A dream home can be much closer to actuality if you live a monetarily disciplined and a well-organized life. All that it needs, is to play it smart at the right time when you are doing well personally as well as professionally.
Loan applicants can state their income, and most banks are prepared to allow short-term alterations based on those info. But to make these reforms permanent, the banks have to receive income papers like Income Tax Returns, bank statements etc. ICICI Home Loan Eligibility Calculator is a tool that will help you understand how much you can borrow and the tenure in which you can pay back that. This will help you strategize your finances accordingly without this loan affecting your other commitments.
Firstly an ICICI home loan applicant should be of age 21 and above. The minimum income requirement for salaried applicant is INR five lakhs annually, and for self-employed or freelance professionals, it would be INR 7.5 lakhs per year.Why should one calculate home loan eligibility through ICICI Bank website?
Eligibility Calculator for ICICI Home Loans offers you the most precise estimation of housing loan amount that you can mortgage from that bank. You can get immediate sanction even if you have not decided on which property to buy.
Home Loan eligibility is gauged after taking into consideration numerous factors like monthly income, stable monthly financial commitment, age, retirement age etc. Your home loan eligibility may also be considered a pointer of how much home loan you can afford to take. Your house loan eligibility can be further improved if you include your income details of your co-applicant (preferably spouse).
Further Reading: Check Home Loan Eligibility .
This reduction from the current rate will definitely influence your EMI or tenure.
Minimum part pre-payment sum must at least be one EMI.
It is completely based on your annual income and expenditures. Frequently, the banks recommend you to limit your EMI to 35 to 45 percent of your earnings per month.
To refinance is to get loan from one bank to settle a loan availed from a different bank. This is usually opted if the rates in your bank are higher.