savings nri
Home Loan

NRI Home loan

Getting a Home Loan from ICICI Bank is quick and easy. Variety of products are available depending on your unique needs such as buying a house, building a house, purchasing property in India, etc. Whatever be your unique need, ICICI Bank has a loan product just for you.

Features and Benefits of Home Loan

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NRI Home Loan Eligibility

Age Minimum: 21 Years
Maximum: 65 Years or retirement age whichever is earlier at the time of maturity of loan.
Eligible profiles Salaried: Minimum 1 year of employment overseas
Self-Employed:Minimum 3 years in current business overseas
Tenure Home Loan: 30 Years
Home Improvement Loan: 15 Years
Land Loan: 20 Years
Minimum Income
Country/Employment Type
Merchant Navy
Other than Merchant Navy
GCC
26000 USD
84000 AED
Other Countries
26000 USD
42000 USD
Interest Rate
To know more Click here

Documents required for NRI Home Loan

Basic Documents:

Sr NoDocument TypeSalariedSelf-employed
1
Application form as per our Format and passport size photographs – to be signed by the applicants
Y
Y
2
KYC documents – Identity Proof, Overseas & Indian Address Proof, Signature proof  (PAN Card / Form 60 as per our format, Passport etc)
Y
Y
3
Residence Proof in India:- Aadhar card/ Passport copy
Y
Y
4
Copy of Valid Passport and Visa copy
Y
Y
5
For PIO / OCI applicants-
  • PIO or OCI Card
  • Stamped and notarized declaration as per format with Ration Card/ Passport of parents/grand-parents/ spouse of PIO establishing their Indian citizenship
Y
Y
6
Processing fee cheque from NRE/NRO/overseas salary account of the customer.
Y
Y
7
Power of Attorney document as per our format duly signed by all the applicants
Y
Y
8
Non solicitation declaration as per our format to be signed by the applicants if home loan is applied when customer is in India
Y
Y

 

Income & Other Documents:

Sr NoDocument TypeSalariedSelf-employed
1
Salary Slip for 3 months
Y
N
2
Bank Statement
3 months
6 months
3
Appointment Letter/ employment contract
Y
N
4
Incorporation certificate, Latest 3 years audited financials with CA certification, IT Returns etc.
N
Y
5
Credit Report downloaded (From Transunion / Equifax), Experian or Transunion of all applicants.
Y
Y
6
Office Address Proof & Business Profile
N
Y
Please note Co-applicant’s income can be considered for enhancing loan eligibility.

 

Additional Documents required for Balance Transfer

Sr NoDocument TypeSalariedSelf-employed
1
Latest 12 months Statement from  loan account
Y
Y
2
Outstanding principal statement on existing lender’s letterhead
Y
Y
3
Original list of documents
Y
Y
4
Declaration cum Undertaking of legal documents submitted to existing lender
Y
Y
Please note these are basic documents required for Sanction. Additional documents may be required on case to case basis.

Frequently Asked Questions (FAQs) for Home Loan

Where can I apply for loan?


You can apply for an India Home Loan even before you have selected your property. ICICI Bank will sanction a loan amount, based on your repayment capacity.

Who is a co-applicant? Is a co-applicant mandatory for a loan?


A co-applicant is not mandatory to avail a Home Loan. Personal Guarantor is required if there is no co-applicant. The co-applicant may be a resident Indian or an NRI.

Who can be a co-applicant for the loan?


Co-applicant can be son, daughter, sister, brother, parent or spouse. We can include your spouse’s income to enhance your loan amount. Further, if there are any other co-owners, they too will need to be co-applicants.

When do you disburse the loan?


Your loan will be disbursed after you have selected a property; submitted all the necessary legal documents; the property is technically and legally cleared; and you have paid your own contribution toward the purchase of the home. The cheque for the loan amount is drawn in favour of the builder or seller as the case may be. In the case of an under-construction property, ICICI Bank disburses loan amounts appropriate to the state of construction.

What are the prepayment options?


You can prepay part of the loan at no cost during the tenure of the loan.

 

 

Click here for more FAQs.

Blogs

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