NRI Home Loans

We have Variety of products for NRI’s needs such as buying a house, building a house or purchasing property in India. Get your dream home in India at attractive rates with flexible repayment options, minimum paperwork and a complete guidance at every step.

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Features of NRI Home Loans

The NRI home loan is offered to people who have been living outside India whose loan tenure, loan amount sanctioned, and interest rate will depend on the customer’s profile, age of customer at maturity of loan,

Loan Term

For Loan Tenure up to 5 years the Annual Gross Salary (after Currency Conversion) should be at least:  Dirhams 36,000 for Gulf Countries and USD 20,000 for USA/UK/Other Countries excluding Gulf.

For Loan Tenure above 5 years and up to 15 years the Annual Gross Salary (after Currency Conversion) should be at least:  Dirhams 48,000 for Gulf Countries and USD 42,000 for USA/UK/Other Countries excluding Gulf.

Loan Amount

You can get a NRI Home Loan loan up to 90% of the cost of a property market value.

Interest Rate & charges

8.80% to 12.00%.  The final rate of Interest will depend upon Profile, Loan amount, tenor and property type.

NRI Home Loan - Eligibility

The NRI home loan is offered to people who have been living outside India whose loan tenure, loan amount sanctioned, and interest rate will depend on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of lender bank/NBFC.

Age

Salaried (Min-Max) 21 – 60 years

Self Employed (Min-Max) 21 – 70 years

Co-applicant

Not mandatory – but should be family members

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

A person can get maximum 90% funding if the loan amount is Rs.30 lakhs, 80% up to Rs.75 lakhs and 75% for loan amounts above Rs.75 lakhs.

As per RBI rules Repayment must be done in rupees through an account in the India or utilizing NRE or NRO accounts. If the property is rented out the rent receipt can be used against the Equated Monthly Instalments (EMI).

Yes, if you miss payments there is a penal charge that is levied in accordance with bank policy.

The maximum Loan tenure that you can get from ICICI Bank NRI home loans is 20 years.

Your home loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

1 passport size latest photograph of each applicant (applicant & co-applicant) with signature across
Valid passport copies for all the applicants
Valid visa copies for all the applicants
Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format*
Power of Attorney document as per our format duly signed by all the applicants
Authority letter duly signed by all the applicants as per our specified format
Company details as per our format
Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
Copy of PAN Card for the Ist applicant OR Form 60 as per our format attached here with
Self attested address proof of all applicants

Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
Copy of previous appointment letters
Last 3 months salary slip for fixed salary and last 4 months for variable salary
Last 6 months bank statements clearly mentioning salary credits in the account

Copy of

Incorporation of business
Income Proof –
Middle East: Last 2 years audited/C.A certified P&L accounts.
US & Canada: Last 2 years CPA compiled/reviewed/audited P&L accounts.
Others: Last 2 years C.A or equivalent certified/audited P&L accounts.
Partnership deed (incase of a partnership firm)
MOA & AOA of the company (incase of a private ltd. company)
Last 6 months bank statements in the company’s name
Last 6 months bank statements in individual’s name
Business profile and office address proof

If you have opted for a NRI Personal Guarantor on your loan, arrange to send the following documents

Passport & visa copies of the NRI Guarantor
Current overseas address verification proof of the NRI Guarantor. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
Current income documents of guarantor

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