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Choosing the Ideal NRI Home Loan Plan

  • Buy or construct residential property in India

  • Choose from vast database of residential projects approved for Home Loan

  • Disbursement without visiting India through Power of Attorney

  • Apply online from anywhere in the world

  • Track your home loan application status online

Documents Required for Home Loan for NRI in India

  • Processing Fee

    A nominal fee applies based on the loan amount

    View Fees and Charges

  • Flexible Loan Tenure

    Choose up to 30 years for Home Loans

  • Balance Transfer Facility 

    Transfer your existing home loan for maximum savings

  • Prepayment Charges 

    No prepayment penalty for floating interest rate loans

  • Tax Benefits

    NRIs can claim deductions on home loan interest and principal repayment (subject to Indian tax laws)

  • Overseas Credit Reports

    Required for applicants from select countries like the USA, UK, UAE, Canada, Bahrain, Qatar, Kuwait, Oman, Australia, New Zealand, Singapore, Saudi Arabia, Hong Kong, Ireland, South Africa, Malaysia. Credit report should not be older than 45 days

NRI Home Loan: Features, Eligibility & Requirements

Features of NRI Home Loans

Instant Online Approval: Apply online and get instant provisional sanction in five steps with the Express Home Loan platform. *T&Cs

Flexible Loan Tenure: Choose a tenure of up to 30 years for Home Loans, ensuring affordable monthly EMIs.

Diverse Loan Options: Get financing for new property purchases or land for construction of house

Attractive Interest Rates: Benefit from repo-linked interest rates, ensuring transparency and cost-effectiveness.

Convenient Documentation: Upload your documents online for hassle-free processing, reducing paperwork and wait times.

Eligibility checklist
Criteria Details

Age

Minimum: 21 Years

Maximum: 65 years or retirement age at loan maturity

Eligible Profiles

Salaried: Minimum 1 year of employment overseas

Self-Employed: Minimum 3 years in current business overseas

Minimum Income

Country/Employment Type
 

Merchant Navy – USD 24,000 per annum
GCC – AED 84,000 per annum
US and other – USD 42,000 per annum

Document checklist

Document Type

Salaried 

Self-employed

Application form with passport-size photo 

Y

Y 

KYC documents:

- Identity: Passport 

- NRI status proof: Visa/ Residence Permit/ OCI card

- Communication Address Proof (either Indian or overseas) 

- PAN (For NRI: PAN is mandatory, For OCI: either PAN or Form 97)

Y 

Y

Income proof: Latest 1 month salary slips or certificate 

Y

N 

Income proof: Latest 3 month overseas bank statements with salary credit

Y 

N

Business proof: 

- 2 years audited Profit and Loss (P&L), Income Tax (IT) returns

- Business Incorporation documents 

- Latest 6 months overseas operative bank account

- Office Address, Directors list 

- List of director and shareholding pattern (if the customer is a director in their own company)

N 

Y

FAQs for NRI Home Loan

What is the NRI Home Loan process in India?

The NRI Home Loan process in India with ICICI Bank starts online by  entering basic personal and income details, reviewing loan eligibility, paying the processing fee and uploading KYC and income documents. After verification, ICICI Bank provides a provisional sanction. It is  followed by final approval based on further assessment by the ICICI Bank.

How long does the NRI Home Loan process take?

The timeline for the NRI Home Loan process depends on the submission and verification of documents. ICICI Bank offers a well-defined journey in which customers receive provisional sanction after completing the application steps.

Final approval timelines may vary based on document validation, eligibility checks and completion of all required formalities.

What is the maximum amount I can borrow for an NRI Home Loan?

ICICI Bank provides NRI Home Loan depending on your profile, eligibility and property value. Loans support the purchase of new and resale properties  and construction of property with attractive rates and tenures up to 30 years for Home Loans, 15 years for home improvement loans and 20 years for land loans.

How to repay NRI home loan?

EMI for NRI home loan is repaid using NRE/NRO account only. 

Is a PAN card or an Aadhaar mandatory for NRI/OCI?

PAN is mandatory for NRI customers. OCI customers can submit Form 97 in absence of PAN card.

Aadhar card is not mandatory for NRI and OCI customers. However, Aadhar card may be used as address proof for Indian address.

Can NRIs and OCIs apply for an ICICI Bank Home Loan?

Yes, NRIs and OCIs can apply for Home Loans to buy or construct a home in India.

What is the maximum tenure for an NRI Home Loan?

Maximum tenure is upto 30 years for Home Loan.

What documents are required for salaried NRIs?

You will need a valid passport, NRI status proof, address proof, income proof (salary slips, bank statements), and an overseas credit report if applicable.

Can an NRI or Resident Indian be a co-applicant for an NRI Home Loan?

Yes, both NRIs and Resident Indians can be co-applicants.

How do I calculate my eligibility for a Home Loan as an NRI/OCI?

You can use the eligibility calculator for precise information.

Do I need an NRE/NRO account?

NRE/NRO account is required for repayment.

Customers from which countries are required to submit overseas credit report?

An Overseas Credit Report ( not older than 45 days )must be submitted for NRI/OCI customers belonging to USA, UK, Hong Kong, Singapore, UAE, Australia, New Zealand, Canada, Bahrain, Qatar, Kuwait, Malaysia, Saudi Arabia, Ireland, South Africa, Oman. For other countries, it is not mandatory.

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