ICICI Bank informs that there is a ‘record’ increase in its home loan portfolio in September and October with people rushing to buy homes at lower prices and at low-interest rates.
- It added that it had seen more demand coming from places other than the top eight cities.
- Loans in the range of ₹30 ₹35 lakh were in demand with the salaried class, given that stable income had been taking the plunge.
- In a statement on Wednesday, the bank also said it had crossed the milestone of ₹2 lakh crore in its mortgage loan portfolio, making it the first Private Sector bank in the country to do so.
- The first milestone of ₹1 lakh crore was achieved in the year 2016.
- Anup Bagchi, executive director, ICICI Bank, said, “The next milestone of ₹3 trillion will be achieved in less than 4 years.”
- Also, Mr. Bagchi added that the bank had expanded its footprint and was now “present in 1,100 locations, including tier 2, 3 and 4 cities [and] fast-growing outskirts of metros. We have scaled up our credit processing centres from around 170 to over 200 in the past two years in these new markets.”