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ICICI Bank's mortgage portfolio crosses Rs 1 lakh crore

16 Jan 2016 Evaluate

ICICI Bank has crossed the milestone of disbursing mortgage loans of over Rs 1 lakh crore, a first among private sector banks in the country. To commemorate this milestone, the Bank also launched two new digital initiatives to simplify and quicken the assessment for new home loans as well as disbursements linked to the construction stage of projects. The first service-- online approval of home loans at an unprecedented speed of within eight working hours--empowers borrowers to complete the entire mortgage assessment online without visiting a branch.

Christened ‘Express Home Loans’, with this offering customers can now make their applications, upload KYC and income documents, and receive the final home loan approval anywhere at their convenience. This service is available for all salaried individuals, including non-ICICI Bank customers. It is a marked improvement on the existing practice of lenders providing provisional sanctions of home loans to the aspiring borrowers on the basis of their self-declared information.

The second initiative helps individuals taking home loans for under construction projects to get subsequent disbursements (after the first disbursement) through the Bank’s ‘iLoans’ mobile application in a completely paperless way from the convenience of their home or office. All they need to do is download ‘iLoan’ app, scan and upload the demand letter from builder and proof of own contribution. Once uploaded, ICICI Bank assesses the demand and makes the disbursement. This offering, which one can avail of 24x7, anywhere makes the current practice of the borrowers having to visit the lender’s branch redundant, thereby saving time and enhancing convenience for the customers.

ICICI Bank had consolidated total assets of $ 132.17 billion at March 31, 2015. The bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.

ICICI Bank Share Price

1360.50 13.00 (0.96%)
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Peers
Company Name CMP
HDFC Bank 800.10
ICICI Bank 1360.50
Axis Bank 1363.30
Kotak Mahindra Bank 382.20
Indusind Bank 852.00
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