ICICI expects mortgage portfolio to cross Rs 2 lakh crore by 2020

ICICI Bank-Bccl

Mumbai: ICICI BankNSE 1.69 % expects its mortgage lending portfolio to cross Rs 2 lakh crore by March 2020, paced by robust demand from buyers of affordable homes in smaller cities.

The private-sector lender said that it had expanded its mortgage business to 500 new tier II, III and IV markets in FY19 to widen the housing-loan portfolio, which at the end of the December quarter stood at Rs 1.7 lakh crore. That accounts for about half the entire retail loan book at the bank.

“We are tapping tier II, III cities and micro-markets as our focus is on affordable housing to ensure rapid growth of our mortgage book,” said Anup Bagchi, Executive Director, ICICI Bank. “…our disbursements in these markets are (expanding) at a CAGR of more than 20 per cent, compared with the industry average of 12 per cent, and we expect our book to touch Rs 2 lakh crore by March 2020.”

The lender on Thursday announced that it has digitised the application and sanctioning process for home loans up to Rs 1crore for tenures of 30 years. This feature will enable the bank’s pre-approved salaried customers to avail the final sanction letter on home loans instantly through the internet banking facility.

The bank has also extended the digitisation facility for customers seeking top-up loans on secured credit lines up to Rs 20 lakh for tenures of 10 years.

[“source=economictimes.indiatimes”]
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Author: Roky