04 July 2011
UK Indians and ICICI Home Loans for Buying Land
The ICICI bank offers home loans to not only Indians but NRI’s as well. With property prices rising at a fast pace and every NRI having a base in India I am sure many of the NRIs would like to consider buying a property of home with the help of home loans. If the borrower staying in UK has to buy land how can they avail a loan and achieve this. Instead of spending precious dollars they can avail a loan for the ICICI bank. This bank offers loans under the home loan category for various other uses as well.
Many people wish to buy houses but there are also many who wish to purchase land and build a bungalow or villa of their own. If the borrower staying in UK has to purchase land then the ICICI bank offers loans for this purpose also. The age criteria for approval of this loan would be a minimum of 21 years and the loan has to be repaid till the borrower reaches maximum of 60 years of age.
The land has to have a clear title and be clearly defined as non-agricultural land. Also the land to be purchased by the NRI has to be within municipal limits to be approved for a loan from the ICICI bank. The amount that can be got as loan would be 70% of the total cost of the property if the land is being purchased from the land owner directly. If the property is on resale or being purchased form an registered society then the bank would offer 65% of the total cost of property as loan.
The purchase of plot of land by the NRIs residing in UK has become much easier and one can apply for the services of the ICICI bank online. They have customer care services and other online help to guide NRI staying in the UK to purchase land in India. The most important and the only criteria is the salaried borrower has to have stayed in UK for at least a minimum of 1 year and a maximum of 3 years for the self employed.
The loan tenure depends upon the qualification of the NRI living in UK. If they have a diploma or graduate degree then it is up to 11 years and must have been employed for a minimum of 3 years abroad. If the borrower has a professional qualification then they can also avail a loan for a longer tenure.
With the ICICI home loans available for NRI who are staying in UK it has become very easy to purchase land or plot in India. Since many individuals have families or relatives staying here they can get help for this. The bank has good online help and the borrower staying abroad can get all the information required before hand and then purchase land or plot using this offer from the ICICI bank.