Icici Bank NRI Home Loan
Icici Bank NRI Home Loan Interest Rates
| Parameters | Details |
|---|---|
| Interest Rate | 6.70% to 7.55% |
| Age Criteria | 21 to 65 years |
| Max. Loan Amount | 1,00,00,000 |
| Max. Loan Tenure | 30 years |
| Security | Equitable mortgage of the property in question |
Purpose of Icici Bank NRI Home Loan
- For construction of residential house on land already owned.
- For purchase of plot (Plot must be located in developed/ developing residential locality and properly demarcated) and construction of residential house thereon. (Utilisation of loan amount for purchase of Plot will be restricted to 60% of eligible/ sanctioned loan amount) .
- For purchase of house/ flat.
- For renovation/ extension/ repair of residential house already owned.
- For purchase of unfinished/ old house and renovation/ extension/ repair of the same.
- For taking over of housing loans from other financial institutions/ banks.
Icici Bank NRI Home Loan Features & Benefits
- Attractive Interest Rates as per the individual's eligibility
- Low processing fees
- One time processing fee
- Loan amount depending upon the eligibility criteria
- It has PAN India branch network provides easy access to the customers
- Higher tenure period
- Additional top up loan for your personal use
- Easy loan approval process
- Minimal documentation
- Attractive rates on Balance Transfer of your existing loan
- Transparent process with no hidden charges
Eligibility Criteria for Icici Bank NRI Home Loan
- Non-resident Indians (NRI) having valid Indian passport, Overseas Citizen of India (OCI) and persons of Indian origin (PIO) having foreign passport
- Applicant should have NRI status of 2 to 3 years
- Minimum age 21 years
- Maximum age 60 years or retirement age (whichever is earlier)
- Applicant should have a regular source of income
- Minimum employment abroad of 6 months with valid job contract/work permit
- Spouses and close relatives of NRIs who are residents can join NRI as Joint applicants
Factors Affecting Icici Bank NRI Home Loan Eligibility
NRI customers are eligible to avail an NRI home loan ranging from Rs 5 lakhs to a maximum of Rs 3 crores which is primarily based upon their repayment capability and property value. Repayment capability of NRI customers is determined on the basis of following factors:
- Applicant's Age
- Applicant's Income
- Income of Co-applicant
- Past Loan Repayment History of the Applicant
- Applicant's Qualifications
- Term of Loan
- Number of Dependants on the Applicant
- Applicant's Assets
- Applicant's Liabilities
- Continuity of Applicant's Employment/ Business
Icici Bank NRI Home Loan Documents Required
| Point | Salaried Customers | Self Employed Customers |
|---|---|---|
| Form | Loan Application form with photograph | Loan Application form with photograph |
| Processing fee cheque | Processing fee cheque | Processing fee cheque |
| Proof of Identity | Copy of first four pages of passport and page with visa stamp or IC/PIO card | Copy of first four pages of passport and page with visa stamp or IC/PIO card |
| Proof of Address | Address proof mentioning the current overseas address | Address proof mentioning the current overseas address |
| Proof of Income | Copy of Salary certificate duly attested by Indian Embassy /Consulte /Employer | Balance Sheet and P&L Account for the past 3 years |
| Bank Statement | Last 6 months bank statements | Last 6 months bank statements (self and business) |
| Employment Contract | Last Salary certificate /slip in original | N.A. |
| Work Permit | Valid Work Permit | N.A. |
| Other Documents | Copy of Continuous Discharge Certificate, Details of previous employment, Copy of identity card issued by the current employer | Details about nature of business, year of establishment & type of organization |
Property Related Documents
- Registered Sale Deed /Registered Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder
- Copy of the approved building plan /approvals in respect of proposed construction /purchase /extension
- Detailed cost estimate /valuation report from Bank's Panel Chartered Engineer /Architect
- Allotment letter of Co-operative Housing Society /Apartment Owners' Association /Housing Board /NOC from the Society /Association /Builders /Housing Board
- Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
Documents for Loan Disbursal
- Loan Agreement
- Repayment Instruments such as NACH/ Standing Instruction/ Post-dated cheques/ ECS Request
- Signature Verification
- Any other related documents for mortgage creation
Fees & Charges of Icici Bank NRI Home Loan
| Type of Charge | Amount |
|---|---|
| Processing Fees | 0.50% of the loan amount |
| Prepayment Charges for floating rate loan | Nil |
| Part-payment Charges for floating rate loan | Nil |
| Part prepayment Charges for fixed rate loan | Part prepayment can be done after 6 months from date of first disbursement. One payment allowed every financial year. Can be upto 5% of outstanding loan. |
| Prepayment Charges for fixed rate loan | upto 2% of the principal outstanding |
| Cheque bounce Charges | Upto Rs. 500 plus GST |
| Late payment Charges | Upto 3% per month |
| Cheque swap Charges | Upto Rs. 500 plus GST |
| Facility Statement Charges | Upto Rs. 500 plus GST ((nil for 1 statement every half yearly) |
| NOC Issuance Charges | Upto Rs. 500 plus GST (Nil for first NOC) |
| Penal Interest Rate | upto 24% p.a. |
| Switching Fees (Base Rate/BPLR to MCLR) | upto 0.50% on outstanding principal |
| Switching Fees (Floating Rate to Fixed Rate) | upto 1% on outstanding principal |
| Switching Fees (Fixed Rate to Floating Rate) | upto 2% on outstanding principal |
| Stamp duty for Loan agreement & mortgage | As per actual |
| Insurance Premium | As per actual |
| Legal, repossession and incidental Charges | As per actual |
| Creation of charge with ROC | As per actual |
| EMI cycle change | Upto Rs. 500 plus GST |
| Customer Credit Information Report(Credit Bureau) | For Individual Customers Upto Rs. 200 per report & for Non Individual Customers Upto Rs.750 per report |
Interest Rate on Icici Bank NRI Home Loan
Different banks offer NRI home loan at different interest rate to the borrowers. You must remember that interest is the major cost of your home loan which you need to pay on your outstanding loan amount till the end of your loan tenure. As the tenure of NRI Home Loan is the highest among all other types of loans, hence it is very essential and important to compare the NRI home loan interest rates offered by different banks before taking the most important decision of selection of the lender.
Icici Bank offers NRI Home Loan at the interest rate of 6.70 which is very attractive. One can even negotiate on interest rate provided he/ she carries good Credit Score, good relations with the lender, clean repayment history and regular income.
After you avail loan, you have to repay the loan along with interest in the form of Equated Monthly Instalment (EMI) every month till the tenure of the loan. The EMI comprises of the principal and interest components.
Salaried applicants are likely to get a slightly lower rate compared to the self-employed because of less risk involved.
If you have applied for home loan for under construction property, you have to pay interest on the portion of the loan which has been disbursed until final disbursement. This interest is called pre-EMI interest. It is payable every month from the date of each disbursement up to the date of commencement of EMI.
If you are currently paying higher interest rate on existing NRI home loan availed from any other bank than interest rate on NRI home loan offered by Icici Bank, you can opt for balance transfer of loan to Icici Bank.
Loan Amount for Icici Bank NRI Home Loan
You can apply for home loan upto 80% to 85% of the value of the house property which you will buy out of the loan amount.
Loan amount what you want to apply for, will depend upon following factors:
- Your requirement of funds
- Your income
- Property Value
- Your repayment capability
Icici Bank offers NRI Home Loan for a maximum of Rs. 1,00,00,000. (OR) Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer.
You must know that it is not necessary that whatever loan amount you are applying for is easily extended to you by the bank. Bank will first calculate your eligibility for taking that loan amount during its loan approval process before making final decision on loan amount to be extended to you.
Loan Tenure for Icici Bank NRI Home Loan
Loan Tenure is a period for which you have availed the loan. You need to repay full loan and interest thereon during this period. Loan tenure also depends upon your age. Lower your age, higher loan tenure you can apply for .
There are chances that if you opt for a longer term, the interest rate offered will be on lower side.
Higher the tenure lower the EMI and vice-versa. Icici Bank offers NRI Home Loan for maximum tenure of 30 Years.
Other Important Points of Icici Bank NRI Home Loan
Repayment
- Repayment of the housing loan by NRIs must be payable in Indian Rupees only which can be made by remittances from abroad through Normal banking channels
- (or) through NRE account/ NRO account
- (or) out of rental income derived from the impugned property
Part-Payment of Loan Amount
- Borrower can make part-prepayments during the tenure of the loan at no cost.
- Bank will reduce the outstanding balance of loan to the extent of the prepayment made by the borrower.
- The interest on the loan will then be calculated only on the balance loan outstanding.
- This would help borrower in either reducing the tenure of the loan or reducing the monthly installment that he/ she will pay.
Full Prepayment of Loan Amount
For full prepayment of the loan, 2%, preclosure charges will be levied on the outstanding amount and whatever amount that is prepaid in the last 12 months, as on date off prepayment.
Icici Bank NRI Home Loan Disbursement
- For purchase of ready possession properties, the loan amount will be released in lump sum in favour of the developer or the seller, as the case may be, after confirming that the customer has paid margin money i.e. his/ her own contribution. In case of ready-to-move-in property, the full and final disbursement of the loan is done in one go.
- For purchase of house/ flat from an individual on resale, the loan amount will be paid in lump sum to the seller of the property at the time of transfer after confirming that the customer has paid margin money i.e. his/ her own contribution.
- For under construction houses/ flats, the loan amount will be disbursed in stages based on the progress of construction. It is also known as part-disbursement. You will need to pay interest on the disbursed amount released in stages. Such interest is called the Pre-EMI which will continue until the final disbursement of the loan.
- A customer has to invest his proportionate share of the cost, prior to disbursement of loan.
- The NRI Home Loan will be disbursed either in lump sum or installments according to the requirement of the development authority/ society/ private builder.
- Disbursement of NRI Home Loan will be made after technical appraisal of the property and after completion of all legal documentation of the property such as the NOC and title deed.
- Disbursement of NRI Home Loan will be subject to the sanction letter's terms and conditions.
NRI Home Loan Balance Transfer
Home Loan Balance Transfer is a switch of the outstanding home loan account from existing lender to another new lender where better facilities are being offered by the new lender. In simple terms, it can be understood as "Availing a new home loan from another lender to repay an existing home loan". It saves cost of the borrowers.
When Should You Choose NRI Home Loan Balance Transfer?
- To take advantage of lower interest rate
- For improvement in servicing of home loan
- If you are in early stage of your home loan tenure
- Availability of more top up loan with balance transfer
- To obtain longer repayment tenure
Before opting for Balance Transfer of your NRI home loan, you must consider following points for sure:
- What are the processing charges your new home loan?
- How much is the outstanding loan amount?
- How much difference in interest rate are you getting?
- What is your current Credit Score?
- What are the terms and conditions of new lender?