NRI Loan Against Property Faqs
Basic Information
What is the ICICI Bank NRI Loan Against Property?
ICICI Bank NRI Loan Against Property is a secured loan that allows NRIs and OCIs to mortgage their residential or commercial property in India to meet personal or business needs. (Subject to Terms and Conditions)
Who can apply for the ICICI Bank NRI Loan Against Property?
NRIs and OCIs who own eligible residential or commercial property in India.
What purposes can the ICICI Bank NRI Loan Against Property be used for?
The loan can be used for business expansion, education, wedding expenses, medical needs, debt consolidation, travel, or other personal requirements, subject to terms and conditions.
Can ICICI Bank NRI Loan Against Property be used for business purposes?
Yes, ICICI Bank allows the loan to be used for business-related needs, subject to applicable terms.
How is Loan Against Property different from a home loan?
A home loan is used to purchase property, while Loan Against Property is taken by mortgaging an already owned property for various financial needs.
Is ICICI Bank NRI Loan Against Property a secured loan?
Yes, the loan is secured against the property mortgaged with ICICI Bank.
Eligibility & Documentation
How is loan against property disbursed?
NRO account is mandatory for disbursement of Loan Against Property.
What documents are required for ICICI Bank NRI Loan Against Property?
Documents include passport, NRI status proof, OCI card or OCI declaration for OCI, communication address proof, income proof, bank statements, and property ownership documents. PAN is mandatory for NRI customers, OCI may furnish form 60 in absence of PAN.
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.
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.
What are the eligibility criteria for ICICI Bank NRI Loan Against Property?
Eligibility is based on overseas income stability, valid NRI/OCI status, credit profile, age, and ownership of acceptable property in India
Service Request & Account Management
What services can be availed post disbursement?
Please visit My loans
How can I check the status of my ICICI Bank NRI Loan Against Property application?
Track My Application can be used to track loan application status online
Customer Services
How can NRIs contact ICICI Bank for Loan Against Property queries?
NRIs can contact ICICI Bank through ICICI Bank NRI Customer Service | Contact Us for Support or their assigned relationship manager.
Closure
Can I close my ICICI Bank NRI Loan Against Property before tenure ends?
Yes, early loan closure is permitted after clearing all outstanding dues.
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