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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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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