Non-resident Indians (NRIs) can purchase a property or build a house of their own in India with the help of ICICI Bank NRI Home Loan. This scheme facilitates hassle-free documentation & quick home loan disbursal. Competitive interest rates and zero part-payment fees are some of the major highlights of this financing scheme.
|Interest Rate||6.75% p.a. – 7.40% p.a.||6.90% p.a. to 7.55% p.a.|
|Loan Tenure||Up to 30 years||Up to 30 years|
|Processing Fees||0.5% of the loan amount + applicable taxes||0.5% of the loan amount + applicable taxes|
|Prepayment Charges||Up to 4% + applicable taxes|
|Late Payment Charges||2% per month|
|Rate Conversion Charges||
|Age||Minimum 21 years and maximum 65 years or retirement age|
|Residential status||Living outside India for a minimum period of 1 year (salaried)|
|Residential status||Living outside India for a minimum period of 3 years (self-employed)|
|Minimum qualification for the salaried||Graduate or diploma (up to 10 years loan tenure)|
|Minimum qualification for the salaried||Post graduate for Middle East countries (up to 15 years loan tenure)|
|Minimum qualification for the self-employed||SSC or its equivalent|
|Income criteria||$42,000 (for salaried and self-employed individuals living in the US and other countries)|
|Income criteria||GCC: $26,000 for merchant navy and AED 84,000 for others (Other countries: $26,000 for merchant navy and $42,000 for others)|
|Other documents for the salaried||
|Other documents for the self-employed (Income Proof)||
Yes, you need to provide your India residential address as well along with your current overseas address.
You can get a loan tenure of up to 20 years for home loans. However, the bank will decide on the tenure based on your type of employment.
Yes, you can have a loan guarantor to avail the financing. The bank will check the guarantor’s financial and personal details before sanctioning the amount.
Yes, you can. However, you have to pay a certain conversion fee for that.
The bank asks for references so that they can get in touch with you through a third-party in case you are not reachable. Your co-applicant can also be one of your references.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.