ICICI Bank is one of the most notable banking and financial services companies in India. The bank offers a wide array of financial services, including home loans, credit cards, savings and current accounts, for both resident Indians and NRIs. NRIs can get home loans at affordable interest rates for a variety of purposes, such as for the purchase of a property, a new home or construction of a house in India, depending on their unique needs. ICICI NRI home loan is specifically designed for Indians living abroad for employment, education and business purposes, as well as for merchant navy personnel. Here are the features, eligibility criteria and interest rates of ICICI Bank NRI home loan.
Also Read: Why should an NRI buy a house in India?
ICICI NRI Home Loan Interest Rate 2021
ICICI NRI home loan interest rates vary based on the employment type. You can refer to the following table to check the ICICI NRI home loan interest rate (floating) for salaried employees and self-employed individuals.
ICICI NRI Home Loan Interest Rate 2021
| Loan Slab | Interest Rate (Salaried borrower) | Interest Rate (Self-employed borrower) |
|---|---|---|
| Up to Rs. 35 lakh | 7.60% p.a. | 7.85% p.a. |
| Rs. 35 lakh to Rs. 75 lakh | 7.75% p.a. | 7.95% p.a. |
| Above Rs. 75 lakh | 7.95% p.a. | 8.05% p.a. |
Processing fees & other charges
| Particulars | Charges |
|---|---|
| Processing fees | 0.50% of the loan amount + GST |
| Part prepayment charges | Nil |
| Foreclosure charges | 2% of the outstanding amount |
| Late payment charges | 2% per month |
Home Loan Eligibility Criteria
ICICI Bank NRI housing loan is offered for NRI/PIO/OCI applicants who meet the following eligibility criteria:
| Particulars | Details |
|---|---|
| Age | – Minimum: 21 years – Maximum: 65 years or retirement age whichever is earlier at the time of maturity of the loan |
| Residential status | – Salaried applicants with a minimum of 1-year employment overseas – Self-employed applicants with a minimum of 3 year in the current business overseas |
| Qualification for salaried applicants | – Graduate or diploma for up to 10-year loan tenure – Post graduate for Middle East countries for up to 15-year loan tenure |
| Qualification for self-employed applicants | SSC or equivalents |
Income criteria
| Country | Employment type | Minimum Income |
|---|---|---|
| GCC | Salaried | 84000 AED |
| GCC | Self-employed | 48000 AED |
| GCC | Merchant Navy | 26000 USD |
| Other countries | Salaried | 42000 USD |
| Other countries | Self-employed | 42000 USD |
| Other countries | Merchant Navy | 26000 USD |
Documents Required for NRI Home Loan by ICICI Bank
Here is the checklist of documents that NRIs will have to share to apply for ICICI Bank NRI home loan:
Personal details documents:
- 1 self-attested passport size latest photograph of each applicant (applicant & co-applicant)
- Copy of valid passport
- Copy of valid visa or work permit
- Processing fee cheque / draft in INR for fees from NRE/NRO/overseas salary account of the customer in favor of ICICI Bank
- Power of Attorney duly signed by the applicant and co-applicant, if any
- Authority letter duly signed by all the applicants
- Company details
- Copy of current overseas residential verification proof (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
- Copy of PAN Card of the 1st applicant ot Form 60
- Self-attested address proof of applicant(s)
Financial documents: for salaried individuals
- Copy of current appointment letter or salary slip mentioning the date of joining, current salary and designation in the company
- Copy of previous appointment letters
- Salary slips for last 3 months in case of fixed salary and for 4 months in case of variable salary
- Bank statement of the last 6 months clearly mentioning salary credits in the account
Financial documents: for self-employed individuals
- A copy of incorporation of business
- Income proof: Copy of
- Middle East: Last 2 years P&L accounts audited/certified by C.A.
- US & Canada: Last 2 years P&A accounts compiled/reviewed/audited by CPA
- Others: Last 2 years P&A accounts audited/certified by C.A. or equivalent
- Partnership deed (in case of a partnership firm)
- MOA & AOA of the company (in case of PVT. LTD. company)
- Last 6 months current account bank statement in the name of company
- Last 6 months bank statement in the individual’s name
- Business address proof and profile
NRI personal guarantor documents
If the principal applicant adds an NRI personal guarantor on his/her loan, the following documents are to be submitted:
- Copy of passport & visa of the NRI guarantor
- Copy of current overseas residential verification proof (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
- Current income documents of guarantor
Features & Benefits of ICICI Bank NRI Home Loan
| Particulars | Details |
|---|---|
| Loan tenure | – Home loan: 30 years – Home improvement loan: 15 years – Land loan: 20 years |
| Loan amount | Rs. 5 lakh to Rs. 1 crore |
| LTV Ratio | – Up to 80% of the cost of the property/construction – Up to 65% of the cost of the land |
| Prepayment charges | Nil |
| Employment type | Salaried; self-employed |
| Resident status | – Salaried: Residing abroad for Min. 1 year – Self-employed: Residing abroad for Min. 3 years |
| Nationality | NRIs/PIOs |
Benefits of ICICI Bank NRI Home Loan
Here are the key benefits that you will enjoy by getting an NRI Home Loan from ICICI Bank:
- Longer repayment tenure: ICICI NRI home loan can be availed for up to 30 years.
- Doorstep services: The bank provides doorstep service in India till disbursement.
- Flexible NRI home loan interest: NRI customers can choose between floating and fixed interest rates.
- Tax deduction: If you live abroad and file your income tax returns in India, you can get a tax deduction on interest paid and loan repayment of your home loan. You are eligible for up to Rs. 1.5 lakh deduction on repayment of principal under Section 80 of IT Act and up to Rs. 2 lakh on interest paid for a home loan.
- Funding for approved projects: Customers can choose from a variety of approved projects by private builders/developers or local development authorities.
At SBNRI, we help NRIs to buy, sell or rent properties in India without any hassle. Fill this form to get any sort of real estate service.
Also Read: Investment in India by NRI: Real Estate 2021
ICICI NRI Home Loan EMI calculator
ICICI home loan EMI calculator online is a digital tool that helps users to find out the monthly payment they will have to make to pay back the home loan. ICICI home loan calculator is easy to use and displays accurate results based on the inputs in a couple of seconds. Key in home loan components like principal loan amount, interest rate and loan tenure into the calculator to view your ICICI NRI home loan EMI.
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FAQs
A co-applicant is not mandatory to get a home loan from ICICI Bank. However, a personal guarantor is required if there is no co-applicant. The co-applicant may be an NRI or a resident Indian.
ICICI Bank offers various home loan schemes for varying tenures. Types of ICICI home loans are as under:
Home loan for residential property: For the purchase, construction, extension or renovation of a new flat or house. You can get funding up to 80% of the property value for a loan amount up to Rs. 20 lakh or up to 70% of property value for loan > Rs. 30 lakh. Salaried applicants can get a loan for up to 15 years and self-employed for up to 10 years.
Home loan for plot of land: For the purchase of a plot of land for residential use. The plot must be located within municipal limits. A loan amount up to 75% of the total cost of property in case of direct allotment from developing authority, and up to 65% of the total cost in case of allotment from a builder. Subject to the maximum of INR 50 lakh. Maximum tenure is 10 years for both salaried and self-employed applicants.
ICICI NRI home loan repayment can be done in EMIs (Equated Monthly Instalments). Customers can issue post-dated cheques from their NRE/ NRO account, or any other accounts approved by the Reserve Bank of India.
Prepayment of the loan is allowed without any charges.
Yes, ICICI Bank allows foreclosure of a home loan before the completion of the loan tenure. Full prepayment is subject to a foreclosure charge of 2% on the outstanding amount and the amount paid in the last 12 months.
No, you don’t need to visit India to avail a home loan. NRIs can use Power of Attorney (POA) to get a home loan in India. Or call ICICI Bank customer care to know more.
Any Indian resident appointed to act on behalf of NRI applicant(s) through the execution of General Power of Attorney (GPA) deed. It is compulsory for applicant(s) to execute the GPA in favor of the person concerned. If the co-applicant is a resident Indian he/she can be the Power of Attorney through GPA execution by the principal borrower.
