ICICI Bank, a leading private sector lender, recently announced that it has launched two home loan products with instant disbursal facility. The lender said customers can get their final sanction letter for the home loan and also avail the top-up loan digitally.
ICICI Bank’s ‘Instant Home Loan’ enables pre-approved customers to avail a loan of up to Rs.1 crore for a maximum term of up to 30 years, subject to the borrower’s age at the time of availing the loan using net banking facility.
The lender’s ‘Insta Top Up Loan’ helps individuals who have already borrowed home loans to avail a top–up loan instantly. Applicants can borrow up to Rs.20 lakh for a maximum tenure of 10 years digitally, without having to submit physical copies of the required paperwork to the lender.
The bank has said that this instant loan disbursal facility will allow home loan borrowers to receive the loan amount immediately, unlike the current industry practice, wherein it takes lenders a few days to disburse home loans.
Mr. Anup Bagchi, the Executive Director of ICICI Bank, said this facility would help both new home loan borrowers and the bank’s existing customers. He added that ICICI Bank’s outreach to micro markets and tier II and tier III cities and the focus on affordable housing loans are the key to growth in its mortgage portfolio.
The lender has, thus, expanded its mortgage business to more than 500 tier II, tier III, and tier IV markets in the current financial year, and started to offer housing loans in more than 1,500 locations in the country, which is the most number of locations covered by any private sector lender in the country.
The release issued by the lender said that around 500 potential bank branches have been identified for mortgages, wherein an area has been created for this purpose with a new technology-driven workflow to offer a better experience to customers.
Among all the private sector banks in the country, ICICI Bank has the biggest mortgage portfolio. In the year 2016, the lender disbursed mortgage loans of around Rs.1 trillion. Mr. Bagchi said the bank is aiming to disburse mortgage loans of Rs.2 trillion before April 2020.
Source: The Times of India, The Hindu Business Line