04 July 2011
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.