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05 July 2011

The Amount for Home Loans Available for UK Residing NRIs

As we all are aware that property prices are shooting up fast and the individuals settled abroad and well established feel the need to have a home of their own in India. For the new qualified individuals who have taken jobs in the UK the ICICI bank offers loan amounts to purchase land or homes.
With minimum criteria for NRI to be with age of 21 years the bank considers the qualifications of the borrower staying in UK. If they are highly qualified and have worked for a minimum of 3 years then they have better chances of loan approval from the ICICI bank. Since the bank offers loans to salaried as well as self employed category the borrower only has to submit his earning capacity per annum. This is an important criterion for approval of home loan since the bank needs to be assured of the capacity of repayment of the NRI borrower of the home loan.
How will the borrower staying abroad come to know the loan amount offered as loan from the ICICI bank? The bank has pre decided criteria for coming up to a certain amount that can be offered as loan. The earning per annum would be considered along with the qualification of the borrower. The individual has to be staying in the UK for at least some years to get their loan approved. Still the ICICI bank has kept a limit to the total amount offered as loan. A minimum of 5 Lakh Indian Rupees and a maximum of 1 Crore Indian Rupees can be availed as loan.
The total amount that can be got as loan depends upon the Banks policy to consider various categories and if the NRI fits into any one of them then the loan can be approved easily. The loan amount also will depend upon the ICICI banks policy for NRIs and if the individual borrower fits here then they can also avail a loan of higher amount and for a much longer loan tenure.

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