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Homes Loans

Can an NRI/OCI apply for a Home Loan in India?

Yes. An NRI/OCI individual can apply for Home Loan in India.

What is the maximum loan amount for NRI Home Loan?

The maximum loan amount can be upto Rs. 5Crore. However NRI/OCI customer can also apply for a higher amount greater than 5 Crore.

Can a Resident Indian (RI) or a Non Resident Indian (NRI) be a co-applicant for an NRI mortgage loan?

Yes. An RI or NRI individual can be a co-applicant for an NRI mortgage loan.

Is PAN card mandatory for NRI/OCI?

Yes. Pan card is mandatory to apply for a mortgage loan. In the absence of PAN card, Form 60 is to be submitted.

Is Aadhaar mandatory for NRI/OCI (Overseas Citizen of India) to apply for mortgage loan in India?

No. Aadhaar is not mandatory for NRI/OCI customers. However, if Aadhaar  is available, it can be submitted as Indian address proof.

Is NRE/NRO account mandatory to apply for mortgage loan for NRI/OCI customer?

No. NRE/NRO Savings Account is not mandatory to apply for mortgage loan. However, at the time of disbursement NRI/OCI customer must have an active NRE/NRO Account for repayment of mortgage loan.

I am an NRI/OCI customer. How do I calculate my eligibility for a Home Loan?

Click here to access the eligibility calculator.

I am an NRI/OCI customer from USA. Am I eligible to apply for a Home Loan in India?

Yes. An NRI/OCI salaried customer is eligible to apply for a Home Loan in India. For an NRI/OCI self-employed customer, feasibility of office visit overseas must be checked before applying for a mortgage loan.

What is the minimum income required to apply for a mortgage loan for an NRI/OCI customer?

Below is the annual gross income required to apply for a mortgage loan:

  • For USA & other countries: <8,400> USD or equivalent per annum
  • For GCC countries: <7,000> AED or equivalent per annum

For an NRI/OCI customer, what is the difference to apply online v/s offline mortgage loan?

As an NRI/OCI customer if you are applying through offline mode, you are required to be physically present in India and submit a signed physical application form along with self-attested KYC & income documents.

As an NRI/OCI customer if you are applying through online mode, you are required to upload a scanned copy of the original documents. In ICICI Bank, we have our online digital platform, Express Home Loan (EHL) through which our NRI/OCI salaried customers can apply. You can start the journey as either ‘New to Bank’ customer or ‘Existing customer'. Click here to start your mortgage loan application.

Is a Person of Indian Origin eligible to apply for a Home Loan?

Yes. PIOs can apply for a Home Loan in India.

As an NRI/OCI customer, how do I apply for mortgage loan

If you are a salaried NRI/OCI customer,Click here to start your mortgage loan application online via Express Home Loan (EHL). Once you complete your journey, an application number will be generated for all your future correspondence. Our central desk will get in touch with you for further processing and sanctioning your loan.

Is it mandatory to visit India to apply for a mortgage loan for an NRI/OCI customer?

No. It is not mandatory to visit India for an NRI/OCI customer. An NRI/OCI customer can now apply online through our Express Home Loan platform and avail a Sanction Letter. To apply Click here

What is the maximum Home Loan tenure applicable for NRI/OCI customers?

The maximum tenure for Home Loan is <20> years. However, for salaried NRI/OCI customers from USA, UK, Singapore & Canada the maximum tenure can go up to <30> years.

 

Can an NRI/OCI customer avail a Loan against Property (LAP)?

Yes. Loan against property (LAP) can be availed by NRI/OCI customer. LAP can be availed against residential or commercial property located in India.

Is Indian address proof mandatory for an NRI/OCI customer availing mortgage loan?

Indian Address proof is mandatory only if Indian address is provided for mailing/communication in the application.

I am holding a foreign passport. Am I eligible to apply for a mortgage loan?

If you are holding a foreign passport, you must qualify as an Overseas Citizen of India (OCI) to apply for a mortgage loan. The OCI card must be submitted at the time of loan application. In the absence of the same, OCI declaration in the Bank’s format must be signed by the customer.Click here for the OCI format.

I am an Overseas Citizen of India (OCI) customer but I do not hold an OCI card.  Can I apply for mortgage loan?

Yes, an OCI customer can apply for a mortgage loan. In the absence of OCI card, OCI declaration in bank’s format must be submitted.Click here for OCI format.

Is valid visa mandatory as an NRI status proof to apply for a mortgage loan?

Yes. Valid residence visa/work permit/permanent citizen card or equivalent is mandatory to establish NRI status.

Is overseas address proof mandatory to apply for NRI mortgage loan?

Yes. Overseas address proof is mandatory for NRI/OCI customer to apply for a mortgage loan.

I am NRI/OCI customer, can I apply for balance transfer?

Yes. An NRI/OCI customer is eligible to apply for a Balance Transfer. NRI/OCI salaried customers can apply online through Express Home Loan. Click here to apply.

What are the documents required by NRI/OCI customers to apply for a mortgage loan?

List of documents required:

  • Valid Passport copy (For NRIs, both front & back page)
  • Valid visa (Residence visa/work permit/Permanent citizen card)
  • OCI card (For OCI customers only. In the absence of OCI card, OCI declaration in bank’s format to be submitted. For OCI format  Click here
  • Valid overseas address proof
  • Valid Indian address proof (Applicable only if Indian address is provided as mailing/communication address)
  • PAN card copy (In absence of PAN number, Form 60 is required. Click here for Form 60

  • Last 2 months’ salary/wage slips
  • Last 3 months’ overseas bank statement with salary credit
  • Last credit report (applicable for USA, UK, Canada, Singapore, Hong Kong, UAE, Qatar, Saudi Arabia, Oman, Kuwait, Bahrain, New Zealand, Australia, Ireland, South Africa)

Is it mandatory to have an NRO Account for an NRI/OCI customer availing Loan Against Property (LAP) or Top-up?

Yes. It is mandatory to have an active NRI savings account at disbursement stage to avail LAP or Top Up. Disbursed funds must be credited only to NRI/OCI customer’s NRO account.

Can I link my NRE account to my existing loan account for repayment of EMI?

Yes. Repayment for NRI/OCI customer can be linked to either NRE or NRO account.

Is there any validity period for expiry of Sanction Letter for an NRI/OCI mortgage loan?

Yes. Sanction Letter is valid for a period of 6 months or 180 days from the date of issue.

As an NRI/OCI customer, can I avail fixed or floating rate of interest?

An NRI/OCI customer can avail either fixed or floating rate of interest. One can also opt for a combination of fixed at initiate stage and floating at later stage.

Can an NRI/OCI customer avail a mortgage loan on repo rate?

Yes. An NRI/OCI customer can avail a mortgage loan on repo rate.

What is the ROI applicable for a Home Loan for an NRI/OCI customer?

To check rate of interest, click here

As an NRI/OCI am I eligible to do part payment of Home Loan immediately after disbursement

Yes. You can make part payment of a Home Loan any time after disbursement. There will be nil fee if you have taken a loan on floating interest rate.

Is Power of Attorney (POA) mandatory in an NRI/OCI mortgage loan?

Yes. POA is mandatory in an NRI/OCI mortgage loan. The POA holder may also submit post disbursement related services in any of the asset servicing branches on the customer’s behalf.

Who can be my Power of Attorney (POA) holder?

POA holder can be anybody from your family, friends or neighbours residing in India.

Is there a POA document in ICICI Bank format or as an NRI/OCI customer I can execute a general POA?

POA document must be executed only in ICICI Bank format signed by all NRI applicants.Click here for POA format.

Is it mandatory to execute a POA document when applying for a mortgage loan?

No. POA execution is not mandatory at the time of applying for a mortgage loan. The customer must execute a POA before disbursement only.

I am an NRI/OCI customer and I do not intend to visit India before disbursement. How do I execute a POA document?

If you are an NRI/OCI customer and do not intend to visit India before disbursement, you can also execute a POA overseas at your country of residence. You are required to take a print of the format and visit the Indian Embassy to fill up the document, sign and get it attested from embassy officials. Alternatively, POA can be executed through notarisation by a notary officer in all countries except GCC.

I am an NRI/OCI customer and I have executed general POA for my mortgage loan. Is that acceptable?

It is suggested that POA to be executed in ICICI Bank’s format only.

Do I get a tax benefit on the loan being an NRI/OCI customer

Yes, if you are filing your IT returns in India as an NRI/OCI , you can get the tax benefits on the principle & interest components on your home loan under Income Tax Act, 1961. As the benefits could vary every year, please check with your tax advisor.

What is meant by EMI?

EMI means Equated Monthly Instalment. It is the amount you will repay to your lender on a specific date each month till the loan is repaid in full. EMI comprises of the principal and interest component.

What does Own Contribution mean?

Own contribution is the differential amount of the cost of property and the Home Loan amount to be paid by the borrower.

I am an existing Home Loan NRI/OCI customer and I require additional funds. How can I get additional loan?

Yes. An NRI/OCI customer can avail Top-up loan over and above the existing Home Loan. If you are in India, you can visit your nearest ICICI Bank branch. If you are an NRI salaried customer currently overseas, you can apply online through Express Home Loan (EHL). To apply Click here

Can an NRI/OCI customer avail Balance Transfer with higher than original amount sanctioned?

Yes. Basis income eligibility & property valuation, an NRI/OCI can avail Balance Transfer with higher than original sanction amount.

I am an NRI/OCI customer and already have a mortgage loan with another bank along with a top-up, I would like to do a balance transfer of my loan and also avail additional top-up. Is that possible?

Yes. Basis income eligibility & property valuation, you can avail an additional top-up over and above the balance transfer with Top-up.

Can an NRI/OCI avail a Top-up along with Balance Transfer?

Yes, an NRI/OCI customer can avail Top-up along with balance transfer.

What are the types of loans available for an NRI/OCI customer?

  • Home Loan - Builder purchase
  • Home Loan - Construction of house
  • Home Loan - Resale transaction
  • Land Loan - To buy residential land
  • Land + Construction- To buy residential land and construct a house
  • Home Improvement Loan - For executing repair or home renovation
  • Loan against property (LAP)- Loan against residential or commercial property
  • Top-up Loan
  • Balance Transfer
  • Non-residential property - To buy office premises for self-use or investment

As an NRI/OCI, how do I come to know my loan eligibility?

Your loan eligibility will depend on your repayment capacity and the cost of the property. To know your eligibility, Click here.

What is meant by Loan to Value ratio (LTV)? What is LTV for NRI Home Loan?

LTV is defined as maximum loan amount that can be availed basis the cost of the property.

Who is a co-applicant? Is it mandatory to have co-applicant in NRI loans?

A co-applicant is an individual who comes as a joint holder along with the primary/1st applicant in the loan structure. Yes. It is mandatory to have a co-applicant in NRI loan. In absence of any co-applicant, a personal guarantor is required.

Who can be a co-applicant in NRI loan?

Any individual who is a blood relative. Son, daughter, sister, brother or spouse can be a co-applicant. Co-applicant can be a RI or NRI/OCI. However, all property owners must be included as applicants in the loan.

When does the disbursement in a loan happen?

Your loan will be disbursed after you have selected a property, submitted all necessary property related documents to initiate legal & technical verification and you have paid your own contribution towards purchase of your home. Disbursement would be done directly into builder’s account in case it is a builder purchase property. In case of an under-construction property, disbursement would happen  as per stage of construction. For LAP & Top Up, disbursement would happen in applicant’s NRO account only

As an NRI/OCI customer, how do I repay the loan?

Repayment is done in equated monthly instalments (EMIs) and includes interest and principal amount calculated on monthly rests. Your NRE/NRO savings account would be linked to your loan account for repayment. 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.

I am an NRI customer, do I need to submit residential address proof in India?

If you are an NRI, Indian address proof is mandatory only if you provide Indian address as mailing/communication address. Below documents can be accepted as Indian address proof:

 
  • Valid Passport
  • Aadhaar card
  • Valid Driving Licence
  • Voter ID

As an existing NRI/OCI mortgage customer, am I required to visit India to avail post disbursement related services? (Example: part payment or to obtain account statement or tax certificate or interest rate conversion or change repayment account etc.)

For any post disbursement related services, you can log on to our Non logged in section (NLI) and submit your request.

 

To login Click here

In which scenario does an NRI/OCI require a personal guarantor for his mortgage loan?

A personal guarantor (PG) is required when there is no co-applicant available for a mortgage loan.

I am an existing NRI/OCI mortgage loan customer and my loan is running on MCLR. Can I convert my loan under repo rate of interest?

Yes. You can convert interest rate in your mortgage loan from MCLR to repo rate. You can do it by submitting a request in our ‘Non logged in’ section or visit any asset servicing branch if you are in India. Click here to access the Non logged in section.