Instant Home Loan disbursals by ICICI Bank

Instant Home Loan disbursals by ICICI Bank


ICICI Bank has now introduced Digital Home Loans and top-ups.  What is the specialty about this?

  1. Here Customers can get an instant sanction and disbursement subject to their satisfying the eligibility criteria.
  2. Bank proposes to deploy employees to the sourcing locations and the customers can fill in the details and get an instant sanction or top-up loan in their account immediately.
  3. The bank feels that the credit scoring of the customer and the bank statements as also the estimation of their income which already is available would be helpful in quickening the process.
  4. Here, printing of the bank statement and income statement is avoided which is already available with the bank.
  5. Value addition would come by assisting the customer in finding a property from among bank’s 30,000 projects.

How is the instant top-up Loan possible?

  • The bank already holds the security of the mortgage in a top-up loan
  • Since the borrower might have availed only a lesser loan against the security or would have already repaid a considerable amount, he/she would obviously be eligible for a top-up loan.
  • Also, these loans are required by the borrowers either to repaint the house or renovate/refurbish.

Other Information:

  • With a view to achieve a target of Rs. 2 lakh crore Home Loan portfolio by March 2020, the bank has grown the number of its mortgage sourcing offices by 50% which stands at 1,500 as on the Financial Year 2019.
  • The Home Loan portfolio of ICICI Bank has grown by 19% on an year-on-year basis which stands at Rs. 1.7 lakh crore as on 31st December 2018.
  • Also, Bank’s Home Loan portfolio accounted for about 88% of the bank’s total retail portfolio.
  • The Bank’s Retail Loans formed 59% of the bank’s total advances.

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