1. What is ICICI Home Loan Eligibility?

The ICICI Home Loan Eligibility Calculator determines how much you can borrow based on your income, credit score, and repayment capacity. ICICI Bank requires minimum income of Rs 30,000 and credit score of 700+ for home loan approval.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Loan amount (principal)
• \( PMT \) — Affordable monthly payment
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)

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

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in home search and financial planning. ICICI Bank considers income, credit history, existing obligations, and property value.

4. Using the Calculator

Tips: Enter your affordable EMI (minimum Rs 30,000), current interest rate, desired loan term (max 30 years), credit score, and monthly income. All values must meet ICICI's minimum requirements.

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI's minimum home loan amount?
A: ICICI typically offers home loans starting from Rs 5 lakhs up to Rs 5 crores, depending on eligibility.

Q2: What documents are required for ICICI home loan?
A: Typically need income proof, identity/address proof, property documents, and bank statements.

Q3: What is ICICI's current interest rate?
A: Rates vary (typically 8.5-9.5% p.a.) based on loan amount, term, and borrower profile.

Q4: How can I increase my eligibility amount?
A: Increase income, improve credit score, opt for longer tenure, or add co-applicant.

Q5: Does ICICI offer pre-approved home loans?
A: Yes, pre-approved offers are available for existing customers with good banking relationship.