ICICI Home Loan Eligibility Calculator India Mar 2017

ICICI Bank Home Loan Eligibility Criteria

Last Updated 30th Mar 2017
Eligibility Conditions SalariedSelf Employed
Age 21 to 60 years 21 to 65 years
Minimum Monthly Income Rs. 25000 Rs. 25000
Maximum Loan Amount Rs. 100,000,000 Rs. 100,000,000
Maximum LTV 80% 80%
Minimum Work Experience 2 Years 5 Years
Rate of Interest - linked to 1 Year MCLR 8.4% 8.4% to 8.75%
EMI Per Lakh Rs. 762 Rs. 762
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ICICI home loan eligibility based on age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. To be eligible for ICICI Bank home loan, you must be at least 21 years of age at the time of loan commencement. ICICI Bank offers home loans for a maximum period of 30 subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 years for salaried borrowers and 30 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
  • Your current age Max tenure for salaried Max tenure for self employed
    25 years 30 years 30 years
    30 years 30 years 30 years
    35 years 25 years 30 years
    40 years 20 years 25 years
    45 years 15 years 20 years
    50 years 10 years 15 years

    ICICI home loan eligibility based on income

  • Net Income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your net monthly income is Rs 70,000 and the value of house you are buying is Rs. 50 lakh, then at 8.4 % interest rate offered by ICICI Bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
  • Age Net Monthly Income (Rs.)
    50,000 75,000 100,000
    25 years 4,226,743 6,340,115 8,453,487
    30 years 4,226,743 6,340,115 8,453,487
    35 years 4,036,129 6,054,193 8,072,257
    40 years 3,745,002 5,617,503 7,490,005
    45 years 3,300,365 4,950,548 6,600,730
    50 years 2,621,270 3,931,905 5,242,541
    You may consider repaying any loans with short tenure and high EMI in order to increase your home loan eligibility.
  • Nature of Employment: ICICI Bank will check whether you are salaried or self employed an the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. ICICI Bank requires minimum income history and job stability of more than 2 years for salaried individuals and of 5 years for self employed individuals.
  • ICICI home loan eligibility based on value of property

  • Value of property: ICICI Bank will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
  • Property Value LTV
    Less than 30 lakh 90%
    Between 30 lakh and 75 lakh 80%
    Above 75 lakh 75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • CIBIL Score: When checking eligibility for home loan, ICICI Bank will look at the complete CIBIL report. ICICI Bank will check your repayment history for all current and past loans and credit cards.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.
ICICI Home Loan Eligibility Calculator News - Mar 2017
18th Mar 17 Home loan revives post demonetization
Real estate developers are hopeful to see an increase in the purchase of new house units post demonetization as the banks are flushed with funds and likely to push home loans aggressively. According to a senior ICCI Bank representative, the bank has witnessed a healthy growth in home loan queries after demonetization. Real Estate experts expect the housing sector in India to witness a strong growth in FY18.
03rd Jan 17 ICICI Bank reduces home loan rates by 45 basis points
ICICI Bank of India has reduced its home loan interest rates by 45 basis points for new home loan buyers. The new home loan rate for women up to loan amount of Rs. 75 lakh now stands at 8.65 percent as compared to 9.10 percent earlier. Similarly, home loan rates for other borrowers up to loan amount Rs. 75 lakhs are reduced to 8.70 percent. The rates are effective from 3rd January, 2017.
04th Nov 16 ICICI home loan rate at 9.15 percent from 1st November, 2016
ICICI Bank has reduced its home loan rates by 0.15 percent to 9.15 percent for female borrowers and 9.20 percent for male borrowers. The revised rates are applicable for loan amount upto Rs. 75 lakh. The new rates will be effective from 1st November, 2016. With this, ICICI home loans are now available at same rate as HDFC and Axis Bank but 0.05 percent higher than SBI home loans.
03rd Nov 16 ICICI Bank launches home loan overdraft scheme for salaried employees
ICICI Bank announced launch of home loan overdraft scheme for salaried employees. The scheme will provide benefits of home loan and overdraft simultaneously. T he lender will now provide overdraft option to customers with home loan. The minimum amount available for loan will be Rs. 5 lakh and maximum will be Rs. 1 crore. Customers can avail 10 percent of the total loan as term loan and the balance 90 percent as overdraft.
05th Oct 16 ICICI Bank slashes the lending rates by 0.5 bps from 9.10 to 9.05 per cent
With the decision of RBI to lower the repo rate by 25 bps, second largest private sector lender ICICI bank also lowered the MCLR by 5 bps. Effective from 1st October, 2016, the one month MCLR will be 8.85 percent against 8.90 per cent, on the other hand the one year MCLR which is generally used to compute some of the products such as personal loans will be 9.05 percent as against 9.10 per cent.
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