ICICI Home Loan Eligibility Calculator
Availing a home loan can be a daunting task. You might be unsure of the EMIs you need to pay. Don’t worry, the ICICI home loan calculator can help you calculate the home loan interest rate along with the loan tenure. All you need to do is feed the calculator a few inputs. As the calculator takes in all this information, it will display how much you need to pay on a monthly basis. With the ICICI home loan calculator, it’s that easy!
The following key factors will help you secure a home loan without hassle.
- Age of the applicant
- Salary of the applicant
- In total work experience
- If a person is self-employed
- CIBIL score
- The maximum EMI allowed depends on the individual's income
ICICI Bank Home Loan Eligibility Calculator - Key Features & Benefits
Following are the features of the ICICI bank home loan eligibility calculator:
- Ease of Access: Available on the ICICI Bank’s website, the loan eligibility calculator makes it really easy for anyone to take a home loan from the bank.
- Quick Assessment: The calculator offers a swift evaluation of potential home loan eligibility. All the users would need to do is insert their financial details to get an instant estimate.
- User-Friendly Interface: The calculator comes with a user-friendly interface. This makes it really easy for individuals to input their income and expenses, along with other relevant data.
- Financial Planning: Prospective home loan buyers can easily use the home loan calculator to better map their financial position.
- Customization Options: The users can adjust the various parameters within the calculator to check how the different scenarios may affect their eligibility.
- Informative Tool: The calculator serves as an informative tool, helping potential borrowers understand the link between their financial health and the loan amount they could secure.
- Assistance in Decision-Making: By providing a clear picture of one's loan eligibility, the calculator assists individuals in making informed decisions about the home loan process and their property investment.
How to Use ICICI Home Loan Eligibility Calculator?
Following are the steps you need to follow to use ICICI Home Loan Eligibility Calculator.
- Visit www.urbanmoney.com
- On the navigation menu, go to ‘Loans’ option, and select ‘Home Loan’
- The page showcasing top banks and NBFCs will open up
- Scroll down and select ‘ICICI Bank’
- You will be redirected to the 'ICICI Bank Home Loan' page where you will find ICICI home loan eligibility calculator
- Now, enter the required details, accept the T&Cs and then click on ‘Check Eligibility’
- Enter the OTP that you get on your mobile number and click submit.
- With this step done, the home loan eligibility calculator will indicate the total amount you will be eligible to claim.
ICICI Bank Home Loan Eligibility Criteria
The following criteria need to be fulfilled to avail of a home loan from ICICI Bank:
- One could be an Indian and a Non-Resident Indian
- The age of applicant must be between 25-65 years
- The minimum income of the primary applicant in case of a salaried person is INR 18,000
ICICI Bank Home Loan Eligibility Based on Salary
- The applicant should be a resident of India.
- He or she must be between 23 to 60 years of age.
- The monthly income of the applicant must be at least Rs. 12000
- The tenure of the loan amount can be extended up to 240 months.
- The loan amount available for the applicant is between Rs. 2 lakhs and Rs. 20 lakhs.
ICICI Bank Home Loan Eligibility Criteria for Self-Employed Individuals
The following are the home loan eligibility criteria for the self-employed individuals:
- One must be a resident of India.
- He or she should be between the ages of 23-70 years.
- The minimum monthly income required for a self-employed individual is Rs. 30000
- The loan amount available is between Rs. 2 lakh and Rs. 30 lakh
- The tenure of the loan is extendable up to a period of 240 months.
ICICI Bank NRI Home Loan Eligibility: Requirements for Non-Resident Indians
Following are the NRI home loan eligibility criteria and requirements for NRIs.
- NRI Status: The applicant must hold NRI status to be eligible for ICICI Bank Home Loan.
- Age Criteria: The age criteria for NRIs to avail home loan from ICICI Bank is between 21 and 65 years of age.
- Minimum Income Requirement: The minimum income requirement for NRIs is $42,000 (for salaried and self-employed individuals living in the US and other countries).
- Loan Amount: The loan amount will depend upon multiple factors such as income, repayment capacity, and other factors.
- Residential Status: For salaried people, the eligibility criteria is 1 year of time spent living outside India, and for the self-employed, it is 3 years spent living outside India.
List of Factors Affecting ICICI Bank Home Loan Eligibility
Here are a few factors that determine the eligibility of your home loan. These are as follows:
- Applicant’s Age: It needs to be noted that the applicant's age must be between 18 and 70 years of age.
- Overall Financial Stability: The higher the income, the higher the loan amount a user is eligible to claim.
- Overall Credit History: Ensure that your credit history is on track.
- Overall Credit Score: A minimum CIBIL score for eligibility is required.
- Other Financial Liabilities: Your existing loan obligations may also affect your loan eligibility.
Improving ICICI Bank Home Loan Eligibility
Here are the points you can consider to improve your home loan eligibility:
- You can add a co-borrower
- Provide details of all your additional sources of income
- Pre-pay your existing loans
- Improve the CIBIL score
Understanding Impact of Credit Score on ICICI Bank Home Loan Eligibility
The credit score can also help you get a better deal from the lender. If, as a user, your CIBIL score is above 750, the banks will easily lend you money. They might also slightly reduce the interest rate to reward you for having an excellent credit score.
Comparing Eligibility across Different ICICI Bank Home Loan Products
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People Also Asked About ICICI Housing Loan Eligibility Calculator
How do banks determine home loan eligibility?
Generally, banks decide an individual’s eligibility for a Home Loan based on credit score, income, age, work experience, current obligations, debt, etc.
How can I increase my eligibility for a higher ICICI Bank home loan amount?
One of the major factors affecting the eligibility of a home loan is the credit score. Thus, improving your credit score is one way to become eligible for a higher ICICI Bank home loan amount.