UK Indians and ICICI Home Loans for Buying Land

The ICICI bank offers home loans to not only Indians but NRI’s as well. With property prices rising at a fast pace and every NRI having a base in India I am sure many of the NRIs would like to consider buying a property of home with the help of home loans. If the borrower staying in UK has to buy land how can they avail a loan and achieve this. Instead of spending precious dollars they can avail a loan for the ICICI bank. This bank offers loans under the home loan category for various other uses as well.

Many people wish to buy houses but there are also many who wish to purchase land and build a bungalow or villa of their own. If the borrower staying in UK has to purchase land then the ICICI bank offers loans for this purpose also. The age criteria for approval of this loan would be a minimum of 21 years and the loan has to be repaid till the borrower reaches maximum of 60 years of age.

The land has to have a clear title and be clearly defined as non-agricultural land. Also the land to be purchased by the NRI has to be within municipal limits to be approved for a loan from the ICICI bank. The amount that can be got as loan would be 70% of the total cost of the property if the land is being purchased from the land owner directly. If the property is on resale or being purchased form an registered society then the bank would offer 65% of the total cost of property as loan.

The purchase of plot of land by the NRIs residing in UK has become much easier and one can apply for the services of the ICICI bank online. They have customer care services and other online help to guide NRI staying in the UK to purchase land in India. The most important and the only criteria is the salaried borrower has to have stayed in UK for at least a minimum of 1 year and a maximum of 3 years for the self employed.

The loan tenure depends upon the qualification of the NRI living in UK. If they have a diploma or graduate degree then it is up to 11 years and must have been employed for a minimum of 3 years abroad. If the borrower has a professional qualification then they can also avail a loan for a longer tenure.

With the ICICI home loans available for NRI who are staying in UK it has become very easy to purchase land or plot in India. Since many individuals have families or relatives staying here they can get help for this. The bank has  good online help and the borrower staying abroad can get all the information required before hand and then purchase  land or plot using this offer from the ICICI bank.

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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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