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.
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:
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.
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:
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:
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.
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:
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.
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:
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%.
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:
ICICI Home Loan Eligibility for Women is the same as other applicants. However, some subsidies are extended to women applicants, as mentioned below:
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.
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.
You can increase your ICICI Bank Home Loan Eligibility in several ways and enjoy benefits like lower interest rates. Here are some useful tips:
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The eligibility criteria for an ICICI Bank Home Loan depends upon various factors, but primarily your employment status.
For salaried individuals:
For self-employed individuals:
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:
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.
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.
There are several options for you to increase your home loan eligibility:
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.
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.
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.
There are some easy options to improve your CIBIL score for an ICICI Bank Home Loan:
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.
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.
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