ICICI Bank, an Indian private sector lender, has rolled out a pair of instant home loan services.
One of these offerings will offer instant and paperless approval for home loans of up to INR10m ($1,44,570).
The maximum tenure of this loan, known as Instant Home Loan, will be 30 years.
This service can be availed by pre-approved salaried customers of the bank.
The other service, dubbed Insta Top Up Loan, will allow the lender’s home loan clients to top up their loan up to an amount of INR2m instantly for a maximum period of 10 years.
All this will be done in a digital way.
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ICICI Bank executive director Anup Bagchi attributed the growth for the bank’s mortgage portfolio to its outreach to Tier-II, III cities and micro-markets along with emphasis on affordable housing.
Bagchi 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.
“With this expansion, we are now offering home loans at over 1500 locations, the maximum among private sector banks.
“In fact, our growth in disbursements in these markets is growing at a CAGR of over 20%, as compared to the industry average of 12%.”
The lender has also earmarked 500 high-potential branches for mortgages.