Private sector lender ICICI Bank on Thursday announced the launch of two instantaneous home loan facilities, one of which would enable instant and paperless home loan approval of up to ₹1 crore.
The ‘Instant Home Loan’ service enables pre-approved salaried customers of the bank to avail final sanction letter digitally and instantly for loans up to ₹1 crore for a tenure of up to 30 years (based on the age of the customer) using internet banking facility.
The ‘Insta Top Up Loan’initiative would enable existing home loan customers of the bank to avail the facility of topping up their loan immediately up to ₹20 lakh for a tenure up to 10 years, in a completely digital and paperless manner.
“We believe that in addition to digitisation, outreach to Tier-II, III cities and micro-markets and focus on affordable housing, is the key to rapid growth for our mortgage portfolio. In line with this strategy, we have expanded our mortgage business to over 500 Tier II, III, IV markets this fiscal,” said Anup Bagchi, Executive Director, ICICI Bank.
The private sector lender also created a new seamless experience for mortgages and has identified 500 high-potential branches for mortgages with a dedicated area for the business.
ICICI Bank has the largest mortgage portfolio among private sector banks in the country. “In 2016, we crossed the milestone of cumulatively disbursing mortgage loans of ₹1 lakh cr. We are on course of touching a mortgage portfolio of ₹2 lakh cr by March 2020,” Bagchi said.