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.
|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)||
1. Do I need to give my Indian residential address?
Yes, you need to provide your India residential address as well along with your current overseas address.
2. What’s the maximum loan tenure?
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.
3. Can I provide collateral to get a loan?
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.
4. Can I switch from fixed rate to floating rate within the loan tenure?
Yes, you can. However, you have to pay a certain conversion fee for that.
5. Do I need to give references?
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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