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ICICI financial institution: ICICI Bank’s retail residence mortgage portfolio crosses Rs 2 lakh crore

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Kolkata: ICICI Bank on Wednesday stated its retail residence mortgage portfolio has crossed Rs 2 lakh crore with progress largely coming from smaller cities.

The financial institution stated it is the primary non-public sector financial institution within the nation to succeed in this quantity. Country’s largest lender State Bank of India has a house mortgage portfolio of Rs 4.68 lakh crore on the finish of September.

ICICI’s complete mortgage mortgage portfolio which additionally contains loans towards property stood at Rs 2.12 lakh crore on the finish of September, accounting for almost half of its retail mortgage guide. The financial institution’s gross mortgage portfolio was at Rs 6.53 lakh crore.

ICICI’s govt director Anup Bagchi attributed the mortgage progress to digitization of all the mortgage course of together with on the spot mortgage approvals. The progress was additionally aided by the financial institution’s growth of footprint in tier 2, three and Four cities, he stated.

Bagchi additionally stated that the expansion is on account of recent loans whereas steadiness switch from different lenders was not vital. However, the financial institution didn’t share any particular quantity on steadiness switch.

The financial institution stated it now sources almost one-third of recent residence loans digitally. It plans to scale it as much as three-fourth inside the subsequent three years.

“Anticipating rapid growth in demand in upcoming cities for real estate especially in the affordable segment, we have expanded our footprint far and wide,” Bagchi stated. The financial institution is in current in 1,100 places, together with tier 2, three and Four cities in addition to fast-growing outskirts of metro cities.

“We have additionally scaled-up our credit score processing facilities to over 200 from round 170 in previous two years in these new markets for environment friendly processing and fast turn-around for purchasers,” he stated.

Ravi Narayanan, ICICI’s head for secured belongings stated that October witnessed highest ever mortgage disbursement for the financial institution.

“We see customers, who need to purchase houses for their very own consumption, are again out there for the reason that previous few months. We consider that this can be a good time for a person to purchase residence, contemplating the prevailing low residence mortgage rates of interest, decreased stamp responsibility on property registrations in some states like Maharashtra and enticing affords from builders for purchasing houses,” Narayanan stated.

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