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.
|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:
For self-employed, salaried employees, and Merchant Navy professionals, the minimum income to be able to apply for this loan is USD42,000.
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.
Personal documents that you must submit with the loan application are as follows:
Financial documents that must be submitted by salaried employees are:
Financial documents that must be submitted by self-employed persons:
If you have chosen an NRI Personal Guarantor, you must make arrangements to send the below mentioned documents:
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.
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.
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 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.