On Thursday, the private sector lender ICICI Bank announced the launch of 2 instantaneous home loan offerings. Of the two, one will provide instantaneous and paperless home loan of up to Rs. 1 crore.
Instant Home loan is available to pre-approved salaried bank customers who can be given instantaneous loan of up to Rs. 1 crore for a tenure of up to 30 years and for it the final sanction letter is given digitally. The loan can be availed via internet banking facility for a tenure of 30 years (depending on the age of the loan applicant).
Also, there is another completely paperless and digital loan offering under the ' Insta Top Up Loan' in which the existing borrower can top up their loan and borrow a sum of up to Rs. 20 lakh for a tenure of up to 10 years.
"We believe that in addition to digitisation, outreach to Tier-II, III cities and micro-markets and focus on affordable housing, is the key to rapid growth for our mortgage portfolio. In line with this strategy, we have expanded our mortgage business to over 500 Tier II, III, IV markets this fiscal," said Anup Bagchi, Executive Director, ICICI Bank.
Of all the private banks, ICICI Bank has the largest mortgage portfolio in the country.