ICICI Bank

NRI Home Loan



Key Highlights

• Variety of products depending on your unique needs such as buying a house, building a house or purchasing property in India, and more.
• Speed and convenience – online loan application as well as online tracking of application.

Overview

Want to buy or build a new home? Purchase land? Whatever be your unique need, ICICI Bank has a loan product just for you.

Benefits

• Attractive interest rates on a monthly reducing basis.
• Choice from fixed and floating interest rates.
• Part–prepayment facility for zero fees.
• Free personal accident insurance to the extent of loan outstanding.
• Doorstep service in India till disbursement.

Eligibility
Age
You must be minimum 21 years old.
For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.
Residential status
If salaried applicant, you should have been abroad for a minimum period of 1 year.
If self-employed applicant, you should have been abroad for a minimum period of 3 years.
Income:
* tenure between 11–15 years, minimum qualification to be Diploma/ Graduate with minimum 3 years of employment abroad or professional qualification with 1 year of employment abroad.

Repayment
Under the RBI regulations, the repayment of the housing loan by NRIs can only be made by remittances from abroad through normal banking channels or through NRE/NRO account or out of rental income derived from the impugned property. The amount must be payable in Indian Rupees only.

Modes of Repayment
Before availing full disbursement of loan
Where you have availed only a part of the loan, you would be required to pay us only the interest on the amount disbursed till the full loan is availed. This payment would have to be made every month-end. This payment would have to be made by you by post-dated cheques.
After availing full disbursement of loan
After you avail full disbursement, you have the convenience of setting up a standing instruction in your bank account with us, for monthly repayments of your home loan installments. For this, you need to execute (Direct Debit) Mandate in our favor and also give us four postdated cheques from the account. For the format of the (Direct Debit) mandate please click here.

Prepayment You can make part-prepayments during the tenure of the loan at no cost. We would reduce the outstanding balance of your loan to the extent of the prepayment made by you. The interest on your loan would therefore be calculated only on the balance loan outstanding. This would help you in either reducing the tenure of the loan or reducing the monthly installment that you would be paying.
Please Note: For full prepayment of the loan, however a 2%, pre–closure charge would be levied on the outstanding amount and whatever amount that is pre-paid in the last 12 months, as on date

FAQ,S
Where can I apply for loan?
You can apply for an India Home Loan even before you have selected your property. ICICI Bank will sanction a loan amount, based on your repayment capacity.

What loan am I eligible for?
You can get a home loan ranging from a minimum of Rs 5 lakh to a maximum of Rs 1 crore, based on your repayment capacity and the cost of the property. You will be eligible for a maximum of 80% of the cost of the property or the cost of construction as applicable and 65% of the cost of land in case of purchase of land. To determine your repayment capacity, we take into account factors such as:
Age
Income
Qualifications
Number of dependants
Assets
Liabilities
Stability / continuity of your employment / business
Income of co-applicant/s
Check out our section on Who's Eligible

Who is a co-applicant? Is a co-applicant mandatory for a loan?
A co-application is the co-borrower of the loan. A co-applicant is mandatory if you want to apply to our India Home Loan.

Who can be a co-applicant for the loan?
You can include your spouse as a co-applicant; we will include his / her income to enhance your loan amount. Further, if there are any other co-owners, they too will need to be co-applicants. We'll need a personal guarantee from you if there's no co-applicant.

What are the different tenures you offer on your loans?
You can select a term of up to 15 years. However, you cannot opt for a term that extends beyond your attaining retirement age or 60 years of age (whichever is earlier). For GCC: Tenure between 11-15 years. Minimum qualification: post-graduate / professional qualification.
For USA and other countries: Tenure between 11-15 years. Minimum qualification: Diploma / Graduate (should have been employed abroad for a minimum period of three years) or Professional (should have been employed abroad for at least one year).
For tenor between 11 to 15 years for GCC: 96,000 Dhms p.a. or its equivalent if the applicant is Post Graduate. 72,000 Dhms p.a or its equivalent if the applicant has professional degree.
For tenor between 11 to 15 years for USA and all other countries: 42,000 USD p.a. or its equivalent.

When do you disburse the loan?
Your loan will be disbursed after you have selected a property; submitted all the necessary legal documents; the property is technically and legally cleared; and you have paid your own contribution toward the purchase of the home. The cheque for the loan amount is drawn in favour of the builder or seller as the case may be. In the case of an under-construction property, ICICI Bank disburses loan amounts appropriate to the state of construction.

How do I repay the loan?
Repayment is done in equated monthly instalments (EMIs), and includes interest and principal amount calculated on monthly rests. You can pay EMIs by issuing post-dated cheques from your NRE / NRO account, or any other account approved by the Reserve Bank of India (RBI). In the case of part-disbursement of the loan, the monthly interest is payable only on the disbursed amount. This is called pre-EMI interest, and is payable monthly till the final disbursement is made, after which EMIs will commence.

What are the prepayment options?
You can prepay part of the loan at no cost during the tenure of the loan.

Can I foreclose the loan?
Yes, you can foreclose the loan before its original tenure expires. You will be charged 2% on the outstanding amount and whatever has been pre-paid in the last 12 months.

How can I partly prepay or foreclose the loan?
You will have to send a cheque in Indian rupees favouring ICICI Bank Ltd to your Power of Attorney (POA) holder, along with a covering letter clearly mentioning your application number or LAN number. Your POA holder will have to submit them to any HFC branch in India. Action will then be taken, and a re-schedulement / foreclosure letter sent to your mailing address as mentioned in our records.

If I foreclose the loan, how will you return the original property documents to me?
Your POA holder can come and collect the original documents personally from our office. They will be handed over after he / she provides proof of identity.

What are the fees payable?
You'll be charged a total fee of 0.50% of the loan amount + applicable Service Tax & Surcharge as processing/administrative fees.
The payment should be made through a single cheque in INR only. It should be dated in the DD/MM/YYYY format, payable to 'ICICI Bank Ltd. AF for HL - A/c of ', and given at the time of application.
Note: Processing Fees and Admin Fees are for processing of home loan application and are non-refundable.

What is the security for the loan?
You'll need to provide security of the property and/or any other additional collateral security as may be mutually agreed upon.

What are the documents required?
Personal details documents
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
Financial details documents: for salaried individuals
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
Financial details documents: for self employed individuals
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
NRI Personal Guarantor documents
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
Note:
Co-applicant's income can be considered for enhancing your loan eligibility or increasing your loan amount. Please ensure that all financial documents of co-applicant(s) are attached with your India Home Loan Application. In case, you have opted to not consider your co-applicant's income for loan eligibility, you may send across the declaration form for your blood relative(s) / spouse coming in as co-applicant(s).
In case there is no co-applicant, an NRI Guarantor is required compulsorily along with his / her identity and address proof.

What's the difference between floating and fixed interest rates?
Floating Rates:
Depending on the movement of interest rates in the market, the interest rate for the loan is reset at the beginning of every quarter, i.e. January 1, April 1, July 1 and October 1. The rate is reset with reference to the ICICI Home Loan Prime Lending Rate prevailing on the dates of the respective resets. When the rates are reset, customers have the option of either adjusting their loan installment or the loan tenure, subject to the overall restrictions on the loan tenure.

Fixed Rates:
The interest rate is fixed on the home loan for the term of the loan.

Can I switch between fixed and floating interest rates during the tenure of the loan?
Yes you can. You can switch from a floating rate to a fixed rate any time by paying a nominal switching fee of 1.75% of the outstanding loan. You can also switch from a fixed rate to a floating rate by paying a nominal switching fee of 1.75% of the outstanding loan.

Who is an NRI?
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.

Who is a PIO?
A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above.

Do I need to give a residential address in India?
Do I need to give permanent residential details in India?
You need to give the permanent address in India where you / your immediate family live and where you may want to receive correspondence related to your India Home Loans. This may be the same as the residential address in India. Since we need it to do a credit verification, it is a mandatory requirement. If your co-applicant (spouse, siblings, parent) has the same residential address in India, you can select the option `Same as Applicant' and the relevant fields will be filled automatically, saving you the trouble of doing it all over again!!
Status / Domicile of Co-Applicant Current Overseas Residential Address Residential Details in India Permanent Residential Details in India NRI Same as Applicant/Different from Applicant NA Same as Applicant/Different from Applicant Resident NA Same as Applicant/Different from Applicant Same as Applicant/Different from Applicant PIO Same as Applicant/Different from Applicant NA NA

Do you need employer / business details?
We need your employer or business details for credit verification purposes. Even though this is not a mandatory requirement, your home loan in India will be sanctioned faster if you fill in these fields.
We also need your official email ID to write to you in case we can't get in touch with you through other means. You have to give us your personal email ID and not company's generic email ID. So, the email ID should be yourname@company.com (e.g. rinkee.rani@icicibank.com).

What is a Power of Attorney (POA)?
A power of attorney is a resident Indian appointed to act on behalf of all the applicants through an execution of the General Power of Attorney (GPA) deed. It is mandatory for both the applicant and co-applicant execute the GPA in favour of the person concerned. If the co-applicant is a resident Indian, he / she can also be the POA through the execution of the GPA by the applicant.

What is a Power of Attorney (POA)?
A power of attorney is a resident Indian appointed to act on behalf of all the applicants through an execution of the General Power of Attorney (GPA) deed. It is mandatory for both the applicant and co-applicant execute the GPA in favour of the person concerned. If the co-applicant is a resident Indian, he / she can also be the POA through the execution of the GPA by the applicant.
Click on the links to download the GPA deed format:

Who is a guarantor?
A guarantor guarantees the loan you take. Only an NRI can guarantee an India Home Loan taken by another NRI. It's mandatory to have either a co-applicant or an NRI guarantor.

Do I need to give references?
References help us get in touch with you when we are unable establish contact with you overseas. It is mandatory to provide resident Indian references while applying for India Home Loans. One of the references has to be a resident Indian relative. One of your references can also be your POA or resident co-applicant.

Do I need to give details of the property to be purchased?
Providing details of proposed property purchase enhances your credibility and expedites the loan sanction process. If you are planning to buy a plot of land, we highly recommended that you tell us the location of the plot of land. Providing the ownership pattern of the proposed property also helps us expedite your loan sanction.

Get Enquiry Here

CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
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