<p style="text-align: justify;"><span style="font-weight: 400;">A home loan, like any other loan, is accessible to only those who match the eligibility criteria which varies from one lender to another. ICICI Bank also has a set criteria based on which it offers housing loans. </span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">In this article, we will help you identify whether you are eligible for it or not. Later in this article, we have given an example showing how </span><b>home loan EMI calculator</b><span style="font-weight: 400;"> is done on the basis of details such as loan amount, interest rate and tenure. </span></p>
<h3 style="text-align: justify;"><b>ICICI Home Loan Eligibility</b></h3>
<p style="text-align: justify;"><span style="font-weight: 400;">The basic criteria that the bank looks for is mentioned below:</span></p>
<ul style="text-align: justify;">
<li style="font-weight: 400;"><span style="font-weight: 400;">All salaried, as well as self-employed Indians with a regular source of income</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Family members such as an earning spouse can be the co-applicant</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Co-owners must be co-applicants of the loan as well.</span></li>
</ul>
<p style="text-align: justify;"><span style="font-weight: 400;">You should also know that documentation is very important to get the approval. The most important document that you must have is the property documents. You should also look for a property in an authorized location because then only the bank would accept your application. Below are the documents you must keep:</span></p>
<h3 style="text-align: justify;"><b>Documents for ICICI Home Loans </b></h3>
<p style="text-align: justify;"><span style="font-weight: 400;">The list of documents required to apply for the home loan is as follows:</span></p>
<p style="text-align: justify;"><strong>For Salaried</strong></p>
<ul style="text-align: justify;">
<li style="font-weight: 400;"><span style="font-weight: 400;">Application form with duly signed photograph</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Age, Residence &; Address Proof</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 6 Months Bank Statements</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Months Salary Slips</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Processing Fee Cheque</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Form 16/Income Tax Returns</span></li>
</ul>
<p style="text-align: justify;"><strong>For Self-employed Professional</strong></p>
<ul style="text-align: justify;">
<li style="font-weight: 400;"><span style="font-weight: 400;">Application form with duly signed photograph</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Age, Residence &; Address Proof</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 6 Months Bank Statements</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Months Salary Slips</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Processing Fee Cheque</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Form 16/Income Tax Returns</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Education Qualification Certificate &; Proof of Business Existence</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Years Income Tax Returns with Computation of Income</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Years CA Certified/Audited Balance Sheet and Profit &; Loss Account</span></li>
</ul>
<p style="text-align: justify;"><strong>For Self-employed Non-Professionals</strong></p>
<ul style="text-align: justify;">
<li style="font-weight: 400;"><span style="font-weight: 400;">Application form with duly signed photograph</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Age, Residence &; Address Proof</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 6 Months Bank Statements</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Months Salary Slips</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Processing Fee Cheque</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Form 16/Income Tax Returns</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Proof of Business Existence</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Business Profile</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Education Qualification Certificate &; Proof of Business Existence</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Years Income Tax Returns with Computation of Income</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Last 3 Years CA Certified/Audited Balance Sheet and Profit &; Loss Account</span></li>
</ul>
<h3 style="text-align: justify;"><b>Home Loan EMI Calculator</b></h3>
<p style="text-align: justify;"><span style="font-weight: 400;">The major advantage of using a calculator is that you get accurate results instantly. Other than the accuracy, you get the advantage of knowing in advance, not only the EMIs or the equated monthly installments but also the total interest outgo and the total amount (principal+interest). This tool takes into account the following details:</span></p>
<ul style="text-align: justify;">
<li style="font-weight: 400;"><span style="font-weight: 400;">Loan amount</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Tenure</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Interest rate</span></li>
</ul>
<p style="text-align: justify;"><span style="font-weight: 400;">On the basis of the above data, this calculation tool would give you the details of the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan with the below details:</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">Loan amount- â¹20 lakhs </span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">Interest rate- 8.50% p.a.</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">Tenure- 20 years</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">The payment details will be as follows:</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">Monthly EMI- â¹17,356</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">Total Interest Outgo- â¹21,65,552</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">Total Amount (Interest + Principal)- â¹41,65,552</span></p>
<p style="text-align: justify;"><span style="font-weight: 400;">With the above information, we hope you have understood your eligibility for </span><b>ICICI home loan</b><span style="font-weight: 400;">. </span></p>

How Can You Calculate ICICI Home Loan Eligibility
