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Our Bureau

Bangalore , Feb. 12

ICICI Bank has said that its home loan portfolio for the current fiscal in the first nine months almost equalled disbursements made in the entire last fiscal.

The bank disbursed Rs 86,406 crore till December-end, marginally less than Rs 86,595 crore disbursed in the financial year 2002-03, said Mr Rajiv Sabharwal, Chief Operating Officer, Home Loans.

The bank currently processes 1,000 transactions per day, involving Rs 35-crore daily disbursements. In the process, it is adding close to 30,000 new customers in the home-loan segment per month.

A new product called MaxMoney that involves higher eligibility for home loan seekers and step-up equated monthly payment system was likely to swell the home loan portfolio further, Mr Sabharwal said. However, he did not detail the bank's estimated home loan portfolio by the fiscal-end.

The four southern States are significant contributors to ICICI Bank's home-loan business. According to statistics, Karnataka is leading over its peers in this region. Close to one third of the bank's business in the southern market comes from non-metros.

MaxMoney factors in a 30 per cent increase in home loan eligibility and the repayment period is divided into three phases. The monthly instalment is the lowest in the first two years, which is also the first phase of repayment. The EMI is gradually stepped up in the next two phases.

More Stories on : Housing Finance | Credit Market

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