Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, announced that it crossed the milestone of disbursing mortgage loans of over Rs 1.5 trillion, a first among private sector banks in the country, making it the largest mortgage lender among private sector banks. It aims to grow its pan-India mortgage book to Rs 2 trillion by end of FY20.
Further, in a bid to digitise the mortgage eco-system, the Bank has enabled developers to obtain approvals for their projects in a paperless manner. This initiative has enabled the Bank to approve 2,000 new housing projects, completely online.
The Bank has also enabled an unmatched online repository of 30,000 approved projects across 40 cities for its customers. The portal aims to offer a one-stop-shop experience for home buyers where they can conveniently select their dream home from a large array of housing projects approved by the bank, check their home loan eligibility as well as apply for a home loan anytime, anywhere – all from a single portal – home.icicibank.com
Speaking on the milestone, Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank catalysed the growth of retail lending in the country in early 2000 by making retail loans especially home loans widely accessible and affordable. Over the years, we have embarked on many new initiatives: introduced innovative range of home loan products widened distribution network and leveraged on digital technology like Tab Banking and fully online sanctions within 8 working hours. As a result of our continued endeavour, we have crossed the milestone of disbursing over Rs 1.5 trillion of mortgage loans, in a profitable manner with the lowest delinquency in the industry.”
“We will continue to expand our mortgage portfolio at an annual growth rate of over 15% and aim to cross Rs 2 trillion by end of FY20. To achieve this, we are expanding our network to many new locations in tier II/III cities as well as micro- markets on the periphery of major cities and continue to leverage on technology to offer home loans in a fully digitised manner,” he further added.
ICICI Bank offers a host of products in its suite of home loan offerings, including India’s first mortgage guarantee home loans and Step-Up home loans that allows customers to get a higher loan amount. It has also launched a slew of digital initiatives to bring simplicity to the process of availing a home loan.
This includes home loan application on tablets & smartphones, Express Home Loans – fully online home loan approval in 8 working hours and a mobile app to make subsequent disbursements for under construction projects quick and easy.