1. What is ICICI Home Loan Eligibility?

The ICICI Bank Home Loan Eligibility Calculator helps you determine how much loan amount you can get based on your repayment capacity. ICICI offers home loans starting at 6.70% p.a. with a minimum income requirement of ₹30,000.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months (years × 12)

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly, the interest rate, and loan duration.

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in financial planning, property selection, and ensures you don't apply for amounts beyond your repayment capacity.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI, current ICICI home loan interest rate (default 6.70%), and desired loan term. Minimum income requirement is ₹30,000.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current home loan interest rate?
A: Rates start at 6.70% p.a. but may vary based on applicant profile, loan amount, and property type.

Q2: What factors affect home loan eligibility?
A: Income, existing obligations, credit score, property value, loan tenure, and interest rate.

Q3: Is there a processing fee for ICICI home loans?
A: Yes, typically 0.5% to 1% of loan amount plus GST, with minimum and maximum caps.

Q4: What documents are required for ICICI home loan?
A: Identity proof, address proof, income documents, property papers, and bank statements.

Q5: Can I prepay my ICICI home loan?
A: Yes, with certain conditions. Partial prepayments allowed after 6 EMIs with no charges for floating rate loans.