1. What is ICICI Home Loan Eligibility?

The ICICI Bank Home Loan Eligibility Calculator helps potential borrowers estimate how much they can borrow based on their income, credit score, and current interest rates. ICICI requires minimum income of ₹30,000/month and credit score of 700+ for home loan approval.

2. How Does the Calculator Work?

The calculator uses the principal loan amount formula:

Where:

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

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

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in home search planning, understanding affordability, and preparing necessary documentation before applying.

4. Using the Calculator

Tips: Enter realistic monthly payment you can afford, current ICICI home loan rates, desired term (typically 15-30 years), your credit score, and monthly income. All values must be valid.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current home loan interest rate?
A: Rates vary (typically 8.5-10% p.a.) based on loan amount, term, and applicant profile. Check ICICI's website for current rates.

Q2: Can I get loan with income below ₹30,000?
A: No, ₹30,000/month is ICICI's minimum income requirement for home loans.

Q3: How can I improve my eligibility?
A: Increase income, improve credit score, opt for longer tenure, or add co-applicant with income.

Q4: Does this calculator show exact loan approval amount?
A: No, this is an estimate. Final approval depends on property valuation and ICICI's underwriting process.

Q5: What documents are required for ICICI home loan?
A: Typically need income proof, ID/address proofs, property documents, bank statements, and credit report.