04 July 2011
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.