ICICI Bank was established in 1994 as ICICI Limited and over the years, it widened the scope of its business to become a diversified financial services group. ICICI is India’s second largest bank when it comes to market capitalization. ICICI bank offers a wide array of comprehensive banking products and services including deposits, credit, life & non-life insurance, asset management and investment banking which caters to the ever-growing needs of Indians and NRIs.
ICICI NRI home loans are specially designed keeping in mind, the requirements of NRIs. The home loan can be used for varied needs such a building a house and purchasing a property. With guaranteed convenience and fast approval process, ICICI NRI Home Loans will definitely delight the borrowers.
|Country||Term is less than or equal to 5 years||If the term is 6 and 10 years||Minimum Income for Self-Employed applicants|
|Middle East||36,000 dhms||48,000 dhms||Professional||72,000 dhms|
|Post Graduate||96,000 dhms|
|USA and Other Countries||30,000 USD||42,000 USD||42,000 USD|
In case the applicant has chosen a NRI Personal Guarantor, the following documents are to be submitted.
A processing fee of 0.5% of the total loan any applicable GST will be levied.
To ensure your home loan affordability, you must always ascertain the EMI that you would be paying every month towards the home loan and interest. This will not only help you compare various home loan options but will also help you in finding the right home that fits your budget. Online home loan EMI calculators will help you find the amortization details in an instant. You just have to enter details like the loan amount, tenure in years, interest rate and processing charges. The calculator will automatically project your monthly repayment amount i.e., the EMI and amortization schedule.
This information will help you plan your finances in advance. You can also keep varying the loan amount and tenure till you arrive at a comfortable EMI.
Here are some of the benefits offered by ICICI for NRI Home Loans.
If there is no co-applicant, an NRI Guarantor is mandatory. The Guarantor must also submit his income proof and proof of address.
Through normal banking medium, NRE/NRO accounts or from the rental income that comes from the property, the repayment can be done. Also, according to the RBI regulations, the amount should be paid in Indian Rupees only.
Yes, you can make prepayments at no additional cost. Depending on the amount prepaid, the outstanding balance will be reduced. For full prepayment, a pre-closure charge of 2% of the outstanding amount and whatever amount is prepaid during the last 12 months, will be levied as pre-closure charges.
The housing loan amount will be disbursed after you have submitted all the required legal documents for your property. The property should be legally and technically cleared and you must have settled your own contribution for the purchase. For a property that is still under construction, ICICI will disburse the loan amount as per the state of construction.
Yes. However, you will be charged a nominal fee of 1.75% of the outstanding loan amount, for switching between the interest rates.
Buying a home is probably the biggest investment any of us would ever make in a lifetime. Ensure that the purchase process is happy and hassle-free with ICICI NRI Home loans. Expert guidance, minimal documentation requirements, flexible tenure options and a quick disbursal will ensure that you realize your dream of owning a home, sooner than you’ve expected.