Home Loan Eligibility Criteria | ICICI Bank

 Understanding ICICI Bank Home Loan Eligibility Criteria

During this time everyone takes a loan from banks or financial institutions for some need, such as home loan, vehicle loan, etc. If they take a loan, they should know about the bank and the loan. That's why we are posting information about banks and banking through this post every day to help you. Today's article will be beneficial for you in this regard. Let's find out what are the eligibility and documents required to get a home loan from ICICI Bank.

ICICI Bank offers home loans to individuals who meet specific eligibility criteria and can provide the necessary documentation. Below is a breakdown of the eligibility and required documents for obtaining a home loan from ICICI Bank:

Eligibility Criteria for Home Loan from ICICI Bank

1. Age Limit:

•     Salaried individuals: Minimum 23 years and Maximum 58 years at the time of loan maturity.
•     Selfemployed individuals: Minimum 23 years and Maximum 65 years at the time of loan maturity.

2. Income Criteria:

•     Salaried employees: Must have a stable income and a minimum monthly salary (varies based on location and loan amount).
•     Selfemployed individuals: Must have a steady source of income and at least 3 years of business continuity.

3. Employment Status:

•     Salaried: Employed in a government, public or private sector company, or an MNC.
•     Selfemployed: Having a stable business or professional income (e.g., doctors, chartered accountants, etc.).

4. Credit Score: 

    ICICI Bank generally requires a CIBIL score of 750 or higher for a smooth approval process. A higher score increases the chances of approval and may also result in better interest rates.

5. Loan Amount:

    ICICI Bank offers home loans based on the applicant’s income and repayment capacity. The loan amount can range from ₹1 lakh to ₹10 crore or more, depending on the applicant's eligibility.

6. Repayment Tenure: 

    The loan tenure can range from 5 to 30 years, depending on the applicant's age, income, and repayment capacity.

Documents Required for Home Loan from ICICI Bank

1. Identity Proof:

•     Aadhaar Card
•     Passport
•     Voter ID
•     Driving License
•     PAN Card

2. Address Proof:

•     Aadhaar Card
•     Passport
•     Electricity/Water Bill (Not older than 3 months)
•     Rent Agreement (if applicable)
•     Bank Statement (with current address)

3. Income Proof:

    Salaried Individuals:

•       Latest Salary Slips (Last 3 months)
•       Bank Statements (Last 6 months)
•       Form 16 (Latest)
•       Income Tax Returns (ITR) (Optional, but can be requested)
•       Employer’s Salary Certificate (if applicable)

    Selfemployed Individuals:

•       Business Continuity Proof (at least 3 years)
•       ITR (Last 2 years, with balance sheet and profit & loss account)
•       Bank Statements (Last 6 months)
•       Business Registration Documents (e.g., GST Registration)
•    

4. Property Documents:

•     Title Deed of the property (if already owned)
•     Sale Agreement/Builder Agreement (if the property is under construction or being purchased from a builder)
•     Approved Building Plan (for underconstruction properties)
•     Allotment Letter (in case of flat or apartment purchase)
•     NOC (No Objection Certificate) from the builder (for underconstruction properties)

5. Other Documents (If Applicable):

•     Last 6 months’ bank statements
•     Loan account statements (if you have existing loans, for assessment of EMI eligibility)
•     Photographs (passport size)

6. Processing Fees:

    ICICI Bank may charge a processing fee for the home loan application, which varies depending on the loan amount and type of property.

Additional Points to Note:

 Coapplicants: ICICI Bank may allow joint applicants (coowners of the property), and the documents will be required from all coapplicants as well.

 Property Location: Loans may be subject to locationspecific terms and conditions. Loan eligibility may also vary based on the area in which the property is located.

It’s advisable to visit the ICICI Bank website or your nearest branch for the most updated information or if you have specific queries. ICICI Bank also provides a Home Loan Eligibility Calculator on their website, which can give a preliminary idea of your loan eligibility based on your income and other factors.