Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
19 September, 2018 02:26 IST
ICICI Bank mortgage portfolio crosses Rs 1.5 trn
Source: IRIS | 04 Jul, 2018, 03.27PM
Comments  |  Post Comment

ICICI Bank, India's largest private sector bank by consolidated assets, today announced that it crossed the milestone of disbursing mortgage loans of over Rs 1.5 trillion, a first among private sector banks in the country, making it the largest mortgage lender among private sector banks. It aims to grow its pan-India mortgage book to Rs 2 trillion by end of FY20.

Further, in a bid to digitise the mortgage eco-system, the Bank has enabled developers to obtain approvals for their projects in a paperless manner. This initiative has enabled the Bank to approve 2,000 new housing projects, completely online. The Bank has also enabled an unmatched online repository of 30,000 approved projects across 40 cities for its customers.  The portal aims to offer a one-stop-shop experience for home buyers where they can conveniently select their dream home from a large array of housing projects approved by the bank, check their home loan eligibility as well as apply for a home loan anytime, anywhere-all from a single portal-home.icicibank.com

Anup Bagchi, Executive Director, ICICI Bank (Q,N,C,F)* said, ''ICICI Bank catalysed the growth of retail lending in the country in early 2000 by making retail loans especially home loans widely accessible and affordable. Over the years, we have embarked on many new initiatives: introduced innovative range of home loan products, widened distribution network and leveraged on digital technology like Tab Banking and fully online sanctions within 8 working hours. As a result of our continued endeavor, we have crossed the milestone of disbursing over Rs 1.5 trillion of mortgage loans, in a profitable manner with the lowest delinquency in the industry.

We will continue to expand our mortgage portfolio at an annual growth rate of over 15% and aim to cross Rs 2 trillion by end of FY20.  To achieve this, we are expanding our network to many new locations in tier II/III cities as well as micro- markets on the periphery of major cities and continue to leverage on technology to offer home loans in a fully digitised manner.''

ICICI Bank offers a host of products in its suite of home loan offerings, including India's first mortgage guarantee home loans and Step-Up home loans that allows customers to get a higher loan amount. It has also launched a slew of digital initiatives to bring simplicity to the process of availing a home loan. This includes home loan application on tablets & smartphones, Express Home Loans-fully online home loan approval in 8 working hours and a mobile app to make subsequent disbursements for under construction projects quick and easy.

Shares of the bank gained Rs 0.2, or 0.07%, to trade at Rs 273.15. The total volume of shares traded was 308,340 at the BSE (3.12 p.m., Wednesday).



Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Sun Pharma gets European Commission nod for ILUMETRI - 18-Sep-2018 17:02
Indian Hume Pipe receives LoA for order worth Rs 2.21 bn - 18-Sep-2018 16:58
Tata iQ selects TCS Jile to Drive Agile Transformation - 18-Sep-2018 16:48
Strides Pharma Science completes inspection for product pre-approval - 18-Sep-2018 16:39
Government to merge Dena Bank, Vijaya Bank, Bank of Baroda - 18-Sep-2018 15:33
Government to merge Dena Bank, Vijaya Bank, Bank of Baroda - 18-Sep-2018 15:33
Government to merge Dena Bank, Vijaya Bank, Bank of Baroda - 18-Sep-2018 15:33
Larsen & Toubro wins orders worth Rs 20.48 bn - 18-Sep-2018 15:27
Aurobindo Pharma receives approval from South African health regulator - 18-Sep-2018 10:34
Tata Comm launches specialised cyber security lab at SASTRA in India - 17-Sep-2018 12:30
Mindtree partners with IIT Madras - 17-Sep-2018 12:24
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer