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Mumbai, January 14, 2016 (News Team): ICICI Bank today announced that it crossed the milestone of disbursing mortgage loans of over Rs 1 lakh crore, a first among private sector banks in the country. To commemorate this milestone, the Bank also launched two new digital initiatives to simplify and quicken the assessment for new home loans as well as disbursements linked to the construction stage of projects. 

The first service online approval of home loans at an unprecedented speed of within eight working hours empowers borrowers to complete the entire mortgage assessment online without visiting a branch. Christened ‘Express Home Loans’, with this offering customers can now make their applications, upload KYC and income documents, and receive the final home loan approval anywhere at their convenience. This service is available for all salaried individuals, including non-ICICI Bank customers. It is a marked improvement on the existing practice of lenders providing provisional sanctions of home loans to the aspiring borrowers on the basis of their self-declared information.

The second initiative helps individuals taking home loans for under construction projects to get subsequent disbursements (after the first disbursement) through the Bank’s ‘iLoans’ mobile application in a completely paperless way from the convenience of their home or office. All they need to do is download ‘iLoan’ app, scan and upload the demand letter from builder and proof of own contribution. Once uploaded, ICICI Bank assesses the demand and makes the disbursement. This offering, which one can avail of 24x7, anywhere makes the current practice of the borrowers having to visit the lender’s branch redundant, thereby saving time and enhancing convenience for the customers.

Speaking on the occasion, Rajiv Sabharwal, Executive Director, ICICI Bank said, “ICICI Bank catalysed the growth of retail lending in the country by making home, auto and other retail loans widely accessible and affordable. Our efforts included taking home loans to smaller towns, making applications easier for the borrowers by offering them doorstep services and disbursing loans quickly. In our journey through the years, we embarked on many initiatives: we introduced a whole new range of products, built a wider distribution network and leveraged on technological advancements like Tab Banking. As a result of our continued endeavour, we have crossed the milestone of disbursing over Rs 1 lakh crore of mortgage loans in a profitable manner with the lowest delinquency in the industry. Today, we have taken another leap forward with the launch of two first-of-its-kind initiatives. We believe these initiatives will bring simplicity to the home loan process, while delivering solutions at a never-seen-before speed.”

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