ICICI Bank home loan portfolio crosses Rs 1-lakh cr mark

Country's largest private lender launches new online home approval facility

ICICI Bank-country's largest private sector lender- has managed to cross home loan disbursal of Rs 1 lakh crore, it said in a release. The lender said that it is the first amongst the private banks to have crossed this mark.

Rajiv Sabharwal, Executive Director, ICICI Bank said that several steps taken by the bank such as taking home loans to smaller towns, making applications easier for the borrowers and offering doorstep services and disbursing loans quickly has helped them in taking the lead.

"In our journey through the years, we embarked on many initiatives: we introduced a whole new range of products, built a wider distribution network and leveraged on technological advancements like Tab Banking. As a result of our continued endeavour, we have crossed the milestone of disbursing over Rs 1 lakh crore of mortgage loans in a profitable manner with the lowest delinquency in the industry," he added.

In a bid to expand the home loan portfolio further, the lender has launched two new services regarding mortgages on the digital platform.

The 'home loan express' will allow home loan approval via the digital platform in only eight hours. This service is available for all salaried individuals, including non-ICICI Bank customers and will be the final approval.

The second new digital service-will allow consumers to avail part disbursement of home loans for under construction projects by applying through the bank's 'iLoans' mobile application. For this, the customer will have to download the 'iLoan' app, scan and upload the demand letter from builder and proof of own contribution.

"We believe these initiatives will bring simplicity to the home loan process, while delivering solutions at a never-seen-before speed," added Sabharwal.