ICICI Home Loan for Self Employed

Securing a home loan for self-employed individuals can be challenging. Their irregular income often leads banks to perceive them as risky borrowers. While some banks offer self-employed individuals loans, applicants might face stringent eligibility criteria and lengthy approval processes.

Yet, among others, an ICICI home loan for self-employed individuals stands out. Namely, the bank sees both salaried individuals and self-employed individuals alike. As a result, self-employed applicants can expect moderate eligibility criteria, a streamlined application process, and quick fund disbursement. Moreover, they can also look forward to more favourable rates and terms, making it a more borrower-friendly financing option for self-employed individuals.

Hence, to make your homeownership journey less difficult, Urban Money presents an overview of an ICICI home loan for self-employed. Hereunder, we will cover information such as an ICICI home loan interest rate for self-employed individuals, its eligibility criteria, required documentation, and more.

ICICI Home Loan for Self-Employed – Highlights

The following are the key parameters of an ICICI home loan for self-employed individuals:

ICICI Home Loan for Self-Employed – Fees and Charges

Let’s take a look at the following fees and charges you can expect in an ICICI home loan for self-employed individuals:

ICICI Home Loan for Self-Employed – Documents Required

Following are the required documents that you may need to submit regarding an ICICI home loan for self-employed:

• Proof of Identity: Aadhaar card, PAN card, passport, voter ID, or driving licence.
• Proof of Address: Utility bills, passport, or driving licence.
• Proof of Income: Income tax returns for a minimum of 2 years, income proof certification from a Chartered Accountant (CA), regular filing of GST, TDS, and income tax, as well as business and personal bank statements for at least 3 years.
• Proof of Property: Title deed, sale agreement, approved plan, etc.

ICICI Home Loan for Self-Employed – Eligibility Criteria

The ICICI home loan eligibility for self-employed individuals is as follows:

• You must be an Indian citizen. 
• You must be between 28 and 70 years of age.
• You must have a minimum income of Rs 2,60,000 per year.
• You must have a good credit history and score.
• Your business must have been operational for at least 5 years.