ICICI Bank's mortgage portfolio crosses Rs 1.5 trn

ICICI Bank announced that it has crossed the milestone of disbursing mortgage loans of over Rs 1.5 trillion.

It aims to grow its pan-India mortgage book to Rs 2 trillion by end of FY20, a company statement said.

"ICICI Bank catalysed the growth of retail lending in the country in early 2000 by making retail loans, especially home loans, widely accessible and affordable. As a result of our continued endeavour, we have crossed the milestone of disbursing over Rs 1.5 trillion of mortgage loans, in a profitable manner with the lowest delinquency in the industry," said Anup Bagchi, Executive Director, ICICI Bank.

"We will continue to expand our mortgage portfolio at an annual growth rate of over 15 per cent and aim to cross Rs 2 trillion by end of FY20. To achieve this, we are expanding our network to many new locations in tier II/III cities as well as micro-markets on the periphery of major cities and continue to leverage on technology to offer home loans in a fully digitised manner," he said.

In a bid to digitize the mortgage eco-system, the bank has enabled developers to obtain approvals for their projects in a paperless manner. This initiative has enabled the bank to approve 2,000 new housing projects, completely online. 

The bank has also enabled online repository of 30,000 approved projects across 40 cities for its customers.

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Source: IANS