1. HOME LOANS TO NRI
-Aishwarya Ramesh

2. • NRIs (Non-Resident Indians) are
Indian Citizens who live in
another country.
• PIO (Person of Indian Origin)
used to be a 15 year visa for non-
Indian citizens, but it has since
been removed.
• OCIs (Overseas Citizen of India)
are non-Indian citizens who have
a lifetime visa to live and work in
India with fewer restrictions.

4. Eligibility
Age
• You must be minimum 25 years old.
• For NRI applicant, maximum age limit is
60 years or retirement age (whichever is
earlier) at the time of loan maturity.

5. Eligibility
Residential status
• If salaried applicant, you should have been
abroad for a minimum period of 1 year.
• If self-employed applicant, you should
have been abroad for a minimum period of
3 years.

6. ELIGIBILITY
Tenure & Minimum Qualification:
For Salaried-
• Loan tenure up to 10 years, minimum qualification to
be Graduate/ Diploma. Loan tenure between 11 to 15 years, for
Middle east minimum qualification is Post Graduate/ professional
degree.
• Loan tenure 11 to 15 years, for USA and all other countries
minimum qualification is Graduate/ Diploma with minimum 3
years of employment abroad/ professional degree with min
1 year of employment abroad.
For Self-Employed- SSC or it's equivalent.
• Maximum tenure: Maximum tenure for Home Loan and Home
Improvement Loan is 20 yrs. / Maximum tenure for Land loan
and Home equity loan-Residential is 10 yrs. No Office Premises
Loan is allowed

7. Floating Rates:
• Depending on the movement of interest rates in the
market, the interest rate for the loan is reset at the
beginning of every quarter, i.e. January 1, April 1, July 1
and October 1. The rate is reset with reference to the
ICICI Home Loan Prime Lending Rate prevailing on the
dates of the respective resets. When the rates are reset,
customers have the option of either adjusting their loan
instalment or the loan tenure, subject to the overall
restrictions on the loan tenure.
Fixed Rates:
• The interest rate is fixed on the home loan for the term
of the loan.

8. ELIGIBILITY
Income
Country/
Employment
Type
Salaried Self-Employed Merchant Navy
USA & Other
Countries
42000 USD 42000 USD 42000 USD
GCC 84000 AED* 48,000 AED 42000 USD
.
• *72000 AED if accommodation is provided
by Employer.
• Amount mentioned above or equivalent.

9. Charges
• Processing Fee : 0.5% of the loan amount +
applicable Service Tax & Surcharge

10. Documents
Personal details documents
• 1 passport size latest photograph of each
applicant (applicant & co-applicant) with
signature across
• Valid passport copies for all the applicants
• Valid visa copies for all the applicants
• Cheque / Draft in INR for fees (as per applicable
rate) and the date must be in dd/mm/yyyy
format*
• Power of Attorney document as per our format
duly signed by all the applicants

11. Documents
Personal details documents
• Authority letter duly signed by all the
applicants as per our specified format
• Company details as per our format
• Copy of current overseas residential
verification proof of all the applicants to the
loan. (Driving license or bank statement
showing overseas address or latest insurance
premium receipt or utility bill)
• Copy of PAN Card for the 1st applicant

12. Financial details documents: for
salaried individuals
• Copy of current appointment letter OR Copy
of salary certificate clearly mentioning the
date of joining, current salary earned and
designation held in the company.
• Copy of previous appointment letters
• Last 3 months salary slip for fixed salary and
last 4 months for variable salary.
• Last 6 months bank statements clearly
mentioning salary credits in the account.

13. Financial details documents: for self
employed individuals
• Copy of
Incorporation of business
• Income Proof -
• Middle East: Last 2 years audited/C.A certified
P&L accounts.
• US & Canada: Last 2 years CPA
compiled/reviewed/audited P&L accounts.
• Others: Last 2 years C.A or equivalent
certified/audited P&L accounts

14. Continuation
• Partnership deed (in case of a partnership
firm)
• MOA & AOA of the company (in case of a
private ltd. company)
• Last 6 months bank statements in the
company's name
• Last 6 months bank statements in individual's
name
• Business profile and office address proof.

15. NRI Personal Guarantor documents
If you have opted for a NRI Personal Guarantor
on your loan, arrange to send the following
documents:
• Passport & visa copies of the NRI Guarantor
• Current overseas address verification proof of
the NRI Guarantor. (Driving license or bank
statement showing overseas address or latest
insurance premium receipt or utility bill)
• Current income documents of guarantor

16. Note:
• Co-applicant's income can be considered for enhancing your
loan eligibility or increasing your loan amount. Please ensure
that all financial documents of co-applicant(s) are attached with
your India Home Loan Application. In case, you have opted to
not consider your co-applicant's income for loan eligibility, you
may send across the declaration form for your blood relative(s)
/ spouse coming in as co-applicant(s).
• In case there is no co-applicant, an NRI Guarantor is required
compulsorily along with his / her identity and address proof.

17. Repayment
• Under the RBI regulations,
the repayment of the
housing loan by NRIs can
only be made by remittances
from abroad through normal
banking channels or through
NRE/NRO account or out of
rental income derived from
the impugned property. The
amount must be payable in
Indian Rupees only.

18. Modes of Repayment
Before availing full disbursement of loan
Where you have availed only a part of the loan,
you would be required to pay us only the
interest on the amount disbursed till the full
loan is availed. This payment would have to be
made every month-end. This payment would
have to be made by you by post-dated cheques.

19. After availing full disbursement of loan
After you avail full disbursement, you have the
convenience of setting up a standing instruction
in your bank account with us, for monthly
repayments of your home loan instalments. For
this, you need to execute (Direct Debit)
Mandate in our favour and also give us four
post-dated cheques from the account.

20. What is a Direct Debit Mandate?
A Direct Debit Instruction is an authorisation from your
customer to collect future payments.
The details of each authorisation are standardised:
• All future payments are authorised so you can collect any
amount at any time from your customer.
• Your customer must be notified of each payment before it
is collected. See our guide to taking payments by Direct
Debit.
• All payments are covered by the Direct Debit Guarantee
which protects customers from payments taken in error.

21. Prepayment
• You can make part-prepayments during the
tenure of the loan at no cost. We would
reduce the outstanding balance of your loan
to the extent of the prepayment made by you.
The interest on your loan would therefore be
calculated only on the balance loan
outstanding. This would help you in either
reducing the tenure of the loan or reducing
the monthly instalment that you would be
paying.

22. Types of loan products
Purpose of loan
You can take loans for purchase,
construction, extension or renovation of a
new house or flat.
Tenure of loan
#Salaried : Upto 15 yrs
Self-employed : Upto 10 yrs
Maximum loan eligibility
Loan Amount upto INR 30 Lacs - 80% Loan
Amount > INR 30 Lacs - 70%
Residential Property

23. Types of loan products
Purpose of loan
You can take loans for purchase of a
plot of land for residential use. This
plot must be located within municipal
limits. Has to be non agricultural / non
farm land.
Tenure of loan
Salaried : Upto 10 yrs
Self-employed : Upto 10 yrs
Maximum loan eligibility
75% of the total cost of property in
case of direct allotment from
developing authority. 65% of the total
cost in case of allotment from
society/resale/purchase from builder
subject to the maximum of INR 50 lakh
Plot of Land
• The maximum loan that can be given is INR 1 crore. The minimum loan
that can be given is INR 5 lakh

24. • http://nridealexpert.com/nri-home-loans/