A "low interest" loan shouldn't mean you have very little interest in paying it back!

    ICICI Home Loan: NRI Home Loan

    With ICIC’s NRI Home Loan, you can purchase a house, build a house, or purchase a plot for residential use in India. This loan can also be used for the renovation or extension of your existing house. It is exclusively meant for Non-Resident Indians (NRIs) who are residing in Singapore.

    What Does the NRI Home Loan Offer?

    • Borrow up to 80% of the property value in the case of a completed house or the construction cost.
    • Get up to 65% of property value in the case of vacant plots.
    • Online application and tracking of application are available.
    • Enjoy prepayment of a part of the capital amount for zero charges.
    • Get an option to choose from floating and fixed interest rates offered by ICICI.
    • Enjoy interest rates that will reduce on a monthly basis.
    • Get doorstep service till the disbursement of the loan (in India).
    • Get complimentary personal accident insurance coverage up to the loan outstanding.
    • Including the co-applicant’s income proof will enhance your loan eligibility and amount.

    Fees Applicable

    Processing fee 0.5% of the loan amount + service charge and surcharge (whatever is applicable)
    Pre-closure fee for full prepayment 2% of the outstanding amount & amount that was prepaid in the previous 12 months



    Your eligibility for this loan will be based on various factors such as:

    Residential Status

    • If you are self-employed, you should’ve lived outside of India for a minimum of 3 years.
    • If you are a salaried employee, you should’ve lived outside of India for at least 1 year.


    • You must be at least 25 years old.
    • For an NRI, the maximum age will be his or her retirement age or 60 years, the earlier of the two, during loan maturity.


    For self-employed, salaried employees, and Merchant Navy professionals, the minimum income to be able to apply for this loan is USD42,000.

    Tenures According to Minimum Qualification

    For salaried employees: The loan tenure can vary from 10 to 15 years. The applicant can be a graduate or a diploma holder with a minimum of 3 years of work experience abroad or a professional degree holder with at least 1 year of experience abroad.

    For self-employed persons: The maximum tenure for home improvement and home loans is 20 years. The tenure for residential home equity loan and land loan is 10 years. The loan is not allowed for office spaces. The person must have completed Class 10 at the least.

    Documents Required

    Personal documents that you must submit with the loan application are as follows:

    • Copies of valid passports of all the applicants.
    • 1 photograph of each of the applicants with their signatures across (passport size).
    • Photocopies of valid visas.
    • Draft or cheque in INR to pay the fees. The date on the cheque or draft must be in DD/MM/YYYY format.
    • Duly signed Power of Attorney as per ICICI’s format.
    • Duly signed authority letter as per ICICI’s format.
    • Details of your company as per ICICI’s format.
    • Copy of your proof of current residence (bank statement, insurance premium receipt, utility bill, or driving license).
    • Form 60 as per ICICI’s format or a copy of the PAN Card of the primary applicant.
    • Copies of address proofs of all the applicants that have been self-attested.

    Financial documents that must be submitted by salaried employees are:

    • Copies of all your appointment letters from the past.
    • A copy of your appointment letter from the current employer or a copy of the salary certificate that mentions your joining date, current salary, and your designation in the company.
    • Salary slips from the last 3 months, in case you are earning a fixed salary.
    • Salary slips from the past 4 months, in case you are earning a variable salary.
    • Bank statements from the last 6 months that show your salary credits.

    Financial documents that must be submitted by self-employed persons:

    • A copy of incorporation of business.
    • Profit and loss accounts from the last 2 years that are audited or certified by a Chartered Account or a person of equivalent qualification.
    • Your company’s AOA and MOA, if it is a private ltd company.
    • Partnership deed, if yours is a partnership firm.
    • Bank statements from the past 6 months of your personal account.
    • Bank statements from the past 6 months of your company’s account.
    • A document confirming the address of your office and business profile.

    If you have chosen an NRI Personal Guarantor, you must make arrangements to send the below mentioned documents:

    • Copies of the guarantor’s passport and valid visa.
    • Proof of latest income of the guarantor.
    • NRI guarantor’s present overseas address proof (bank statement, insurance premium receipt, utility bill, or driving license).

    Note: In case your co-applicant who is a blood relative does not want to reveal his or her income, you must submit a declaration form that can be downloaded from the ICICI website.

    How to Apply for the Home Loan?

    • Call ICICI’s 24-hour helpline
    • Walk into a branch of the ICICI Bank in India and enquire about the NRI Home Loan.

    How to Repay the NRI Home Loan?

    Repayment of the loan must be done in the form of monthly instalments in INR only. You can repay by making transfers through normal banking channels, NRO or NRE accounts, or from rental income emerging from the impugned property.

    Before Receiving Full Loan Amount

    When you have not received the full loan amount, you have to repay only the interest in the form of post-dated cheques. You must make the payment at the end of every month.

    After Receiving Full Loan Amount

    After getting the full loan amount, you must give standing instructions to your ICICI bank branch to deduct the monthly instalments from your account with them. You must also execute Direct Debt Mandate in the bank’s favour and submit 4 post-dated cheques. The mandate must be in the format the bank has mentioned in their website.


    Partial prepayments can be made for free during the loan’s tenure. The prepaid amount will be reduced from the loan’s outstanding balance. In this way, you can reduce the monthly instalment amount that you will have to pay later or the tenure of the loan.


    Q. If my loan is approved, when will I receive the amount?

    A. After you have selected the house, submitted the required legal documents, and contributed your share towards the purchase, the loan will be disbursed. The bank will draw the cheque in favour of the seller or builder. For a property under construction, an amount corresponding to the state of the construction will be given.

    Q. How will I get back my original property documents if I am foreclosing my loan?

    A. The person who holds your Power of Attorney (POA) can personally collect your original documents from the branch upon producing an identity proof.

    Q. Can I swap between floating and fixed interest rates while repaying the loan?

    A. Yes, you can make a switch in the interest rates during your loan tenure. You will be charged 1.75% of your loan outstanding.

    Q. Why do I have to submit references while applying for the loan?

    A. References will help us contact you when you are unreachable overseas. One of the references you provide must be a relative living in India, your POA, or a co-applicant residing in India.

    Q. Why do I have to give the bank the details of the house I want to buy?

    A. When you give the details of the property you are interested in, your credibility enhances, and the loan process may be completed faster. 

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