ICICI Bank Home Loans Benefits for NRI in UK

Many UK settled Indians have an opportunity to purchase land or homes in India by availing the ICICI bank offers. Since all the pre approval procedures for home loans and eligibility criteria are pre-decided online it has become the new mantra for getting home loans approved very easily and quickly without any hassles. Since Indians staying in UK can avail loans from there it becomes much more costly and also the interest rates paid would be in dollars. The ICICI bank offers loans for purchasing homes to Indians staying in the UK and that too with more online facilities and door to door services regarding procedures and approval of home loans.

The most important plus point is that the borrower need not be personally present to enquire, decide and select the best home loan offer from various banks and private lenders. The ICICI bank boasts of a good online help and service regarding this matter. Once the borrower selects this bank they have a representative at their door step who will guide with the procedures of home loans, documentation and approval of their new home loan.

Once the application is done online the other follow ups and processing can be observed online and one need not be present in India to see their loan being approved. The ICICI Bank offers attractive interest rates and that too on a monthly reducing basis. They also offer a benefit of prepayment of the home loan. By promising no extra fees or administrative charges for closing of the home loan on prepayment of the loan the borrowers can decide and close down their loan by repaying part or full of their home loan. Though the Bank may have certain minimum criteria for fulfilling this option, maybe a certain loan repayment period must have been covered before the borrower closes down his loan. They also mention of 2% charges for full pre payment of the home loan or closing of the home loan.

The borrower of the loan staying in UK can select from the many options regarding the tenure for repayment and the EMI amount. A financial advisor can be of great help regarding all the procedures and approval of home loans for UK staying Indians. Since the ICICI Bank offers loans on fixed as well as floating rate of interest the borrower has the option to consider which repayment schedule they are comfortable to follow. If they have regular monthly income as salary then they may go in for fixed or floating rate of interest for repayment of their loan. But if the borrower has hope of increasing salary and also for the self employed business people they can go in for floating rate of interest as they have the option of pre payment or part payment and help to pay back the home loan by combining the EMIs.

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The Amount for Home Loans Available for UK Residing NRIs

As we all are aware that property prices are shooting up fast and the individuals settled abroad and well established feel the need to have a home of their own in India. For the new qualified individuals who have taken jobs in the UK the ICICI bank offers loan amounts to purchase land or homes.

With minimum criteria for NRI to be with age of 21 years the bank considers the qualifications of the borrower staying in UK. If they are highly qualified and have worked for a minimum of 3 years then they have better chances of loan approval from the ICICI bank. Since the bank offers loans to salaried as well as self employed category the borrower only has to submit his earning capacity per annum. This is an important criterion for approval of home loan since the bank needs to be assured of the capacity of repayment of the NRI borrower of the home loan.

How will the borrower staying abroad come to know the loan amount offered as loan from the ICICI bank? The bank has pre decided criteria for coming up to a certain amount that can be offered as loan. The earning per annum would be considered along with the qualification of the borrower. The individual has to be staying in the UK for at least some years to get their loan approved. Still the ICICI bank has kept a limit to the total amount offered as loan. A minimum of 5 Lakh Indian Rupees and a maximum of 1 Crore Indian Rupees can be availed as loan.

The total amount that can be got as loan depends upon the Banks policy to consider various categories and if the NRI fits into any one of them then the loan can be approved easily. The loan amount also will depend upon the ICICI banks policy for NRIs and if the individual borrower fits here then they can also avail a loan of higher amount and for a much longer loan tenure.

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Eligibility Criteria for NRI for Home Loans

With my earlier post was thinking about so many people who have settled abroad and what if they wish to apply for a home loan. The ICICI bank offers home loans to NRI Indians easily with just a click of your mouse. The easy availability of home loans and hassle free procedures have made it very easy for Non resident Indians to purchase a property in their home land, India.

As their other loans even NRI home loans have certain criteria for selection and approval of loans for UK residing Indians. The age of the borrower has to be 21 years of minimum and the loan has to be repaid before the age of 60 years. For the self employed NRIs the age limit is maximum of 65 years for repayment oft he home loan.

How will the ICICI bank approve the home loan when the individual is staying abroad in UK? They have their representatives abroad and tie ups assure easy applications and approval of home loans for the NRI category. The most important criteria will be to consider the time the borrower has stayed in UK. The residential status and assets abroad will surely affect your approval of home loans. The salaried class have to be residing in the UK for at least a minimum of one year. Whereas the self employed have to be staying in UK for at least a minimum of 3 years before applying for an ICICI home loan.

The loan tenure is another aspect any borrower would consider before selecting a bank regarding home loans. The ICICI bank has set up a loan tenure category of up to 5 years minimum for earning 30,000 USD per annum, and maximum of 6 to 10 years for the salaried class earning 42,000 USD per annum. Whereas the self employed NRIs loan tenure would be maximum 10 years for individuals earning at least 42,000 USD per annum;  up to 11 to15 years for NRIs earning 42,000 USD per annum in the self employed category.

There is an important mention that the ICICI bank considers the qualification of the borrower. A minimum qualification of Diploma or graduation in any field is important for the self employed NRIs to get their home loan approved easily. They also need to be with the working status for a minimum of 3 years in UK. If the borrower has a professional higher education and is well posted and is staying for a minimum for one year having a regular employment status then they can also avail for a longer loan repayment tenor option of 11 to 15 years.

Considering all these points before applying for the ICICI home loans and NRI staying in the UK would have better chances of getting their home loan approved and also the benefit of longer loan tenor for repayment of this home loan.

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NRI Eligibility for ICICI Home Loans

Like any other home loan ICICI bank also offers home loans to home buyers and the borrowers can easily refer their website and get details regarding the home loans, its procedure for applying and the criteria for selection of home loans. The important points that ICICI bank considers for approval of home loans are jotted down here.

As I read along their site they have a loan offer for resident Indians. Guess non-resident Indians may have other details for procedure of applying or the Bank does not consider Indians who live abroad for such loans. With so many purchases seen recently by the NRI category it seems most banks must have the offer for these NRI’s also. Many of these Indians have settled abroad and wish to purchase a property in their mother land, India. The first consideration for any borrower would be their age.

The ICICI bank offers home loans to individuals who are at least a minimum of 21 years old. By setting this criteria the bank overall assures that the borrower has a decent qualification and is posted some where or has a regular job. The loan tenure is another aspect to be considered and the ICICI bank offers a loan tenure of maximum 25 years. The loan repayment has to be completed by the age before of when the borrower turns 65. This is very important for the bank to assure the repayment on time. Since the retirement age is fixed at 65 by the government it is generally considered that the working or productive phase of any borrower is fixed at 65 years. 

How will the borrower repay the home loan? Hence the ICICI bank offers home loan to salaried as well as self employed individuals having a regular source of income. With so much to stake it is right on the part of the bank to offer home loan to only those individuals who have the capacity to repay the home loan.

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