ICICI Bank launches 48-hour home loan processing in Mysore

ICICI Bank has stepped up its support to realty market in Mysore by launching a 48-hour home loan-processing scheme. The fast track scheme was introduced last week.

Announcing its launch at the 'My Realty-2007', bank's emerging market mortgage finance group national head Satish Kulkarni said, "If we do not do it (process within 48 hours), we will refund the processing fee."

He also said the bank would focus on Mysore in all its future property development cross-location events conducted regularly at leading centres across the country. The events are part of the bank's retail property services in India.

ICICI has seen a 30 per cent growth in the home loan sector in the last two years. In volume, it has risen to Rs. 10-12 crore from Rs. 3-4 crore. The monthly disbursement is currently between Rs. 7 and 15 lakhs. Advance property funding ticketings have risen to 45 from 25. Last 90 days alone saw sanction of about a dozen schemes, he said.

Expecting the bank's home project clearances to touch Rs 100 crore in the next 2-3 years, Kulkarni said as the chief guest of the realty show organised by the Builders' Association of India (BAI) at Hotel Regaalis that Mysore had become the real growth city after Bangalore.

"What place is Pune for Mumbai, Mysore has the same place for Bangalore today," Kulkarni said assuring property developers of the bank's support in construction finance and other property services.

Inaugurating the realty show, Deputy Commissioner Rangarayan Selvakumar said Mysore was growing at a rapid speed. Its growth in the last three years was phenomenal.