NRI Mortgage Loan from ICICI bank

Looking for a hassle-free quick NRI Mortgage Loan to buy a Property in Mumbai? Let us guide you through the process from start to finish.

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NRI Mortgage Loan

For NRI, OCI & Merchant Navy, Salaried

Buying a property in India is a dream for many Non-Residential Indians (NRIs). However, financing the purchase can be daunting for those living abroad.

We understand that owning a property in Mumbai is valuable and can help you leverage its value to get the funding you need.

NRI mortgage loans are a popular financing option for NRIs looking to invest in real estate in India. Let’s discuss everything you need to know about NRI mortgage loans, including eligibility criteria, documentation, interest rates, and more.

NRI Loan Products

Home Loan

Loan Against Property

(Residential & Commercial)

Office Premises Loan

Home Improvement Loan

Land Loan

Loan Against Plot

Lease Rental Discounting

Balance Transfer

Top Up Loan

NRI Mortgage Loan from ICICI Bank

What is an NRI Mortgage Loan?

Banks and financial institutions in India provide NRI mortgage loans to NRIs looking to invest in Indian real estate.

Eligibility Profile

    1. NRI, OCI & Merchant Navy
    2. Salaried customers from all countries except OFAC countries
    3. Self Employed customers from countries in 12 overseas geographies- Singapore, USA, Bahrain, UAE, Hong Kong, China, Germany, Malaysia, and Indonesia. South Africa, Canada & United Kingdom

Eligibility Criteria

The eligibility criteria for NRI mortgage loans may vary depending on the lender. However, here are some general eligibility criteria that most lenders require:

    1. Age: At least 21 years old at the time of applying for the loan.
    2. Qualification: Minimum Graduate
    3. Income: Steady source of income to repay the loan is a must. While the income requirement may vary depending on the lender and the loan amount.
    4. Employment: Minimum of 2-3 years.
    5. Property: The property you wish to purchase should be eligible for a mortgage loan.

Minimum Income Criteria

  • GCC Countries: 84,000 AED
  • USA & Other countries: 42,000 USD
  • Merchant Navy: 26,000 USD

Loan Amount Facility

ICICI Bank provides you NRI Mortgage Loan From 8 Lakh to 5 Cr.

Maximum Tenure

  • Home Loan:
    • Merchant Navy & Salaried customers from USA, UK, Singapore, and Canada: 30 Years
    • Others: 20 Years
  • Loan Against Property & Office Premises Loan: 15 Years

Loan Repayment

USP of ICICI NRI Mortgage Loan

  • Sourcing is allowed from all countries except  Comprehensive Sanctioned countries and within FATF’s Jurisdictions in both face-to-face and non-face-to-face modes.
  • Digital Sanction
  • Disbursement through POA
  • No need for 3rd party attestation/self-attestation till sanction for all login through Express Home Loan (EHL)/Assisted Digital Platform (ADP)

Important Points

  • Face to Face sourcing is allowed through any mode (iLens, ADP, Express Home Loan, Physical Application)
  • Non-face-to-face sourcing is allowed through ADP & Express Home Loan (EHL) only
  • iLens, ADP & Express Home Loan are only for NRI salaried customers
  • In non-face-to-face mode, the customer needs to submit self-attested & 3rd party-attested KYC documents at the time of disbursement (Sanction will be done on the basis of scan documents)
  • Although POA is not mandatory before sanction, however, it is mandatory before disbursement.

Documents Required for NRI Mortgage Loan

When applying for an NRI mortgage loan, you will need to provide certain documents. Here is a login checklist of the essential documents required for NRI/OCI Salaried:

Identity Proof

  1. Passport – As ID proof (Both front, back & latest stamping pages)
  2. Valid work visa or Residence permit or Permanent citizenship card
  3. Overseas Citizen of India (OCI) card (applicable only for qualified OCI holders) or OCI declaration
  4. Permanent Account Number (PAN) card copy (If not available, Submit Form 60).

Address Proof of All Loan Applicants

  • Indian address proof. Only if selected as a communication/mailing address
  • Overseas address proof.

Income Proof of all Applicants

  • Salary slips for last 2 month’s 
  • Last 3 month’s overseas bank statement with salary credits along with NRE\NRO bank statement.
  • Updated credit bureau report with the score
  • Latest year tax return copy
  • Copy of the work permit/labor card/identity card/contract agreement (applicable only for Gulf customers)
  • For Balance Transfer only -Last 1 Year’s Bank statement through which EMI getting debited or statement of loan account.

Property Documents

  • Sale deed or agreement of sale
  • Property tax receipts
  • Khata certificate and Khata extract
  • Building plan approval
  • Encumbrance Certificate
  • NOC from the society or builder
  • Occupancy Certificate or OC of property
  • Registered lease agreement (if the property is rented)

Other Documents

  • Dully filled loan application form
  • Passport-size photographs
  • Cheque for processing fee
  • Power of Attorney (POA) in favor of a resident Indian.
  • Relationship proof with co-applicant

NRE/NRO Account

In addition to the documents required for NRI mortgage loans, NRI applicants must also have an NRE (Non-Resident External) account. This type of bank account allows you to repatriate your income back to your country of residence.

To open an NRE account, You must provide the following documents to the bank:

  1. Valid Passport
  2. Visa or work permit
  3. Proof of address abroad
  4. PAN (Permanent Account Number) card or Form 60
  5. Your Passport-sized photographs

After the NRE account is opened, you can use it to make repayments toward your mortgage loan. The account can also be used to receive rental income if the property is rented out.

Additional Cost

Apart from the standard processing fees and charges associated with a mortgage, you may incur additional costs when applying for an NRI mortgage loan. These may include:

  • Currency conversion fees: Depending on the currency of the loan, this fee is associated with converting your funds to the required currency.

  • Legal fees: To cover the legal aspects of the loan, such as verifying documents or completing the loan application process.

  • Insurance fees: It Will cover your loan and property in the event of an unforeseen circumstance, such as a job loss or injury.

  • Property valuation fees: The lender carries a property valuation to ensure that the property is worth the loan amount.

How does it work?

Appication Process

Ensuring that you meet the eligibility criteria and have gathered all the necessary documents, you can proceed with the application process. Here are the steps involved:

  1. Contact Advit Realinfo Pvt Ltd and provide your basic details.
  2. Our team will review your profile and provide you with an estimate of your loan amount from the best lender.
  3. Once you have agreed to the estimate, you will need to submit your documents to us.
  4. We will verify the documents and initiate the loan process from the selected lender.
  5. The lenders will evaluate the property that you are looking to purchase to determine its value.
  6. After the loan is approved, you will need to sign the loan agreement or provide POA for the same.
  7. The loan amount will then be disbursed to the seller or developer’s account.

Get Help from a Professional

At Advit Realinfo Pvt Ltd, we understand that the process of applying for an NRI mortgage loan can be overwhelming. That’s why we are here to support and guide you through each step of the process. Our team has years of experience in helping NRIs get the financing they need to invest in property in India.

Take the case of our client, Mr. Sharma; an NRI (name changed) who had been dreaming of buying a property in India for a long time. When he approached us for an NRI mortgage loan, he was pleasantly surprised by how smooth and easy the process was. Not only was he able to secure a loan quickly, but he also managed to purchase his dream home without any hassle. As a result of his positive experience, he later recommended us to his friends and family who were also looking to invest in property in India.

In conclusion, NRI home loans are a great way for you as an NRI to invest in Indian Real Estate and own property in your home country. With the right documentation and a reliable lender, you can easily secure a mortgage loan and make your dream of owning a home in India a reality.

Experience a digitalized start-to-end,  hassle-free, and quick loan service of NRI Mortgage loans for buying a property in Mumbai. Our team of experts will assist you throughout the loan process, from the loan application, and documentation to the disbursal of funds, including document verification and submission.

Contact us today to apply for an NRI Home loan and own your dream home in India.

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