ICICI mortgage portfolio to exceed 2 lakh crore by 2020
ICICI Bank expects its mortgage portfolio to exceed Rs. 2 lakh crore by March 2020 on account of robust demand from buyers of affordable homes.
The company has expanded its mortgage business to over 500 new tier II, III and IV markets in FY19 in order to widen the housing loan portfolio. The company’s housing loan portfolio stands at Rs. 1.7 lakh crore as of the quarter ended December 2018 and makes up over half of the bank’s entire retail loan book. The disbursements in tier II and III markets are growing at 20 per cent CAGR as against the industry average of 12 per cent.
ICICI Bank also announced that it has digitized the application and sanctioning process for home loans up to Rs. 1 crore for a period of 20 years. This will allow the bank’s pre-approved salaried customers to receive the final sanction letter immediately via the bank’s internet banking facility.
Customers seeking top-up loans on secured credit lines up to Rs. 20 lakh for a tenure of 10 years have also been extended the digitization facility.
On Friday, the stock of ICICI Bank was trading at Rs. 399 per share, down 0.25 per cent on the BSE.