ICICI bank is a banking and financial services company that has become one of the most diversified banks over the years, offering all the financial services, including home loans, credit cards and personal loans for both Indian citizens and NRIs. ICICI NRI home loans can be availed by NRIs living outside the country for a job, higher education or business purposes. Let’s further discuss about the features, interest rates and fee & charges of the ICICI NRI Home Loan.
ICICI Bank NRI Home Loan Interest Rate 2019
|Interest Rate||9.10% onwards|
|Age Criteria||Min. 25 years & Max. 60 years|
|Max. Loan Tenure||Up to 20 years|
|Processing Fee||0.50% of the loan amount + applicable GST|
|Pre-closure Charges||2% of the outstanding amount|
|Resident Status – Salaried||Settled abroad for Min. 1 year|
|Resident Status – Self-employed||Settled abroad for Min. 3 year|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.
ICICI Bank NRI Home Loan Eligibility
To avail an NRI home loan, the applicants must be of at least 25 years of age. Whereas, the maximum age to apply for this loan is either 60 years or the retirement age – the earlier one is considered when the loan reaches its maturity. In terms of the education qualification, the applicant must have either a diploma or graduation Degree. He/She must be employed for a minimum of 3 years at least, for availing a loan for tenure of 11 to 15 years, if living in the USA. Professionals must have a work experience of at least 1 year in a foreign country, for availing an ICICI bank NRI home loan. Calculate the eligible loan amount through Paisabazaar’s home loan eligibility calculator.
Tenure for Salaried and Non-salaried Borrowers
|Type of Borrower||Country||Tenure of Loan||Minimum Qualification|
|Salaried||10 years||Graduate Diploma|
|Middle East||11 – 15 Years||Post Graduate or Professional Degree|
|USA and other countries||11 – 15 years||Graduate/Diploma, minimum 3 years employment in abroad or Professional Degree with 1 year employment in abroad|
|Self-Employed||SSC or equivalent|
The maximum duration of home loan is 20 years. Whereas, the tenure is 10 years for land loan and home equity residential loan. The application for these loans and tracking of these applications has become seamless and simpler as everything can be done online. Whether NRIs want to purchase a new home or a land, ICICI NRI Home Loan interest rates are charged according to the monthly reduction basis. The interest rate can be chosen from either fixed or floating rates. The bank also provides the facility of part-prepayment with NIL charges. With NRI home loans, the applicants also get free personal accident insurance extended up to the outstanding amount of loan.
Criteria for Eligible Income
|Type of Employment||Countries||Income|
|Salaried||USA and other||42000 USD|
|Self-Employed||USA and other||42000 USD|
|Merchant Navy||USA and other||42000 USD|
|Merchant Navy||GCC||42000 USD|
For Middle East countries the minimum income is 36000 Dirhams for a term which is less than or equal to 5 years for salaried persons. The minimum income is AED 48000 required for term 6 to 10 years. For self-employed having a Post Graduate degree the minimum income is AED 96000, and for a professional it is AED 72000.
For USA and other countries, minimum income is 30000 USD for a term less than or equalling 5 years for salaried persons, and USD 42000 for a term between 6 to 10 years. For self-employed, the minimum income is USD 42000. Merchant Navy applicants must have a minimum income of 20000 USD for terms less than or equal to 5 years and USD 26000 for a term between 6 to 10 years. Processing fee of 0.50% plus applicable service tax and surcharge is charged on availing the loan.
Prepayment of the loan can be made at no charges. However, for full prepayment, a 2% charge for pre-closure is charged on the amount of loan which is outstanding and the amount paid in last 12 months.
Documents Required for ICICI Bank NRI Home Loan
|Personal Documents||Financial Documents||NRI Personal Guarantor Documents|
|Passport size photographs of each co-applicant, signed across|
|Salaried||Self-employed||Verified copies of passport and visa of NRI guarantor|
|Copy of current employment letter||Copy of incorporation of business|
|Valid passport copies of each applicant||Copy of salary certificate with clear joining date, salary and designation||Income Proof-|
Last 2 years audited and CA certified accounts for Middle East,
Last 2 years CPA complied audited accounts for US and Canada
Last 2 years CA audited for others
|Current address in abroad with verification proof of Guarantor – bills, license, insurance.|
|Cheque/Draft in INR for fees||Copy of previous 3 employment letter||Partnership deed – if applicable||Income documents of Guarantor.|
|PAN Card and Address Proof||Last 3 month salary slips for fixed salary, and for variant salary – last 4 months slips||MOA and AOA|
|Power of Attorney||Last 6 months bank statements with salary credits||Last 6 months bank statements in company’s name|
|Authority Letter||Last 6 month bank statements in individual name|
|Company Details||Business office address proof|
|Current overseas residential proof – driving license, insurance, bank statement|
At paisabazaar.com you have the option of checking and comparing from various loan deals offered by various financial institutions. So do not hurry and take good time in comparing and picking the deal that meets your requirement. You can freely apply online for any home loan at paisabazaar.com and enjoy the benefits.