Commercial Property Loan FAQs
Basic Information
Can an NRI/OCI apply for a Commercial Property Purchase Loan in India?
Yes, both NRI and OCI individuals can apply for a Commercial Property Purchase Loan in India.
What types of commercial properties can be purchased using this loan?
The loan can be used to purchase office spaces, retail outlets, shops, , and other commercial premises in India, as per ICICI Bank policy.
Can this loan be used to buy property for rental income?
Yes. The loan can be availed for purchasing commercial property in India for self-use
Eligibility & Documentation
Is a Power of Attorney (POA) required?
A Power of Attorney is required if the applicant is not present in India for disbursement. Power of Attorney must be appointed only in ICICI bank format.
Can a resident Indian be a co-applicant with an NRI?
Yes. A resident Indian can be a co-applicant, subject to ICICI Bank policy.
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.
Can an NRI/OCI apply for a Commercial Property Purchase Loan in India?
Yes, both NRI and OCI individuals can apply for a Commercial Property Purchase Loan in India.
Repayment & Tenure
From which account will EMIs be deducted?
EMIs are generally deducted from the borrower’s NRE or NRO account, as per ICICI Bank policy.
Can I prepay the loan during the tenure?
Yes. Prepayment is allowed, subject to the terms and conditions mentioned in the loan agreement.
Can I get a top-up on my existing loan?
Top up loan over and above originally sanctioned amount is available. You can also transfer existing loan from other financers and avail top up on the same. (Subject to further assessment)
What is the maximum tenure available for this loan?
The loan tenure can be up to 15 years, subject to eligibility and repayment capacity.
Security, Custody & Safety
Will ICICI Bank conduct legal and technical due diligence on the property?
Yes. ICICI Bank conducts legal and technical checks before loan approval.
Can loan approval be impacted by legal or title issues?
Yes. Unresolved legal or title issues may affect loan approval.
Is collateral required for this loan?
Yes. The commercial property being purchased is mortgaged to ICICI Bank as security for the loan.
Service Request & Account Management
How can NRIs contact ICICI Bank for queries?
NRIs can contact ICICI Bank through
ICICI Bank NRI Banking Customer Care | Contact Us for Support
Can service requests be raised from overseas?
Customers can avail online post disbursement services from My Loans
Can I track my loan application status?
Customer can track loan application status from https://loans.icicibank.com/TrackMyLoan/ - / (add CTA) (link can be named as Track my loan)
Closure
Can I foreclose the loan before the end of the tenure?
Yes. Loan foreclosure is allowed as per ICICI Bank’s terms and conditions.
Miscellaneous
Are RBI and FEMA regulations applicable to this loan?
Yes. All ICICI Bank NRI Commercial Property Purchase Loans are governed by RBI and FEMA regulations.
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