ICICI, First Pvt Bank to Crosses Rs. 2 Trillion in Mortgage Portfolio

ICICI Bank announced that its mortgage loan portfolio has crossed the milestone of Rs. 2 trillion (Rs. 2 lakh crore), making it the first private sector bank in the country to achieve this feat. The achievement can be attributed to ICICI Bank’s focus on offering a hassle free and frictionless experience to customers by digitizing the entire mortgage process along with instant loan approvals. The growth was also aided by the Bank’s expansion of footprint far and wide across the country including tier 2, 3 and 4 cities. Coupled with making the entire mortgage process digital, ICICI Bank has been leveraging Big Data analytics to offer loans—fresh loans, top ups and balance transfer-- instantly to millions of pre-approved customers. Also, the Bank’s completely digital process allows a customer to get a sanction letter immediately. During the pandemic, the Bank launched the video KYC facility for customers so that they can onboard from their home, without visiting a branch. ICICI Bank now sources nearly one-third of new home loans digitally. It plans to scale it up to three-fourth within the next three years. ICICI Bank launched a slew of innovative digital loan products over the past few years to help customers finance their dream homes. The list of the innovative home loan products include mortgage guarantee backed home loan for enhanced eligibility, step-up loans for flexible repayments and NRI mortgage loans that enables NRIs to get an instant sanction letter digitally without visiting India.