NRI Home Loan FAQs

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

You can apply online through our Express Home Loan platform. Click here to start the application process. Our team will get in touch with you for further processing.

Maximum amount of home loan which customer can avail depends on financial eligibility of the customer and property valuation as determined by the ICICI Bank.

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

ICICI Bank finances ready-to-move, under-construction, resale residential properties, and house construction in India.

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.

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

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

Yes. PIOs can apply for a Home Loan in India

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.

PAN is mandatory for NRI. OCI can submit Form 60 in absence of PAN

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

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 by OCI)
• Last 1 month salary 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, Malaysia)

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

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

Overseas address proof is required only if overseas address is opted as communication address by customer in his loan application.

POA is mandatory only if any applicant or co-applicant cannot come to India to complete disbursement formalities. The POA holder may also submit post disbursement related services in any of the asset servicing branches on the customer’s behalf.

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

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

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

To check rate of interest, click here

The loan tenure is up to 30 years depending on borrower profile.

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

Yes, ICICI Bank allows part-prepayment as per applicable loan terms.

The residential property financed is mortgaged in favour of ICICI Bank.

Yes, ICICI Bank conducts legal and technical verification before loan disbursement.

ICICI Bank allows online tracking of NRI Home Loan application status through Track My loan

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

 Click here

Yes, ICICI Bank allows foreclosure of NRI Home Loans, subject to applicable conditions.

Yes, ICICI Bank allows balance transfer of existing NRI Home Loans, subject to eligibility.

Yes, ICICI Bank offers home improvement loans for renovation of residential property.

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

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

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

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.

NRIs can contact ICICI Bank through  ICICI Bank NRI Banking Customer Care | Contact Us for Support