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.
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 home loan EMI calculator is done on the basis of details such as loan amount, interest rate and tenure.
ICICI Home Loan Eligibility
The basic criteria that the bank looks for is mentioned below:
- All salaried, as well as self-employed Indians with a regular source of income
- An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.
- Family members such as an earning spouse can be the co-applicant
- Co-owners must be co-applicants of the loan as well.
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:
Documents for ICICI Home Loans
The list of documents required to apply for the home loan is as follows:
For Salaried
- Application form with duly signed photograph
- Age, Residence & Address Proof
- Last 6 Months Bank Statements
- Last 3 Months Salary Slips
- Processing Fee Cheque
- Form 16/Income Tax Returns
For Self-employed Professional
- Application form with duly signed photograph
- Age, Residence & Address Proof
- Last 6 Months Bank Statements
- Last 3 Months Salary Slips
- Processing Fee Cheque
- Form 16/Income Tax Returns
- Education Qualification Certificate & Proof of Business Existence
- Last 3 Years Income Tax Returns with Computation of Income
- Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account
For Self-employed Non-Professionals
- Application form with duly signed photograph
- Age, Residence & Address Proof
- Last 6 Months Bank Statements
- Last 3 Months Salary Slips
- Processing Fee Cheque
- Form 16/Income Tax Returns
- Proof of Business Existence
- Business Profile
- Education Qualification Certificate & Proof of Business Existence
- Last 3 Years Income Tax Returns with Computation of Income
- Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account
Home Loan EMI Calculator
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:
- Loan amount
- Tenure
- Interest rate
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:
Loan amount- ₹20 lakhs
Interest rate- 8.50% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹17,356
Total Interest Outgo- ₹21,65,552
Total Amount (Interest + Principal)- ₹41,65,552
With the above information, we hope you have understood your eligibility for ICICI home loan.