05 July 2011
ICICI Bank Home Loans Benefits for NRI in UK
Many UK settled Indians have an opportunity to purchase land or homes in India by availing the ICICI bank offers. Since all the pre approval procedures for home loans and eligibility criteria are pre-decided online it has become the new mantra for getting home loans approved very easily and quickly without any hassles. Since Indians staying in UK can avail loans from there it becomes much more costly and also the interest rates paid would be in dollars. The ICICI bank offers loans for purchasing homes to Indians staying in the UK and that too with more online facilities and door to door services regarding procedures and approval of home loans.
The most important plus point is that the borrower need not be personally present to enquire, decide and select the best home loan offer from various banks and private lenders. The ICICI bank boasts of a good online help and service regarding this matter. Once the borrower selects this bank they have a representative at their door step who will guide with the procedures of home loans, documentation and approval of their new home loan.
Once the application is done online the other follow ups and processing can be observed online and one need not be present in India to see their loan being approved. The ICICI Bank offers attractive interest rates and that too on a monthly reducing basis. They also offer a benefit of prepayment of the home loan. By promising no extra fees or administrative charges for closing of the home loan on prepayment of the loan the borrowers can decide and close down their loan by repaying part or full of their home loan. Though the Bank may have certain minimum criteria for fulfilling this option, maybe a certain loan repayment period must have been covered before the borrower closes down his loan. They also mention of 2% charges for full pre payment of the home loan or closing of the home loan.
The borrower of the loan staying in UK can select from the many options regarding the tenure for repayment and the EMI amount. A financial advisor can be of great help regarding all the procedures and approval of home loans for UK staying Indians. Since the ICICI Bank offers loans on fixed as well as floating rate of interest the borrower has the option to consider which repayment schedule they are comfortable to follow. If they have regular monthly income as salary then they may go in for fixed or floating rate of interest for repayment of their loan. But if the borrower has hope of increasing salary and also for the self employed business people they can go in for floating rate of interest as they have the option of pre payment or part payment and help to pay back the home loan by combining the EMIs.