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ICICI Loan Against Property Eligibility Calculator

ICICI Loan Against Property Eligibility Criteria 2021

Last Updated 14th Jul 2021

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
  • ICICI Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your ICICI mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

ICICI Bank Loan Against Property Eligibility

ICICI Bank allows you to fund immediate or urgent needs with a loan against property. ICICI Bank loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. ICICI Bank lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

ICICI Bank Loan Against Property Eligibility Based on Age

    ICICI Bank considers your age as one of the important parameters to calculate your ICICI Bank property loan eligibility. To be eligible for availing a loan from ICICI Bank, one has to be of 21 years of age. The maximum age for loan from ICICI can be 60 years. 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

ICICI Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. ICICI Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by ICICI Bank to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% 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 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 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. 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 Property Loan 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. You can get a maximum of 60% of property’s value as a loan against residential 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 Lakh. The percentage of ICICI Bank loans will get lower if it is against commercial property.
    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, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you 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 Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. 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.

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 calculates your fixed obligations to monthly income ratio that 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.

How to Calculate ICICI Bank Loan Against Property Eligibility?

To check loan against property eligibility ICICI Bank follow the below given steps:-

  • Visit to the ICICI Bank website.
  • Click on ICICI Bank loan against property.
  • To check eligibility criteria use a ICICI Bank loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for ICICI Bank Loan against property.

ICICI Bank Loan Against Property Schemes Eligibility

ICICI Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular ICICI Bank loan against property products with their basic eligibility are listed as follows:

Loan Against Property for Personal Use
  • You can avail loan against your residential property for personal use for up to 15 years.
  • Get finance up to Rs 5 crores for business use with a property mortgage loan.

Documents Required for ICICI Bank Loan on Property

To avail ICICI Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

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 employees to get a loan against property should be ₹ 25,000 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure ICICI Bank of your ability to repay the loan.

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. ICICI considers your age as an important parameter to determine your Loan against property tenure.

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. Also, higher loan tenure means higher rate of interest.

How much ICICI Bank 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 if they mortgage residential property whereas you can avail up to 55% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from ICICI Bank if I am not a ICICI Bank customer?

Yes, you can get a loan against property from ICICI Bank if you are not a ICICI Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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ICICI Loan Against Property News - Jul 2021
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-03 : ICICI Bank revised its Marginal cost of lending rates
    ICICI Bank revised its MCLR, with effect from 1 June 2021. The overnight and one-month MCLR is 7.05%. The rate for three months, six months and one year are 7.10%, 7.25% and 7.30%, respectively.
  • 2021-05-12 : ICICI Bank reduced its loan against property rates to 8.85%
    ICICI Bank cut its mortgage loan rates to 8.85%. The revised rates will be applicable for the month of May. The rate cut will help the mortgage loan borrowers to reduce the cost of the loan against property.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-05 : ICICI Bank reduced the home loan rates to 6.70%
    ICICI Bank revised its home loan rates for March 2021. The new home loan rate stands at 6.70%. Further, the LAP rate for the bank stands at 8.35%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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