NRI Commercial Property Purchase Loan

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

Top-up Loan

Balance Transfer

Non-residential property - To buy office premises for self-use or investment

Yes, an NRI/OCI customer can avail Top-up along with balance transfer.

You can mortgage both residential and commercial property for availing LAP. However, the property should be free from any charge i.e. there should be no other loan running on the property offered as a security for LAP.

The bank assesses the loan amount based on your income financials as well as the value of the property.

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.

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.

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.

No. It is not mandatory to visit India for an NRI/OCI customer. An NRI/OCI customer can now apply online through our Express Home Loan platform and avail a Sanction Letter. To apply click here

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, an OCI customer can apply for a mortgage loan. In the absence of OCI card, OCI declaration in bank’s format must be submitted.Click here for 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.

Yes. An NRI/OCI customer is eligible to apply for a Balance Transfer. NRI/OCI salaried customers can apply online through Express Home Loan. <Click here to apply.

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. 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.

POA document must be executed only in ICICI Bank format signed by all NRI applicants.Click here for POA format.

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. Basis income eligibility & property valuation, an NRI/OCI can avail Balance Transfer with higher than original sanction amount.

Your loan eligibility will depend on your repayment capacity and the cost of the property. To know your eligibility,click here

LTV is defined as maximum loan amount that can be availed basis the cost of the property.

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 Passport

• Aadhaar card

• Valid Driving Licence

• Voter ID

For any post disbursement related services, you can log on to our Non logged in section (NLI) and submit your request.

<https://nli.icicibank.com/NewRetailWeb/homeLoanStmtLoginPage.htm?ITM=nli_cms_HL_existing_customers_login_btn&_gl=1*n60htl*_ga*MTczMzY1NzAwNy4xNjQ1Njg1MTc5*_ga_SKB78GHTFV*MTY0NjIxOTY2OS4xMC4wLjE2NDYyMTk2NjkuNjA>.

Yes. You can convert interest rate in your mortgage loan from MCLR to repo rate. You can do it by submitting a request in our ‘Non logged in’ section or visit any asset servicing branch if you are in India.Click here to access the Non logged in section.

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>.