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How Can You Calculate ICICI Home Loan Eligibility

How Can You Calculate ICICI Home Loan Eligibility

<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">A home loan&comma; like any other loan&comma; is accessible to only those who match the eligibility criteria which varies from one lender to another&period; ICICI Bank also has a set criteria based on which it offers housing loans&period; <&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">In this article&comma; we will help you identify whether you are eligible for it or not&period; Later in this article&comma; we have given an example showing how <&sol;span><b>home loan EMI calculator<&sol;b><span style&equals;"font-weight&colon; 400&semi;"> is done on the basis of details such as loan amount&comma; interest rate and tenure&period; <&sol;span><&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><b>ICICI Home Loan Eligibility<&sol;b><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">The basic criteria that the bank looks for is mentioned below&colon;<&sol;span><&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">All salaried&comma; as well as self-employed Indians with a regular source of income<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">An applicant must be at least 21 years of age to a maximum of 65 years of age&sol;retirement&comma; whichever is earlier&period;<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Family members such as an earning spouse can be the co-applicant<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Co-owners must be co-applicants of the loan as well&period;<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">You should also know that documentation is very important to get the approval&period; The most important document that you must have is the property documents&period; You should also look for a property in an authorized location because then only the bank would accept your application&period; Below are the documents you must keep&colon;<&sol;span><&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><b>Documents for ICICI Home Loans <&sol;b><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">The list of documents required to apply for the home loan is as follows&colon;<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><strong>For Salaried<&sol;strong><&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Application form with duly signed photograph<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Age&comma; Residence &amp&semi; Address Proof<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 6 Months Bank Statements<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Months Salary Slips<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Processing Fee Cheque<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Form 16&sol;Income Tax Returns<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><strong>For Self-employed Professional<&sol;strong><&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Application form with duly signed photograph<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Age&comma; Residence &amp&semi; Address Proof<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 6 Months Bank Statements<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Months Salary Slips<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Processing Fee Cheque<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Form 16&sol;Income Tax Returns<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Education Qualification Certificate &amp&semi; Proof of Business Existence<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Years Income Tax Returns with Computation of Income<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Years CA Certified&sol;Audited Balance Sheet and Profit &amp&semi; Loss Account<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><strong>For Self-employed Non-Professionals<&sol;strong><&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Application form with duly signed photograph<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Age&comma; Residence &amp&semi; Address Proof<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 6 Months Bank Statements<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Months Salary Slips<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Processing Fee Cheque<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Form 16&sol;Income Tax Returns<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Proof of Business Existence<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Business Profile<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Education Qualification Certificate &amp&semi; Proof of Business Existence<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Years Income Tax Returns with Computation of Income<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Last 3 Years CA Certified&sol;Audited Balance Sheet and Profit &amp&semi; Loss Account<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><b>Home Loan EMI Calculator<&sol;b><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">The major advantage of using a calculator is that you get accurate results instantly&period; Other than the accuracy&comma; you get the advantage of knowing in advance&comma; not only the EMIs or the equated monthly installments but also the total interest outgo and the total amount &lpar;principal&plus;interest&rpar;&period; This tool takes into account the following details&colon;<&sol;span><&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Loan amount<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Tenure<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400&semi;"><span style&equals;"font-weight&colon; 400&semi;">Interest rate<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">On the basis of the above data&comma; this calculation tool would give you the details of the EMI&comma; Total Interest Outgo&comma; and Total Amount&period; For instance&comma; if you are taking a home loan with the below details&colon;<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">Loan amount- ₹20 lakhs <&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">Interest rate- 8&period;50&percnt; p&period;a&period;<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">Tenure- 20 years<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">The payment details will be as follows&colon;<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">Monthly EMI- ₹17&comma;356<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">Total Interest Outgo- ₹21&comma;65&comma;552<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">Total Amount &lpar;Interest &plus; Principal&rpar;- ₹41&comma;65&comma;552<&sol;span><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><span style&equals;"font-weight&colon; 400&semi;">With the above information&comma; we hope you have understood your eligibility for <&sol;span><b>ICICI home loan<&sol;b><span style&equals;"font-weight&colon; 400&semi;">&period; <&sol;span><&sol;p>&NewLine;

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