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  • ICICI NRI Home loan

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  • The scheme facilitates hassle-free documentation and quick loan disbursal. Competitive interest rates and zero part-payment fees are some of the major highlights of this financing scheme.
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    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 Rates for the Salaried and Self-employed

    Description Salaried Self-employed
    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

    Additional Fees and Charges

    Prepayment Charges Up to 4% + applicable taxes
    Late Payment Charges 2% per month
    Rate Conversion Charges
    • 0.5% of the principal outstanding + taxes (from floating to floating rate)
    • 0.5% of the principal outstanding + taxes (dual fixed rate to floating)
    • 0.5% of the principal outstanding + taxes (from floating to dual fixed rate)
    • 1.75% of the principal outstanding + taxes (lifetime fixed rate to floating)

    Eligibility Criteria

    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

    Documents Required

    Personal Details
    • Duly signed passport-size photograph (both applicant and co-applicant)
    • Visa copies of both the applicant and co-applicant
    • Passport copies of both the applicant and co-applicant
    • Duly signed Power of Attorney document
    • Duly signed letter of authorisation
    • Overseas residential address proof
    • PAN Card details
    • Self-attested address proof
    • Company/organisation details
    Other documents for the salaried
    • Last 3 months’ salary slips for fixed income and 4 months’ salary slips for variable income
    • Copy of employment letter or salary certificate of the current company
    • Last 6 months’ bank statements
    • Copy of previous employment letters
    Other documents for the self-employed (Income Proof)
    • Profit and loss statements for the last 2 years certified by C.A. (Middle East countries)
    • Profit and loss statements for the last 2 years reviewed by CPA (US and Canada)
    • Profit and loss statements for the last 2 years certified by C.A. or any other equivalent
    Guarantor documents
    • Copy of Visa and passport
    • Current residential address (overseas) proof
    • Income proof

    ICICI Bank NRI Home Loan Features

    • Financing available for both salaried and self-employed individuals
    • No prepayment fees
    • Floating and fixed rate options as per your convenience
    • Personal accident insurance facility available at free of cost
    • Hassle-free documentation process
    • Quick loan disbursal

    FAQ’s

    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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    ICICI NRI Home Loan Reviews

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