ICICI Home Loan Eligibility Calculator 

ICICI Bank Home Loans start as low as 6.90% and come with eligibility terms that are quite easy for applicants to fulfill. Some conditions defined by the bank are: 

  • Home Loan is capped at 80% of the property’s value (meaning the Loan-to-value ratio is 80%). 
  • Home Loan Eligibility is decided based on the current financial debts and obligations of the applicant. 
  • Home Loan EMI is limited to 50% of the applicant’s monthly income. 

ICICI Home Loan Eligibility Criteria 

ParticularsCriteria
Resident Type Indian residents 
Employment Type Salaried & Self-Employed 
Minimum Age 23 years & above 
Maximum Age 65 years & below 
Employment  Salaried individuals should have at least 1 year of employment. Self-employed individuals should be at least 3 years in the current business. 

 Here are few criteria a borrower needs to meet to get an ICICI Home Loan: 

ICICI Home Loan Eligibility Criteria  Age 

  • Minimum age to be eligible for an ICICI Home Loan is 23 years. 
  • Maximum age of the applicant during loan maturity should be 65 years. 
  • Minimum age of a loan co-applicant should be 18 years. 

ICICI home loan Eligibility Criteria  Profession 

The eligibility criteria in terms of profession are simple – the applicant must either be salaried or self-employed and have a steady source of income. 

ICICI home loan Eligibility Criteria  Income 

ICICI Home Loan eligibility is also based on the applicant’s income level. The required minimum income differs based on whether the applicant is a salaried employee, self-employed professional or self-employed non-professional. A salaried applicant or self-employed non-professional must have a minimum income of Rs.5,00,000 per annum while a self-employed professional must have a minimum income of Rs.7,50,000 per annum. 

ICICI Home Loan Eligibility for Salaried Individuals 

A salaried applicant must meet the below criteria: 

  • Nationality – Indian resident  
  • Age – 23 to 65 years old 
  • Must have an eligible job profile 
  • Co-owned property for people working with proprietorship, LLP, Partnerships, private/public sector companies or MNCs 

Co-applicant Criteria 

  • Age – 18 to 65 years old 

Why add a Home Loan co-applicant? 

Taking a joint home loan with a co-applicant increases your eligibility even if the co-applicant is not earning. You can take a home loan with your spouse or an immediate family member as a co-applicant. This can help increase the amount of loan you may be eligible for. Note that taking a joint home loan with a woman can also get you access to a lower interest rate. 

Home Loan Documents Required for Salaried Individuals 

Following are the documents you will need to submit to ICICI Bank for approval of your Home Loan application

  • Fully filled and signed application 
  • Identity and residence proof (KYC) – such as Aadhaar, Voter ID card, PAN card, Job card issued by NREGA etc. 
  • Income proof such as the last 2 months’ salary slips, latest Form 16, and bank statements for 3 months 
  • Property documents 

ICICI Home Loan Eligibility for Self-Employed Individuals 

A self-employed applicant must meet the below criteria: 

  • Nationality – Indian resident 
  • Age Limit – 28 to 70 years old 
  • Co-owned Property – If the property has more than one owner, all co-owners should be co-applicants. This helps ensure that the property is secure and everyone concerned benefits from the investment. 

Co-applicant Criteria 

  • Age – 18 to 65 years old 

Home Loan Documents Required for Self-Employed Individuals 

Below documents need to be submitted to ICICI Bank for approval of your Home Loan application. 

Self-Employed Professionals: 

  • Fully filled and signed application 
  • Identity and residence proof (KYC), such as Voter’s ID card, PAN card, Aadhaar, etc. 
  • Income proof such as the latest 2 income tax returns, latest two years’ P&L accounts and Balance Sheet (with schedules), six-month bank statement, etc. 
  • Property documents 

Self-Employed Non-Professionals: 

  • Fully filled and signed application  
  • Identity proof (KYC), such as PAN card, AOA, MOA of company, copy of GST registration, etc.   
  • Income proof, such as latest 2 income tax returns, latest two years’ P&L accounts, six-month bank statement and Balance Sheet (with schedules), etc. 
  • Property documents 

Eligibility for ICICI Home Loan for Women 

ICICI Bank offer special interest rates to women borrowers. So, if you add your mother or wife to your home loan as a co-applicant, you may be eligible for a lower rate even if they currently don’t have an income. Note that having a woman co-applicant also has other advantages. In some states, women are given a 1-2% discount on stamp duty. 

Eligibility Calculation for ICICI Home Loan 

Make sure to check your ICICI Home Loan eligibility before you apply for a Home loan. Fill out details such as your loan tenure, monthly income, interest rate, city and EMI/obligations into the Fincity Home Loan Eligibility Calculator and access the loan amount you qualify for instantly. 

Factors Impacting ICICHome Loan Eligibility 

Your eligibility for an ICICI Home Loan is influenced by a certain number of factors decided by the lender. Here are the key ones: 

  • Credit Score: This is something every lender considers before deeming you eligible for a Home Loan. A good credit score indicates responsible credit behavior while a poor credit score may indicate that you are bad with debts and credit. A score of 700 and above can persuade a lender to offer you a home loan at a competitive rate even if your income is not considerably high. 
  • Age: A higher number of remaining service years translates to a higher number of years left to earn and repay the loan. Therefore, lenders are more inclined to offer home loans to younger applicants for a longer tenure. 
  • Business/Job Stability: Having a stable job with a regular source of income is comforting to a lender. They prefer borrowers who can pay the loan EMIs on time. 
  • Income: A higher income clearly indicates a higher repayment capacity and vice versa. A high income is likely to get you a higher loan amount at a lower interest rate. 
  • Property Characteristics: Lenders look into features such as age, location, and title of the property you are purchasing. In case the property is outside the listed locations, is under dispute, or is too old, the home loan is likely to get rejected. 
  • Debt-to-Income:  Your debt-to-income ratio is another factor the lender takes interest in when deciding your home loan eligibility. Make sure to pay off big debts to increase your repayment capacity. This will reduce your debt-to-income ratio and get you eligible for a higher loan amount. Under no circumstance should your DTI ratio cross 50%. 
  • Employer and Profession Type: Employees of reputed organizations are preferred by lenders over employees of smaller companies. Also, note that salaried employees who get a regular monthly income are likely to get a home loan more easily. 

How to Improve Your ICICI Home Loan Eligibility 

  • Improve Credit Score: One of the most effective ways to improve your home loan eligibility is by taking steps to improve your credit score.  
  • Reduce Outstanding Debts: This is the easiest way to increase your repayment capacity and encourage lenders to offer you a bigger loan amount. 
  • Add a Co-applicant: Take a joint loan with a family member or spouse to increase your home loan eligibility. The lender assesses the credit score and income of co-applicants as well. 
  • Opt for a High Down Payment: A high down payment decreases the loan amount you will need, thus making it more comfortable to handle the EMI burden every month.  
  • Increase Loan Tenure: A longer tenure reduces the monthly EMI amount and therefore can get you a home loan more easily.  

How to Apply for Home Loan on ICICI Portal  

Here are the steps to follow to apply for an ICICI Home Loan on the bank website: 

1) Visit ICICI Bank’s official website. 

2) Click on the ‘Apply Now’ button on the page. 

3) Click New Customer under New Application. 

4) Enter your name, personal details, mobile number, property details and other required details to Proceed. 

4) Enter all the required details and upload documents as required. 

5) Click Submit. 

How to Apply for ICICI Home Loan with Fincity? 

You can apply for an ICICI Home Loan on Fincity by simply following the steps below: 

1) Click https://app.fincity.com and sign up. 

2) Click ‘Home Loan’ under Loan Type. 

3) Enter the required personal, professional, income, property-related details, and upload necessary documents.  

4) Finally, Click Submit. 

How to Check Your ICICI Home Loan Application Status on Fincity 

Checking you ICICI Home Loan application status on Fincity is easy. Just follow these steps: 

  • First, click https://app.fincity.com and sign in. 
  • You can see your active applications on the Fincity dashboard. 
  • Click ‘View Application’ below the application whose status you wish to check. 
  • You can see the application status on the top-right section of this page. 

How to Check Your ICICI Home Loan Application Status on the ICICI Portal 

Here’s how you can check the status of your Home Loan application on the ICICI website. 

  • Visit ICICI’s official ‘Track My Loan’ page for Home Loans. 
  • Click ‘Track Loan Status Now’ button. 
  • Under sanction or disbursement (depending on the application status you are seeking), enter your home loan application number and mobile number, and hit ‘Send OTP’. 
  • Once you’ve logged in, you can view/track your ICICI Home Loan application status. 
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