ICICI Bank Home Loan Eligibility

ICICI Bank Home Loan Eligibility criterion is simple and easy to meet. Whether you are a salaried or self-employed individual, ICICI bank offers a home loan scheme that perfectly fits your job profile and monthly income. Check your ICICI bank home loan eligibility to get the best home loan deal at the most affordable rate of interest.

Eligibility Criteria of ICICI Home Loan Schemes

Although the eligibility mentioned above criteria are applicable for most home loans, there are some exclusive criteria based on the type of home loan you apply for. ICICI Bank offers a bouquet of home loan products, and the eligibility criteria for each of them is as follows: 

ICICI New Home Loan 

  • For salaried individuals, the age limit for application is between 23 years and 60 years.
  • For salaried NRIs, the age limit is between 25 years to 60 years.
  • For self-employed individuals, the age limit is between 28 years and 70 years.

ICICI Home Loan Balance Transfer 

  • The applicant must have a home loan that offers a higher interest rate compared to the ICICI Bank home loan 
  • The applicant has paid all the EMIs for the existing home loan.

ICICI Bank Home Improvement Loan / ICICI Bank Plot Loan/ ICICI Bank Top Up Loan/ ICICI Bank Apna Ghar 

  • For salaried individuals, the age limit for application is between 23 years and 60 years.
  • For salaried NRIs, the age limit is between 25 years to 60 years.
  • For self-employed individuals, the age limit is between 28 years and 70 years.

ICICI Bank Instant Top Up Loan 

  • To get an Instant Top Up Loan, the applicant should be an existing customer with an ICICI Bank Home Loan Account.
  • They should have made regular repayments towards the loans for at least 18 months.

ICICI Bank Apna Ghar Dreamz For Salaried Individuals 

  • The applicant must be an Indian resident
  • They must be between 23 to 60 years of age.
  • The minimum monthly income should be Rs.7000 per month
  • The applicant can enjoy a repayment tenure of up to 240 months.
  • The loan amount available is between Rs.2 lakhs and Rs. 20 lakhs.

ICICI Bank Apna Ghar Dreamz For Self Employed Individuals 

  • The applicant must be an Indian resident
  • The applicant should be within the age group of 23- 70 years.
  • The minimum monthly income required is Rs.7000 per month.
  • The loan amount available is between Rs.2 lakhs and Rs. 30 Lakhs
  • The loan tenure is extendable up to 240 months.

To know if you are eligible for the loan products mentioned above, use the ICICI Bank EMI Eligibility Calculator. Simply fill in the loan amount you need, the tenure, the interest rate, and other details. If you are eligible for the loan, you can send an application online and get instant approval after assessing your application. Following the approval, the loan is disbursed within 72 hours into your account. 

ICICI Home Loan Eligibility

To avail of a home loan with ICICI, it is important to fulfil some important eligibility criteria. The best way to check if you are eligible for a loan is to use an ICICI Bank Home Loan Eligibility Calculator, which you can access while applying online for your home loan. They are used to determine whether you can repay the home loan according to the terms of the agreement in the loan sanction letter. 

When you fulfil the eligibility criteria as required, you enjoy several other benefits like: 

  • Lower interest rate: The factors determining your loan interest rate are your credit score and your employment status. A higher credit score shows that you have been repaying existing credits on time. This makes you a reliable customer, giving you the advantage of a lower interest rate. Additionally, the nature of employment and income also determines your interest rate. If you are salaried and have a higher income, you are likely to enjoy a lower interest rate. This is because, in terms of repayment capacity, you are a low-risk customer. 
  • Longer repayment tenure: Age is the most important factor in determining the repayment tenure that you can avail of with your loan. If you are young, you can get full repayment tenure of up to 30 years. The advantage of a longer repayment tenure is a lower monthly payout towards the loan. However, you will have to pay a higher amount towards the interest by the end of the loan tenure.  
  • Higher loan amount: The loan amount that is sanctioned to a customer is based on the property value and the income. The higher the income, the higher the loan amount available. Since the property is considered a mortgage against the loan, a higher valued property will attract a higher loan amount. 

ICICI Home Loan Eligibility based on salary

ICICI Home loan eligibility based on salary is one of the primary factors when it comes to your chances of getting approval on a home loan. As mentioned before, if you fall in a higher income bracket, it means that you can repay the loan easily. 

Here are the main terms with ICICI home loan eligibility based on salary: 

  • For salaried individuals, the income per month should be at least Rs.12000 to get a home loan. 
  • In the case of self-employed individuals, the income per year should not be less than 1.5 Lakhs.
  • The income for self-employed individuals is the profit earned after deducting all the taxes payable. 
  • The loan amount sanctioned for both salaried and self-employed individuals is between Rs.3 lakhs and Rs. 5 crores depending upon the income generated per month. 

ICICI bank also considers all the other mandatory expenses to understand if an applicant can repay the EMI without feeling the burden. They deduct expenses like EMIs towards other loans, PF, rent and other mandatory outgoings. The net income after these deductions should be sufficient to match the EMI payable towards the loan. 

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When the applicant is younger, they can get up to 30 years to repay the loan. This means that the EMI per month is also significantly reduced, making the home loan more affordable. For this reason, younger applicants also enjoy a better rate of interest and higher loan amounts. ICICI Home Loan Eligibility Based on Age is as follows: 

  • For Indian Residents, the minimum age for application is 23 years if they are salaried individuals. The minimum age for a co-applicant, in this case, is 18 years. 
  • For Indian Residents, the age of the applicant should not be more than 60 years at the end of the loan tenure if they are salaried individuals. The maximum age for the co-applicant, in this case, is 60 years. 
  • For Indian Residents, the minimum age for application is 28 years if they are self-employed individuals. In this case, the minimum age for a co-applicant is 18 years. 
  • For Indian Residents, the applicant should not be over 70 years of age at the end of the loan tenure if they are self-employed individuals. In this case, the maximum age for the co-applicant is 65 years. 
  • For NRIs, the applicant should be at least 25 years of age. The age of the co-applicant must be at least 18 years of age to qualify. This is the minimum age for both salaried and self-employed individuals. 
  • The applicant should not be more than 60 years of age at the end of the loan tenure for NRIs. The maximum age for a co-applicant is 65 years. This is applicable for both salaried and self-employed individuals. 

The age-related eligibility criteria may vary slightly depending upon the loan product that they have chosen. While younger applicants enjoy a higher repayment tenure, it is important to remember that the interest payout is higher when you extend the tenure. Therefore, it is advisable to choose the lowest tenure even when you have an option for maximum loan tenure.

ICICI Home Loan Eligibility Based on Value of Property

For home loans or any property loan, banks consider a very important factor called the LTV or the Loan to Value Ratio. This is the loan amount that the candidate is eligible for based on the value of the property. It is vital to understand that this amount does not depend upon the property's actual market value. Before the loan amount is sanctioned, a valuator from the bank will evaluate the property and determine the LTV. 

LTV is an important ICICI Bank Home Loan Eligibility Criteria because: 

  • It helps the bank assess the risk of approving the home loan for an applicant.
  • The customer can calculate the maximum loan amount that the bank will extend to them.
  • The down payment that you need to make towards your property is low if your LTV is high.
  • The bank does not over-lend to a customer when the LTV is accurately calculated.
  • To ensure that a customer is eligible for a loan, the bank may also consider the LTV for various properties.

ICICI Bank considers certain parameters when providing a home loan based on LTV. It primarily depends upon the total property value. In case the property is priced less than Rs.30 Lakhs, you get a 90% LTV. This means that you can avail of a loan amount equivalent to 90% of the property's value. If the value of the property is between Rs.30 Lakhs and Rs.70 Lakhs, you can get an 80% LTV. For properties priced higher than 80 Lakhs, the LTV available is 75%. 

ICICI Home Loan Eligibility Based on Credit Score

For most banks, the credit score is the most important eligibility criteria concerning any type of loan. However, the CIBIL score or the credit score required is lower if the loan is secured. This is why the CIBIL score required for a home loan is lower than a personal loan. With home loans, the property purchased is provided as security to the bank. 

To be eligible for an ICICI Bank home loan, the applicant should have a credit score of at least 700. 

The Credit Bureau calculates the credit report based on your financial transactions. It is used to determine how disciplined an individual is regarding their finances. Various parameters are taken into consideration to determine the credit score: 

  • The status of current loans and credits: If you are regular with your repayments towards existing loans and credit card bills, then your credit score is higher. It shows that you are a credible borrower who can make regular repayments towards your loans.
  • The ratio of secured loans and unsecured loans: Secured loans are ones that you provide security against. Unsecured loans do not require any security. If the number of unsecured loans like personal loans is high, then it is considered that the individual is under financial stress. As a result, the credit score reduces significantly.
  • The use of credit limit: It is important to wisely use your credit limit to maintain a good credit score. If the applicant is in the habit of using up the maximum credit limit or withdrawing cash using a credit card, it shows that they are under financial stress. This automatically causes the credit score to reduce.  
  • Income: The higher the income, the higher your CIBIL score. If you have a high, steady income, it means that you enjoy good financial health. Therefore, you are considered a credible candidate to avail of loans and other credit facilities.
  • Loan applications: Whenever you apply for loans, make sure that you choose your products carefully and only apply for those you are eligible for. If you send out multiple applications in a short period, it affects your credit score. Too many loan applications show that you are in dire need of funds. As a result, it reflects poorly on your financial health, reducing your credit score.

ICICI Home Loan Eligibility for Women

ICICI Home Loan Eligibility for Women is the same as other applicants. However, some subsidies are extended to women applicants, as mentioned below: 

  • The interest rate for home loans for women starts at 8,35% and extends to 8.80%.
  • For floating interest rates, the range is between 8.70% and 8.90%.
  • In the case of fixed interest rates, the range is between 8.70% and 8.90%. This is applicable for a tenure of 5 years and 10 years.
  • In the full loan tenure case, the fixed interest rate is between 9.70% and 10.05%.

To enjoy these interest rates, the woman should be the sole applicant for the loan or the primary applicant in case of a joint home loan application. She must also be the co-owner of any property financed under any home loan product available with ICICI Bank. 

ICICI Housing Loan Eligibility Calculator based on FOIR

An important parameter, the FOIR or Fixed Obligation to Income Ratio, is considered under ICICI Bank Home Loan Eligibility Criteria. With your monthly income, you also have some fixed financial obligations. These are mandatory payouts every month and include your EMIs towards other loans, your credit card payments, PF, Rent, and other expenses. 

FOIR is calculated as a percentage using a simple formula (Total Expenses per Month/ Total Income Per Month) X100. To get an ICICI home loan, you need a FOIR of 65%. This means that your mandatory monthly expenses should not be more than 65% of your monthly expenses. Then, you have enough funds each month to make regular payments towards your home loan. 

If the FOIR is lower than the required limit, there is a good chance that the EMI payable will become a financial burden for you. As a result, you become a high-risk borrower. 

How To Increase Your ICICI Bank Home Loan Eligibility 

You can increase your ICICI Bank Home Loan Eligibility in several ways and enjoy benefits like lower interest rates. Here are some useful tips: 

  • Try to repay existing loans: If you have any existing loans, try to make part payments or foreclose the loans completely. When you reduce your loans, you increase your CIBIL score. The higher your CIBIL score, the better are your chances of getting loan approval from ICICI bank. While repaying loans, focus on your unsecured loans and try to pay them off first. Unsecured loans are loans against which no security is taken.
  • Ensure all your payments are up to date: All payments towards your credit card should be up to date. This is also an important factor in increasing your CIBIL score. Here is another important tip to improve your CIBIL score. Make repayments towards your credit cards before the due date to improve your credibility as a borrower.
  • List all your income sources: Normally, ICICI bank takes your fixed monthly income to determine whether you are eligible for a loan. However, your eligibility can be increased by showing multiple income sources. This includes any bonus or upcoming pay raise. You can also show income from rented properties as income. This shows that you have a higher repayment capacity for your home loan.
  • Add a co-applicant: It is a good idea to apply for a home loan with a spouse, parent, or child. The co-applicant must also fulfil certain eligibility criteria. However, with a co-applicant, you get the advantage of added income. You can enjoy a higher repayment tenure if you have a younger co-applicant. It is strongly advised that you choose a woman co-applicant to enjoy subsidised interest rates on your home loan.
  • Increase the tenure for your loan repayment: This is a great way to improve your eligibility for an ICICI Bank Home Loan. A longer repayment tenure means a lower EMI as it is divided over a longer period. However, you must service interest for a longer tenure as well. Therefore, the interest paid towards the loan is lower when you choose a lower repayment tenure. You are advised to choose the lowest tenure possible.
  • Be careful with using your credit limit: If you max out all your credit cards or use them for making cash withdrawals, your credit score reduces significantly. Try to reduce the use of your credit card to keep a good credit score and consequently increase your home loan eligibility.

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ICICI Bank Home Loan Eligibility FAQs

What are the Eligibility criteria to get an ICICI home loan?

The eligibility criteria for an ICICI Bank Home Loan depends upon various factors, but primarily your employment status. 

For salaried individuals: 

  • The minimum income required per month is Rs.12000. 
  • The applicant must be within 23 to 60 years. 
  • In the case of NRIs, the age bracket is between 25 years to 60 years. 

For self-employed individuals: 

  • The minimum annual income for self-employed individuals after deducting taxes should be Rs.1.5 Lakhs.
  • The applicant must be within 28 years to 70 years.
  • In the case of NRIs, the age bracket is between 25 years to 60 years. 

Other criteria: 

  • The FOIR of the applicants should be 60%. 
  • The applicant should have a credit score of at least 700. 

Does adding a co-applicant increase housing loan eligibility?

Even if the co-applicant is not earning, ICICI Bank advises that you add them to your loan application to increase your eligibility for the loan. There are two benefits of adding a co-applicant: 

  • The co-applicants income is taken into consideration to increase the net monthly income. 
  • If the co-applicant is young, you can enjoy a longer repayment tenure for your loan. 

Are NRIs eligible for ICICI home loans?

Yes. ICICI Bank offers home loans for NRIs and PIOs. These loans are available for salaried and self-employed individuals within the age bracket of 25 years to 60 years. The applicant must not be over 60 when the loan tenure comes to an end. 

How does ICICI Bank decide my home loan eligibility?

The documents that you submit along with your loan application helps ICICI bank determine if you are eligible for the loan. They also check your latest CIBIL report to check your credit score and eligibility for home loans. 

How can I ensure my chances of being eligible for an ICICI Bank home loan to remain high?

There are several options for you to increase your home loan eligibility: 

  • Include a co-applicant for your home loan. 
  • Make sure that all the repayments for your current loans and credit cards are up to date.
  • Repay existing home loans. 
  • Show multiple income sources such as rent from other properties and bonuses to improve your chances of getting approval on your loan.

What is the minimum income needed for ICICI Bank Home loans? Can I show other income sources?

The minimum income required for an ICICI Bank home loan is Rs.12000. You can improve your eligibility and also get better interest rates by showing other income sources like rentals expected or any bonus or promotion that is due. Another way to improve the income that you show on your home loan application is to add a co-applicant with your loan application. 

What does FOIR mean?

FOIR is a fixed obligation to the Income Ratio. Currently, the minimum FOIR required for an ICICI Bank home loan is 60%. This means that after deducting all the mandatory expenses each month, the final amount should not be more than 60% of your income. The mandatory expenses include your rent, EMIs towards other loans, fees towards education, etc. FOIR ensures that you do not feel the burden of paying EMIs each month, causing missed payments. 

What is the CIBIL Score required for ICICI Bank Home Loan eligibility?

The current CIBIL Score requirement for ICICI Bank Home loan eligibility is 700. However, check with your bank before applying for a loan. You can add a co-applicant or show better income sources in order to become eligible for a home loan. 

 

How can I improve my CIBIL Score to become eligible for an ICICI Bank Home Loan?

There are some easy options to improve your CIBIL score for an ICICI Bank Home Loan: 

  • Make sure all your credit card dues and loan repayments are up to date. 
  • Try to pay off any unsecured loans. 
  • Do not send out too many applications for loans in a short span of time. 
  • Avoid maxing out the limit on your credit cards. 
  • Do not make cash withdrawals using your credit card. 

Is it better to choose a long repayment tenure?

If you increase your repayment tenure, the EMI that you pay each month reduces significantly. However, if you have the option, reduce your repayment tenure. This avoids paying too much towards the interest for your loan by the end of the term. You can also close your loan much faster and become debt-free sooner.

How to check eligibility for an ICICI Bank Home loan online?

To check your eligibility for ICICI Bank Home Loans, visit your nearest branch or call their customer care number. Alternatively, you can use an eligibility calculator online. You need to fill up some personal details and share basic documents. This is processed instantly to check if you are eligible for a home loan.