Eligibility

You are eligible for an ICICI Home Loan to construct or purchase a house/flat or extend your existing house if you are: Non-Resident Indian holding a valid Indian passport Over 25 years. A salaried individual.

Our representative will tell you in detail about the documents that you are required to submit along with the application form. An indicative list is given below:

Passport size photograph of all the applicants
Copy of the passport and visa.
Copy of work permit (if applicable)
Copy of the CDC in case of customers who are empolyed in the merchant navy.
Bank Statements for the last six months-both domestic and international
General Power of Attorney as per our draft duly attested by the Indian consulate in case the NRI is not in India. If the NRI is in India then the POA can be locally notarised.
Copy of your appointment letter and contract.
Copy of the labour card/identity card (translated in english and countersigned by the consulate) if employed in the Middle East.
Salary certificate (in english) specifying name,date of joining,designation and salary details.


Eligibility

1. Can I avail of Home Loan from ICICI?

Ans: Yes, you can avail a Home Loan from ICICI, if you plan to construct or purchase a house/flat or extend your existing house/flat. You must be:
Non-Resident Indian holding a valid Indian passport over 25 years. A salaried individual.

2. When can I apply for the Home Loan?

Ans: You can apply for the Home Loan even before you have selected your property. A loan amount would be sanctioned to you, based on your repayment capacity, which will help you decide your budget and plan the buying of your house.

3. What is the loan amount I can get?

Ans: You can get a Home Loan ranging from a minimum of Rs. 5 lac to maximum of Rs. 25 lacs.

A maximum of 75% of the cost of the property or the cost of construction as applicable. Your repayment capacity as determined by us, taking into account your age, income, qualifications, number of dependents, assets, liabilities, stability/continuity of your employment/business and the co-applicants income.

4. Who can be a co-applicant for the loan?

Ans: You could include your spouse as a co-applicant for the Home Loan and we shall include his/her income to enhance your loan amount. Further, in case there are any other co-owners they too need to be co-applicants. In the absence of a co-applicant, we would required a gaurantor from you.

5. Over how many years can I repay the loan?

Ans: You have the option of selecting a term, you are comfortable with, upto 7 years. The term does not extend beyond your retirement age or on your reaching 60 years of age whichever is earlier.

6. But can I prepay the loan ahead of schedule?

Ans: Yes, this is possible on request provided the necessary details given to us are as per our norms. There are no pre-payment charges.


Interest rates

1. What is the rate of interest?

Ans: The rate of interest is 11.25% p.a. for a period of 5 years and 12.25% p.a. for a period of 7 years. Equated Monthly Installments (EMIs) per lac work out to Rs. 2,269 and Rs. 1,841 respectively.


Documentation and security

1. What is the security required against the loan ?

Ans:You need to provide security of the property and / or such other additional/collateral security as may be mutually agreed.

2.What documents are required to get the loan sanctioned ?

Ans:Our representative will discuss the documents you are required to submit in detail. An indicative list is given below :

Passport size photograph of all the applicants
Copy of the passport and visa.
Copy of work permit (if applicable)
Copy of the CDC in case of customers who are empolyed in the merchant navy.
Bank Statements for the last six months-both domestic and international
General Power of Attorney as per our draft duly attested by the Indian consulate in case the NRI is not in India. If the NRI is in India then the POA can be locally notarised.
Copy of your appointment letter and contract.
Copy of the labour card/identity card (translated in english and countersigned by the consulate) if employed in the Middle East.
Salary certificate (in english) specifying name,date of joining,designation and salary details.


Loan sanction and disbursements

1. What does it take to get a loan sanctioned ?

Ans: Call ICICI at any of the telephone numbers mentioned in the Queries / Contact section and give the name and telephone number of your contact person in India. Our representative will get in touch with him / her.

2. How will I get the loan disbursed ?

Ans: Your loan will be disbursed on your identification and selection of the property Submission of the legal documents legal and technical clearance of your property.
On satisfactory completion of the above and on your investment of your own contribution, the loan amount (as warranted by the stage of construction) will be disbursed by ICICI. The disbursement will be favouring the Builder/Seller.

Repayments and Fees

Ans: You pay only 2% of the loan amount, which includes:
Processing fees - Rs.500 (at the time of application)
Administration fees - Balance amount(i.e 2% - Rs.500, will be deducted from the amount disbursed).


Ans: The Home Loan repayment is by EMIs comprising of interest and principal amount calculated on annual rests. EMIs can be paid by Post Dated cheques from your NRE / NRO / FCNR / NRNR account and any such accounts as permitted by the RBI. In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMI's would commence.