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ICICI Home Loan Eligibility Calculator India 2020

ICICI Bank Home Loan Eligibility

Last Updated 21st Sep 2020

Eligibility CriteriaICICI Bank Home Loan
Eligible Age of Borrower21 - 60 years
Minimum Eligible Income ₹ 25,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed5 years
  • ICICI Bank home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your ICICI housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan

ICICI home loan eligibility based on salary

ICICI Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from ICICI Bank:

  • 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 salary is ₹ 25,000 then at interest rate of 6.90% offered by ICICI Bank, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 28.12 Lakh to ₹ 49.35 Lakh depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56.23 Lakh to ₹ 98.69 Lakh for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.35 Lakh74.02 Lakh98.69 Lakh
30 years49.35 Lakh74.02 Lakh98.69 Lakh
35 years46.40 Lakh69.60 Lakh92.80 Lakh
40 years42.25 Lakh63.37 Lakh84.49 Lakh
45 years36.38 Lakh54.58 Lakh72.77 Lakh
50 years28.12 Lakh42.17 Lakh56.23 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your ICICI Bank home loan eligibility.

  • Nature of Employment: ICICI Bank will check whether you are salaried or self employed and 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 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. ICICI Bank home loan age limit to get the loan is 21 years of age at the time of loan commencement. ICICI Bank offers home loans for a maximum period of 30 years 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 years30 years30 years
30 years30 years30 years
35 years25 years30 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

Home loan eligibility ICICI Bank 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 lakh90%
Between 30 lakh and 75 lakh80%
Above 75 lakh75%
  • 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.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

The housing loan eligibility calculator ICICI Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for ICICI Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, ICICI Bank will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to ICICI Bank will get approved. However, low CIBIL score will decrease your eligibility to get home loan. ICICI Bank requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from ICICI Bank.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from ICICI Bank, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator ICICI Bank for quick calculation of your home loan eligibility.

ICICI Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that ICICI Bank uses to determine your ICICI Bank home loan eligibility. ICICI Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from ICICI Bank is 0.65. Calculate your eligibility with ICICI Bank home loan calculator and apply for eligible loan amount hassle free.

FAQs

What is the criteria to get ICICI Bank home loan?

The basic criteria to get a home loan from ICICI Bank are as following:

Age21 - 60 years
Income ₹ 25,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from ICICI Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from ICICI Bank?

The minimum salary required to avail home loan from ICICI Bank is ₹ 25,000.

Is ICICI Bank good for home loan?

The lowest interest rate provided by ICICI Bank is 6.90% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

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ICICI Home Loan News - Sep 2020
  • 2020-09-21 : ICICI Bank launches Home Utsav
    ICICI Bank launched Home Utsav, a virtual property exhibition. The scheme will digitally showcase real estate projects by renowned developers from key cities across the country. Individuals will get exclusive benefits of low home loan interest rates, special processing fees, and as well as the digital sanction of loans.
  • 2020-09-01 : ICICI Bank to launch Home Utsav
    ICICI Bank announced the launch of Home Utsav. Home Utsav is a virtual property exhibition that digitally showcases real estate projects by renowned developers from key cities across the country. It provides the customers enhanced convenience, as they can simply browse through these projects online without visiting the locations.
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2020-06-01 : ICICI Bank extends moratorium on EMIs
    ICICI Bank has extended the moratorium on retail loans like home and personal loans along with business, mudra and car loans till August 31, the moratorium will be applicable for the principal and interest falling due between June 1 to August 31, 2020. According to the guidelines, The customer needs to submit the moratorium request at least five working days before EMI due date
  • 2020-06-01 : ICICI Bank extends moratorium on EMIs, credit cards
    Following RBI guidelines, the ICICI Bank has extended the moratorium on retail loans like personal, home, gold, car, two-wheeler and credit cards till August 31, 2020. The moratorium will be applicable for the principal and interest falling due between June 1 to August 31, 2020. Individuals need to apply to avail the benefits of the moratorium. If they fail to apply, loan instalments will continue to be debited every month as per the existing process.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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