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  • ICICI NRI Home loan

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    ICICI NRI Home loan

    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.

    ICICI Bank NRI Home Loan Eligibility:

    Eligibility Conditions:
    • The applicant must be at least 21 years of age. The maximum age of application is 60 years or age of retirement, whichever is earlier, at the time of maturity of loan.
    • Salaried applicants should have been abroad for at least 1 year.
    • Self-employed applicants should have spent at least 3 years abroad.
    • Education Criteria:
      • For loan tenures ranging from 11 to 15 years, the applicant should have a minimum educational qualification of Diploma or Graduate, having at least 3 years of employment experience abroad.
      • Applicants with professional qualification should have had at least 1 year work experience abroad.
      Income Criteria:
      Country/Employment Type Salaried Self-Employed Merchant Navy
      USA & Other Countries 42000 USD 42000 USD 42000 USD
      GCC 84000 AED* 48,000 AED 42000 USD
      • For applicants from Merchant Navy, the minimum income criteria for terms less than or equal to 5 years is 20,000 USD and for 6 & 10 year terms, 26,000 USD.
      • Self-employed applicants must be earning at least 48,000 dhms for GCC to apply for loans with tenure less than or equal to 5 years. For 6 & 10 year term loans, they should be earning 2,000 USD if they reside in USA and other countries.

    Documents required for ICICI NRI Home Loans:

    Personal Details Documents:
    • Valid VISA and Passport copies for all applicants
    • Latest passport size photo signed across by each applicant and co-applicant
    • Duly signed document of Power of Attorney, authority letter and company details as per ICICI format
    • Copy of existing overseas residential verification proof (driving license, bank statement etc.) for all applicants
    • Self-attested address proof, copy of PAN card and Form 60 for all applicants
    Financial Details for Salaried Applicants:
    • Copy of all previous appointment letters
    • Copy of salary certificate bearing date of joining, current salary and designation or a copy of the current appointment letter
    • For fixed salary, salary slip for last 3 months and for variable salary, salary slip for the last 4 months.
    • Bank statements mentioning salary credits for the last 6 months
    Financial Documents for Self-Employed Applicants:
    • Copy of incorporation of business
    • In case of partnership firm, a copy of partnership deed and MOA & AOA if the company is a private limited
    • Business profile and address proof for office
    • Bank statements for the last 6 months in company’s and individual’s name
    • Last 2 years CPA compiled or reviewed or audited Profit and Loss (P&L) accounts as applicable, depending on the country of operation.
    Personal Guarantor Documents:

    In case the applicant has chosen a NRI Personal Guarantor, the following documents are to be submitted.

    • Current Income documents, Passport and VISA copies of the NRI Guarantor
    • Current overseas address verification proof pertaining to the NRI Guarantor which can be any of utility bill, insurance premium, driving license or bank statement.

    ICICI NRI Home Loan Rates and Charges:

    A processing fee of 0.5% of the total loan any applicable GST will be levied.

    ICICI Bank NRI Home Loan EMI Calculator:

    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.

    Features of ICICI Bank NRI Home Loan:

    Here are some of the benefits offered by ICICI for NRI Home Loans.

    • Competitive interest rates, calculated on a monthly reducing basis
    • Applicants are offered the flexibility to choose from either fixed or floating interest rates
    • Part-payment facility at no extra cost
    • Till loan disbursement, unmatchable doorstep service will be offered.
    • Complimentary personal accident insurance up to outstanding loan amount.

    FAQs about ICICI NRI Home Loans in India:

    1. Can I apply for ICICI NRI Home loan without a co-applicant?

      If there is no co-applicant, an NRI Guarantor is mandatory. The Guarantor must also submit his income proof and proof of address.

    2. How do I make the repayment?

      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.

    3. Can I prepay the loan before the end of my tenure?

      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.

    4. When will the loan be disbursed?

      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.

    5. Will I be permitted to change between fixed and floating interest rates during the loan tenure?

      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.

    ICICI NRI Home Loan Reviews

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