Private sector ICICI Bank on Thursday said it has launched two instant home loan products for up to Rs 1 crore.
The instantaneous home loan facilitiy enables customers to get final sanction letter for new home loans as well as for a top up loan in a fully-digital way, the bank said in a release.
'Instant Home Loan' enables pre-approved salaried customers of the bank to avail loans up to Rs 1 crore for a tenure of up to 30 years (based on the age of the customer) using internet banking facility, ICICI Bank said.
'Insta 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 of up to 10 years in a paperless manner.
The facility helps the customers 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, the bank said.
"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. Instant home loan facilities are extensions of this same endeavour. These facilities will help new home buyers as well as the existing customers," ICICI Bank Executive Director Anup Bagchi said.
The bank's outreach to tier II, III cities and micro-markets and focus on affordable housing is the key to rapid growth for its mortgage portfolio, he said.
"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 1,500 locations, the maximum among private sector banks," he said.
The bank's disbursement in these markets is growing at a CAGR of over 20 per cent, as compared to the industry average of 12 per cent.
The bank has identified 500 high-potential branches for mortgages, where-in a dedicated area has been created for mortgages along with new technology-led workflow to ensure better experience for customers, the release said."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 Rs 1 trillion. We are on course of touching a mortgage portfolio of Rs 2 trillion by March 2020," Bagchi said.