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ICICI Bank mortgage portfolio crosses Rs 1.5 trillion

July 04, 2018




  • First private sector bank to cross the milestone
  • Aims to cross Rs 2 trillion by end of FY20
  • Digitises project approval for developers; unveils online repository of 30,000 approved projects

Mumbai: 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

 

Speaking on the milestone, Mr. Anup Bagchi, Executive Director, ICICI Bank 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.

 

For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank.

 

ICICI Bank services its large customer base through a multi-channel delivery network of 4,867 branches, 14,367 ATMs, phone banking, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘PocketsbyICICIBank’ the country’s first digital bank on mobile. Numbers as at March 31, 2018.

 

About ICICI Bank: 'ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank by consolidated assets. The Bank's consolidated total assets stood at US$ 172.5 billion at March 31, 2018. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country's largest private equity firms. It is present across 17 countries, including India.'

 

For media queries, write to: corporate.communications@icicibank.com

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 



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