absence of any co-applicant, a personal guarantor is required.
Any individual who is a blood relative. Son, daughter, sister, brother or spouse can be a co-applicant. Co-applicant can be a RI or NRI/OCI. However, all property owners must be included as applicants in the loan.
Your loan will be disbursed after you have selected a property, submitted all necessary property related documents to initiate legal & technical verification and paid your own contribution towards purchase of your home. Disbursement would be done directly into the builder’s account in case the property is purchased from a builder. In case of an under-construction property, disbursement would happen as per the stage of construction. For LAP & Top-up, disbursement would happen only in the applicant’s NRO account.
Repayment is done in equated monthly instalments (EMIs) and includes interest and principal amount calculated on monthly rests. Your NRE/NRO savings account would be linked to your loan account for repayment. In the case of part-disbursement of the loan, the monthly interest is payable only on the disbursed amount. This is called pre-EMI interest and is payable monthly till the final disbursement is made after which EMIs will commence.
If you are an NRI, Indian address proof is mandatory only if you provide Indian address as mailing/communication address. Below documents can be accepted as Indian address proof:
Valid Driving Licence
For any post disbursement related services, you can log on to our Non logged in section (NLI) and submit your request.
The reset period and date will be decided on the date of first disbursement.
In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenure of the loan depending on the option exercised by the borrower.
In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenure of the loan depending on the option exercised by the borrower.
Illustration: Consider a scenario where first disbursement of the loan is done on <April 15, 2016> under I-MCLR-1Y benchmark rate, with the I-MCLR-1Y being <9.20>% p.a. with a spread/margin of <20> basis points (bps). In such a case, the effective rate would be <9.40>% p.a.
In the above scenario, the effective rate of <9.40>% p.a. would remain constant till the next reset date i.e. <April 1, 2017>. On <April 1, 2017>, the loans would be reset with the applicable I-MCLR-1Y rate as on that date.
The spread/margin of the loan would continue to remain the same. e.g. If the I-MCLR-1Y is <9.10>% p.a. as on <April 1, 2017>, then revised rate applicable for the loan would be <9.10>% + <0.20>% = <9.30>% p.a. w.e.f. <April 1, 2017>.
In case of floating rate loans, the Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCLR.
The periodicity of reset will be one year or lower. The exact periodicity of reset will form part of the terms of the loan contract.
For loans disbursed in a particular month, the reset date will be the 1st day of the month of the subsequent year(s). e.g. if the loan is disbursed during any day of <April 2016>, the reset date for the said loan will be <April 1, 2017>
If, however, the customer opts for any rate conversion in a particular month, then the annual reset date will be 1st day of the month (in which the conversion is effected) of the subsequent year(s). e.g. If the loan is disbursed on <April 20, 2016> and subsequently in the month of September 2016, the customer opts rate conversion which is effected on <September 12, 2016>, the reset date for the said loan will be <September 1, 2017>.