ICICI Bank introduces instant home loan approval upto Rs 1 Cr

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By Accommodation Times Bureau


ICICI Bank today announced instant & paperless home loan approval of upto Rs 1crore for the tenure of upto 30 years. It also started top-up loan service for existing customers to avail loan and instantly receive the money in the account.

Instant Home Loan, enables lakhs of pre-approved salaried customers of the Bank to avail final sanction letter digitally & instantly for loans upto Rs 1 crore for a tenure of upto 30 years (based on the age of the customer) using the Bank’s internet banking facility.

This facility significantly improves the customers’ convenience as they no longer required to visit a branch to submit physical documents like application form, KYC and income documents. It is a marked improvement on the existing practice of customers getting provisional sanctions of home loans from lenders on the basis of their self-declared information. The final sanction letter, which is delivered instantly from the Bank to the customer’s registered email id, is valid for six months.

Top Up Loan, helps existing home loan customers of the Bank to avail the facility of topping up loan instantaneously upto Rs 20 lakh for a tenure upto 10 years, in a completely digital and paperless manner. The facility helps the customers to get the top up amount disbursed immediately in their account as compared to the industry practice of approving and disbursing a top-up home loan in a few working days.

Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has catalysed the growth of retail lending in the country by making home, auto and other retail loans widely accessible and affordable. As a result of our continued endeavour, we have the largest mortgage portfolio among private sector banks in the country with the lowest delinquency levels.

“In line with this strategy, we have expanded our mortgage business to over 500 tier II, III, IV markets this fiscal. With this expansion, we are now offering home loans at over 1500 locations, the maximum among private sector banks. In fact, our growth in disbursements in these markets is growing at a CAGR of over 20%, as compared to the industry average of 12%”, he added.

In 2016, we crossed the milestone of cumulatively disbursing mortgage loans of Rs 1 trillion and is on course of touching a mortgage portfolio of Rs 2 trillion by March 2020, said Bagchi.

The Bank’s consolidated total assets stood at Rs 11,77,498 crore on December 31, 2018.

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