In order to be eligible for a home loan, you need to be
 Salaried individual, or
 A self-employed individual/ professional.
You must satisfy the age and income requirements and be able to demonstrate a stable income.
If your spouse is salaried, then you can add him/her as a co applicant and this income will be considered while determining your eligibility for the loan.

Will I qualify for a home loan? What do lenders look for?
Lenders look at several factors while determining the state of your housing loan application. They include the following indicators:

Your credit score: Typically, you need a minimum credit score of 750 for lenders to proceed with processing your application. A credit score of 750 or above reassures lenders that you are a responsible borrower and have a good track record of making repayments.

Your credit report: Lenders look closely at the applicant’s credit score and credit history. They check your payment history over the years to see if you have a record of making payments on time and in full over a long period. They also check for any written-off accounts in the past to see if you have defaulted on any prior debt obligations. All these indicators of poor credit behavior are red flags for lenders, even if your current credit score is adequate. They will also look at your existing loan obligations to see if you can take on additional debt payments on your present and predicted future salary.

Employment status and salary: Lenders want to be assured that you will have a steady monthly income to pay off your EMIs over the loan period. The tenure of a home loan can stretch for decades and lenders want to know if you have a high probability of steady employment and income during that period.Clean title deed and complete documentation of the property: While this requirement is not related to your individual credit situation, banks want to ensure that there would be no issues with the collateral (the home) in the event of a loan default. They will first make sure that all the legal documents relating to the property are in order.

Home Loan Documents Required

Identity Proof (anyone)	Residence Proof (any one)	Other Documents
Driving License	Copy of Electricity Bill/Water Bill/Telephone Bill	Employer Identity Card
PAN	Copy of valid Passport/Aadhar Card/Driving License	Duly filled loan application form affixed with 3 passport size photographs
Voter ID		Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport		Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

For Self-employed Applicant/Co-applicant:	For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 years	Salary Slips for the last three months
Certificate of Qualification (for Doctors/C.A. and other professionals)	Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years
Business License Details
Business address proof
TDS Certificate

Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one)	Residence Proof (any one)	Other Documents
PAN	Telephone bill	Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport	Electricity bill	Proof of residence indicating the applicant’s current overseas address
Driver’s License	Water bill	Employer Identity Card
Voter ID Card	Piped Gas bill	If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
	Valid Passport	PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
	Driving License	The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
	Aadhar Card	The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

Income Proof Documents for NRI

For Self-employed Applicant/Co-applicant	For Salaried Applicant/Co-applicant
Proof of income if the applicant/co-applicant is a self-employed professional/businessman.	Valid work permit
Business address proof	Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years	Salary slips for the last 3 months
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries.	Bank statements indicating salary credit for the last 6 months
Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months.	Copy of the Identity Card issued by the current employer along with the latest salary slip (original).
	Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

The Pradhan Mantri Awas Yojana (PMAY) has been introduced by Prime Minister, Narendra Modi on 1 June 2015. PMAY Scheme is an initiative provided by the Government of India which aims at providing affordable housing to the urban poor. The mission is to provide housing for all by the year 2022, by that time Nation completes 75 years of its Independence. Under this scheme, affordable houses will be built in selected cities and towns using eco-friendly construction methods for the benefit of the urban poor population in India. Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG). The eligibility criteria for you to avail the ICICI Bank Pradhan Mantri Awas Yojana (PMAY) depends on the following factors:

Particulars	EWS	LIG	MIG – I	MIG – II
Annual Household income	Up to 3 lakh	3 to 6 lakh	6 to 12 lakh	12 to 18 lakh
Interest rate Subsidy	6.50% p.a	6.50% p.a	4.00% p.a.	3.00% p.a.
Home Loan Tenure (Max)	20 years	20 years	20 years	20 years
Maximum Eligible Home Loan Amount to Qualify for Subsidy	Rs.6 lakh	Rs.6 lakh	Rs.9 lakh	Rs.12 lakh
Maximum Dwelling Unit Carpet Area	30 sq. m	60 sq. m	120 sq. m	200 sq. m
Maximum Interest Subsidy Amount	Rs.2.67 lakh	Rs.2.67 lakh	Rs.2.35 lakh	Rs.2.30 lakh
Discount Rate for NPV Calculation of Interest Subsidy	9.00%	9.00%	9.00%	9.00%
Women ownership	Mandatory	Mandatory	Not Mandatory	Not Mandatory

Eligibility Criteria:

• The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
• In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
• The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

Beneficiaries:

• The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
• The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India