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ICICI Loan Against Property Eligibility

ICICI Loan Against Property Calculator India Sep 2020

Last Updated 21st Sep 2020

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 15 years 15 years
Eligible Monthly Income ₹ 25,000 ₹ 25,000
  • Current Lowest Loan Against Property Rates are 7.75
  • ICICI Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your ICICI mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan

ICICI Bank loan against property eligibility based on age

  • Age: ICICI Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from ICICI Bank, one has to be of atleast 21 years of age. The maximum age for loan from ICICI can be 60 years for salaried and 65 years for self employed. ICICI Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 Years 15 Years 15 Years
30 Years 15 Years 15 Years
40 Years 15 Years 15 Years
50 Years 10 Years 15 Years
60 Years - 5 Years

Use the above quick and easy tool to easily calculate and compare monthly EMI on ICICI Bank Loan Against Property.

ICICI Bank Mortgage loan eligibility based on income

  • Net Income: The amount of loan you can avail is a function of your net income. ICICI Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.90% interest rate offered by 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 (₹)
    50,000 75,000 100,000
    25 years 32.23 Lakh 48.35 Lakh 64.46 Lakh
    30 years 32.23 Lakh 48.35 Lakh 64.46 Lakh
    35 years 32.23 Lakh 48.35 Lakh 64.46 Lakh
    40 years 32.23 Lakh 48.35 Lakh 64.46 Lakh
    50 years 25.77 Lakh 38.65 Lakh 51.53 Lakh

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

  • Nature of Employment: ICICI Bank will check whether you are salaried or self employed. 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 1 years for salaried individuals and of 5 years for self employed individuals.

ICICI Bank Loan against property eligibility based on value of property

  • Value of property: ICICI Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 12.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 55% ₹ 20 Lakh ₹ 11 Lakh
    Residential Property 60% ₹ 20 Lakh ₹ 12 Lakh
  • Co-applicant: In order to enhance the eligibility of a loan with ICICI Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of ICICI Bank

ICICI Bank property loan eligibility based on CIBIL score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. ICICI Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from ICICI Bank.

  • Late payments – If have delayed in repaying 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. Unsecured loans are riskier and 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. Frequent usage or withdrawals of large amounts up to the 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 before putting in an application in another bank.

ICICI Bank Mortgage loan eligibility based on FOIR

ICICI Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. ICICI Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from ICICI Bank. Always calculate your eligibility with ICICI Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from ICICI?

The factors that determine the eligibility criteria of ICICI Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get ICICI Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 25,000 per month.

What is the minimum and maximum age required for ICICI Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from ICICI.

What is the tenure of ICICI property loan?

ICICI Bank offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from ICICI Bank up to 60% of the market value of the property.

Compare Property Loan Eligibility of All Banks


ICICI Loan Against Property News - Sep 2020
  • 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.
  • 2019-08-01 : Banks eye retail loans to augment business growth
    Most of the lenders, including SBI, ICICI Bank, and PNB, are eyeing on retail segment loans like home loans, mortgage loans, or personal loans to achieve business growth. The retail lending is up by 50% and is further expected to grow as per the numbers released by the lenders during first quarter.
  • 2019-07-10 : ICICI Securities enters into retail loans distribution, to sell ICICI Bank products online
    The subsidiary of ICICI Bank, ICICI Securities is planning to expand its business model by distributing retail loans to its customers. The financial services entity is eyeing for commission by selling the products offered by ICICI Bank including home, auto and personal loans and loans against property as well as credit cards.
  • 2019-07-02 : ICICI Bank lowers MCLR rates by 10 basis points
    Private sector lender, ICICI Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For overnight and one-month, the rate has been revised to 8.40% from 8.50% earlier. For six-month tenor, the MCLR now stands at 8.60%, which is down by 10 bps from the earlier rate of 8.50%. While for one-year tenor, the new MCLR stands at 8.65% from 8.75%. The revised rates are effective from July 1, 2019.
  • 2019-06-27 : ICICI Bank targets for a 20% growth in retail loans in Kerala in FY19-20
    ICICI Bank is looking at a 20% growth in its retail loan disbursement in Kerala at Rs. 3,100 crores in FY20. The lender hopes to achieve this target by increasing the disbursements of retail loans, including consumer as well as home loans and mortgage loans. This is because the state has witnessed a significant rise in retail loans over the previous year.
*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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