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.
|Loan Tenure||Up to 15 years||Up to 20 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 25 years and maximum 60 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||84,000 AED for the salaried and 48,000 AED for the self-employed (for individuals residing in the GCC countries|
|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.
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