ICICI Bank Home Loan Eligibility Calculator
ICICI Bank provides different home loan plans to different people depending on their different needs. ICICI has been around long enough that it can provide home loans at very attractive interest rates starting at around 6.75% p.a.* with a longer repayment tenure options of up to 30 years. ICICI Bank has certain eligibility criteria for approving a home loan, which is based on – your age, income, employment type, CIBIL score, total value of the property sought, repayment capacity, etc.
ICICI Bank calculates the highest loan amount possible for each applicant by computing their net income, credit history, age, and value of the property against which the borrower is taking the loan. A borrower can increase the eligibility to get an ICICI home loan by having a co-applicant.
What is a home loan eligibility criterion?
Before the bank or lender sanctions the loan amount, they conduct a mandatory check in order to know whether or not you can recoup the amount that it lends out. Banks prefers those individuals – who have proven their repayment capacity in the past, have legitimate sources of income to repay the loan amount it the decided time. This is because, a bank or lender takes high calculated risks while lending out money. So, they prefer those with higher repayment capacity. The bank analyzes certain aspects of an individual’s life to determine whether he/she can fulfill the bank’s repayment obligations.
The general eligibility criteria for getting a home loan are explained below:
Eligibility criteria for ICICI Home Loan
Broadly speaking, all banks follow the same eligibility criteria for determining whether or not to lend money, but they follow different process and considerations. For instance, some banks may consider “CIBIL score” to be greater indicator of repayment capacity than the “age group” or “income level”. Whereas, some might consider the “income level” as the greater indicator than the CIBIL score of the borrower.
The factors that determine the overall eligibility of an applicant for a home loan from ICICI Bank are listed below:
- Age: An important consideration for both the borrower and the lender is the age of the borrower. Your age decides the maximum length of the loan tenure and as a result, the total number of EMIs you’ll pay. This is because home loans can be a long-term commitment for 20-30 years, so it is important for your lender to be sure how soon you can repay the home loan amount before your retirement. Being an early applicant, gives you a great chance to pay back the home loan amount over the course of your professional career. This also gives you a greater chance of getting the home loan approved.
- Income: your income is one the major factors that determines your home loan eligibility. Each bank or lender has an income parameter for getting a home loan approved, based on the applicant’s employer’s reputation, place of residence, and duration of his/her employment.
- CIBIL score: your CIBIL score is one of the key factors that a bank or lender checks before giving out a home loan. An applicant should maintain higher CIBIl score od 750 and above to get a home loan approved.
- Employment Status: for getting a home loan approved, your employment status plays an important role. A bank or lender always prefers applicants working in reputed companies or those that have a history of stable business income. This makes an applicant more reliable from the banks’ point of view.
- Existing Debts: before sanctioning the home loan, a bank or lender always checks if you have any unpaid dues or existing debts. This reduces your ability to repay the loan amount – as you end up having lesser funds available on a monthly basis. A bank follows the pattern of your past repayments like – missing due dates, payment of your EMIs, etc. A disciplined pattern affects the eligibility while applying for a home loan.
- FOIR: Fixed Obligation to Income Ratio (FOIR) is one of the parameters used by ICICI Bank to determine your eligibility for getting a home loan. An applicant must have a minimum FOIR of 0.65 to be eligible for a home loan from ICICI Bank.
Eligibility for ICICI Bank Home Loan for Women
ICICI Bank has similar eligibility criteria for women borrowers with an interest rate starting from 6.75%*. It is possible to increase the basic loan eligibility and overall loan amount if the applicant has a female co-applicant with a good credit history.
How to increase your eligibility for an ICICI Home Loan?
The eligibility criteria of ICICI Bank depends on certain factors like – age, employment status, income, CIBIL score, the value of the property, and repayment capacity of a borrower. You can increase your eligibility by:
- Proper repayment of your existing debts
- Keeping a healthy credit history
- Maintaining a CIBIL score of 720 and above
- Establishing and maintaining a stable income for at least 6 consecutive months
- Applying with a co-applicant
- Offering a valuable asset as collateral
Eligibility criteria for individual ICICI home loan products:
Listed below are the various home loan products and the eligibility criteria associated with each of them for salaried and self-employed applicants:
ICICI Instant Home Loan:
ICICI offers up to Rs.1 Crore pre-approved home loan to its existing customers with ICICI bank accounts. ICICI Bank offers an attractive interest rate to salaried applicants of 8.65% – 9.25% p.a.* and 8.80% – 9.40% p.a*. to self-employed applicants with a processing fee of up to 2% of your loan amount with other applicable charges.
Eligibility Criteria for salaried applicants for ICICI Instant Home Loan:
| Eligibility | Requirements |
| Age | 21 – 65 years |
| Employment Type | Salaried employees and self-employed applicants |
| Credit Score | 700 and above |
| Residential status/Citizenship status | Indian Resident Citizen |
| Other factors | You have to be an existing customer of ICICI Bank with a salary account.Only salaried individual, self-employed applicants and ICICI bank employees can apply for ICICI Instant Home Loan. |
ICICI 30 Year Home Loan
ICICI 30 Years Home Loan offers tenure extension up to 30 years to its customers with higher loan amount and low EMIs. This offer is only applicable to only women applicants and/or salaried employees working in a specific group of companies with a processing fee of 0.50% – 1% of your loan amount.
Eligibility Criteria for salaried applicants for ICICI 30 years Home Loan:
| Eligibility | Requirements |
| Age | 21 – 65 years |
| Employment Type | Salaried employees and self-employed applicants |
| Credit Score | 700 and above |
| Residential status/Citizenship status | Indian Resident citizen |
| Other factors | Applicants working at certain selected group of companies and women applicants can apply for ICICI 30 Years Home Loan. |
ICICI NRI Home Loan
ICICI Bank provides Non-Resident Indians ICICI NRI home loan to either purchase or construct a home with an extended repayment tenure of up to 30 years with attractive interest rate starting from 6.75-7.55% p.a.* ICICI Bank charges a processing charge of 0.5% of the loan amount including applicable taxes.
Eligibility Criteria for salaried applicants for ICICI NRI Home Loan:
| Eligibility | Requirements |
| Age | 21 – 65 years |
| Employment Type | Salaried employees and self-employed applicants |
| Credit Score | 700 and above |
| Residential status/Citizenship status | Non-Resident Indian |
| Other factors | A self-employed applicant must live outside India for 3 Years (minimum)A salaried applicant must live outside India for 1 year (minimum) |
ICICI Home Loan Top-Up
ICICI Bank provides additional top-up facilities to its existing customers with home loans. A borrower does not necessarily have to use the additional amount towards their home construction or renovation. They can use the additional top-up for – marriage expenses, education purpose, business expansion, etc. ICICI Bank offers a repayment tenure of 20 years.
Eligibility Criteria for salaried applicants for ICICI Home Loan Top-up:
| Eligibility | Requirements |
| Age | 21 – 65 years |
| Employment Type | Salaried employees and self-employed applicants |
| Credit Score | 700 and above |
| Residential status/Citizenship status | Indian resident citizen |
| Other factors | ICICI Home Loan Top-Up facility is only available for ICICI bank’s existing home loan borrowers. Women co-applicant is necessary for increasing the home loan eligibility. |
Home Loan Balance Transfer with ICICI Bank
If any applicant wishes to transfer their existing home loan from another bank or financial institute to ICICI Bank, CICI Bank provides a balance transfer fee facility with attractive interest rates of around 6.95% p.a. – 8.05% p.a. at a floating rate model for a longer repayment tenure of 30 years.
Eligibility Criteria for salaried applicants for Home Loan Balance Transfer (ICICI):
| Eligibility | Requirements |
| Age | 21 – 65 years |
| Employment Type | Salaried employees and self-employed applicants |
| Credit Score | 700 and above |
| Residential status/Citizenship status | Indian Resident citizens |
| Other factors | Balance transfer is possible only after permission from the existing bank |
Quickly check your eligibility with other banks
Using the above details, check your eligibility with other banks to get a home loan:
| Eligibility | HDFC | SBI | Axis Bank |
| Am I eligible? | Click to calculate | Click to calculate | Click to calculate |
| Minimum Age | 21 | 18 | 21 |
| Average Interest Rate | 6.90% p.a.* | 6.90% p.a.* | 6.75% p.a. |
| Tenure Range | Up to 30 Years | 1 – 30 years | Up to 30 years |
| Minimum salary or income for getting a home loan | Rs.10,000 per month | Rs.25,000 per month | Rs.25,000 per month |
ICICI Bank home loan Eigibility calculator
You can check your eligibility to get a ICICI home loan by using the Fincity Eigibility calculator here.
How can I check my eligibility for a home loan from ICICI?
You can check your eligibility by following the steps listed below:
- Step 1: Go to the official Fincity home loan eligibility calculator page here https://fincity.com/home-loan-eligibility-calculator-2/
- Step 2: Enter your gross monthly income, repayment tenure, interest rate and other EMIs (if any)
- Step 3: Once you enter the required parameters, the interface shows the loan amount for which you are eligible.
For example, Mr. Ravi has a monthly income of Rs.50,000 and he wants a repayment tenure of 30 years at an interest rate of 6.75% p.a. with no other monthly EMIs. He will be eligible for a loan amount of Rs.50.37 Lakh.
You can also call at 1860 120 7777 to check your eligibility.
Call Fincity at: 080 – 47188010 or email us at info@fincity.com to get started on your Home Loan journey.
FAQs
- Is it necessary to have a co-applicant for taking an additional home loan top-up?
Yes, to take an additional top-up on your home loan it is necessary to have a co-applicant with an acceptable income, credit score, and employment history.
- How can I increase my home loan eligibility to get a ICICI Home Loan?
ICICI Bank offers higher home loan eligibility if you have a woman co-applicant, or if you close up any existing debts, or if you an provide a valuable asset as collateral.
- How can I check my ICICI home loan eligibility?
You can check you ICICI Home Loan eligibility by visiting the official website of ICICI Bank. For more information, scroll up to the “how can I check my ICICI Bank home-loan eligibility” section. You can also check your home loan eligibility through Fincity Home Loan eligibility calculator here.
- What are the general eligibility criteria for ICICI Home loan?
The general eligibility criteria for ICICI Home Loan depends on your – age, income, employment status, residential status and your CIBIL score.
- What is the minimum CIBIL score required for ICICI home loan?
An applicant needs a CIBIL score of 750 and above to get a ICICI home loan
- What is the longest repayment tenure for ICICI home loan balance transfer?
ICICI Bank offers a repayment tenure of 20 years for home loan balance transfer.