1. What is ICICI Home Loan Eligibility?

The ICICI Bank Home Loan Eligibility Calculator helps determine how much you can borrow based on your income, expenses, credit score, and current interest rates. ICICI offers home loans starting at 8.45% p.a. with minimum income requirement of ₹30,000 and credit score of 700+.

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)
• \( n \) — Total number of payments (years × 12)

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

3. Importance of Loan Eligibility

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

4. Using the Calculator

Tips: Enter your comfortable monthly EMI, current ICICI home loan rate (default 8.45%), desired loan term, monthly income, and credit score. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's current home loan interest rate?
A: Rates start at 8.45% p.a. (as of 2024) but vary based on loan amount, term, and applicant profile.

Q2: What is the minimum income requirement?
A: ICICI requires minimum monthly income of ₹30,000 for home loan eligibility.

Q3: What credit score is needed?
A: Minimum 700 credit score is recommended for ICICI home loan approval.

Q4: How is EMI calculated?
A: EMI = [P × r × (1+r)^n] ÷ [(1+r)^n-1], where P=loan amount, r=monthly rate, n=term in months.

Q5: What factors affect eligibility?
A: Income, existing debts, credit history, property value, loan term, and interest rate.