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ICICI NRI Home Loan Online Application , Documents and Disbursal Process 2024

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NRIs – Non Resident Indians cannot ignore to have a good home in India as India can be called as a lucrative market for buying your own luxurious home . While some banks differ in the procedures for apply NRI Home loans while some banks offers additional discounts and EMI offers to them so they can easily invest in the Indian real estate . Entirely the process is not open for NRIs to apply for a home loan themselves , they have to consult a financial advisor or a particular estate agent to get all things done .

If you are an NRI and considering to apply for the ICICI NRI Home Loan Application by yourself , then you will get some great help reading this post for the entire application process.

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ICICI NRI Home Loan Features 

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ICICI offers home loan at more effective rates compared to other banking institutions in the country . The bank offers doorstep visit of the agent for application process and processing of the entire application at convinience of the applicant . For NRIs who want to apply for ICICI NRI Home loan , the bank offers the following features in its proposition :

  1. Both Floating and Fixed Interest Rate Options are available
  2. Loan can be taken for upto 30 years (Max 30 years duration for repayment )
  3. Doorstep assistance for entire loan processing till disbursal until final closure to the applicant .
  4. Special assistance and rebate options for investing in projects in collaboration with ICICI Bank .

ICICI NRI Home Loan  Application Documents

 

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For NRIs Home Loan application requires a series of additional documents apart from the normal loan application documents . The loan is available to both Self employed and Salaried Class employees working abroad and seeking investment in a house property in India or an Indian NRI investing in Real estate .

For application of Home loan by NRIs , the following documents shall have to be provided :

  1. Form Filled duly signed and attested .
  2. KYC Documents including Identity Proof , Passport or PAN Card in India
  3. Current Residential Proof
  4. Passport and VISA Copy
  5. PIO / OCI Card / Stamped identity proofs of family members
  6. Declaration for residential status and motive of loan notarized
  7. Signed cheque from NRE/NRO / Overseas Salary Account
  8. Power of Attorney if in possession of the house and require improvement loan .
  9. Declaration for non-solicitation .
  10. Income Tax Proofs and Returns
  11. Last 2 Years Bank Statement
  12. Business Proof / Occupation Proof
  13. Special documents as asked by the ICICI Bank agent .

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ICICI NRI Home Loan Application Process 

 

The NRI ICICI Home Loan process has been made entirely simple and can be self applied by the applicant himself . For special assistance , one can take help of any ICICI Bank representative for loan . To apply for home loan by NRIs , their is only a slight change in the process where the formalities related to loan documentation and verification is more vast . The entire Home loan process in ICICI Bank for NRIs can be followed in the following way :

Step 1 : Go to ICICI Bank Loan Website online .

Step 2 : Click on Loans >> Home Loans >> NRI Home Loans

Step 3 : Fill the form details including mobile number and email for callback .

Step 4 : Attend the call or meet with the Bank Agent for Loan file processing

Step 5 : On loan approval and processing , Intimation will be issued to the applicant

Step 6 : Amount will be disbursed on final settlement with the Real Estate dealer or seller after selection of property .

For NRI Home loan , the applicant requires a co-applicant which needs to be a family member of the applicant or can be a close relative . In case their is no family member , an Indian national can be a co-applicant in the loan application .

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ICICI NRI Home Loan Disbursal Process 

 

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The entire loan amount will be disbursed only after selection of the property and the property documents are verified by the banking agent . The amount of cheque will be drawn in favour of the builder or the estate agent from whom the deal is to be done for the sale agreement .

The criteria for estimation of the property value and the income declaration by the NRI will be verified by the banking authorities and entire loan amount will be provided in favour of the applicant to the property seller or dealer .

In case , you find any difficulty in NRI ICICI Home loan application with ICICI Bank , you can ask us your queries down in the comment section below . 

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