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2 mins Read | 3 Years Ago

Know the process to get NRI Home Loans

If you are a Non-Resident Indian (NRI) looking to buying a residential property in India, ICICI Bank makes it easier for you to apply for a Home Loan and partially fund the purchase transaction.

NRI Home Loan Features:

  1. Eligibility – If you are 25 years of age or more and staying in the USA, you are eligible to apply for an NRI Home Loan in India. Furthermore, NRI Home Loan eligibility for salaried employees working outside India calls for at least a Graduate/Diploma qualification with minimum three years of employment in a foreign country or professional degree with at least one year of employment overseas. For self-employed NRIs, the minimum qualification required is Senior Secondary Certificate (SSC) or an equivalent degree.  
  2. Loan Tenure – Loan can generally be availed for a tenure between 11 and 15 years. However, the maximum tenure for Home Loan and a loan for home renovation is 20 years, and further, the loan tenure must not exceed the remaining time between the earlier of 60 years age or the retirement age.
  3. Documents required – The NRI applicant is required to provide a duly filled loan application form along with the photographs of all the applicants with signatures across. A copy of valid passport, Visa, age proof, PAN card, overseas address proof, Indian address proof is required to be provided along with a legitimate Power of Attorney (POA) document to authorise an Indian Resident to correspond with the bank in this regard. Further, the bank will also seek your income details and copies of bank statements to ascertain your repaying capacity for the Home Loan. It must be understood that the documents listed above are just indicative and the bank may ask for any additional documents in support of your loan application.
  4. When to apply for an NRI Home Loan – An NRI can apply for a Home Loan even before making the final decision about the property. You can get a loan pre-sanctioned based on the repayment capacity.
  5. Repayment of NRI Home Loan – As per the prevailing RBI regulations, the amount towards EMI and loan prepayment should flow by debit to NRI Accounts including NRO or NRE Accounts, or maybe credited in Home Loan Account through inward remittance from overseas. Further, the amounts must be settled in Indian Rupees only.
  6. Interest rates – One can opt to apply for a Home Loan with floating or fixed interest rates. Fixed interest rates imply that the interest rate will remain the same for the entire loan tenure. On the other hand, floating interest rates indicate that the interest rate will be reset at periodic intervals, as and when the benchmark interest rate changes.


NRI Home Loan Process

With a simple process, NRIs in the USA can avail of Home Loans for their Indian property conveniently with ICICI Bank. 

Terms and Conditions apply.

The information provided in this article is for informational purposes only. You may consider consulting professionals for specific guidance for the applicable FEMA rules.



The contents of this document are meant merely for information purposes. The information contained herein is subject to update, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment or availing any product and services Any investment decisions that may be made by you or any decision to avail any product and services shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient’s own risk. The information set out in this document has been prepared by ICICI Bank third party based upon projections which have been determined in good faith by lClCl Bank third party and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. ‘lClCl’ and the ‘I-man’ logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.”

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