ICICI Bank on Wednesday said its mortgage loan portfolio has crossed the Rs 1.5-lakh-crore-mark, making it the largest private player in the segment. The bank is now targeting to grow this book to Rs 2 lakh crore by 2019-20.
While the size of its mortgage loans is nearly half of the overall retail loan portfolio of around Rs 3 lakh crore, the bank now plans to expand its network in tier-II and tier-III cities and in micro-markets which are in the periphery of major cities to attain the target of Rs 2 lakh crore over the next two years.
“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,” Anup Bagchi, executive director of the bank, said.
“Over the years, we have embarked on many new initiatives, introduced an innovative range of home loan products, widened the distribution network and leveraged digital technology. As a result of our continued endeavor, 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,” he added.
According to Bagchi, most of the growth was coming from tier-II and tier-III towns as the average ticket size is a little above Rs 30 lakh.
The private lender pointed out that in a bid to digitise the mortgage ecosystem, it has enabled developers to obtain approvals for their projects in a paperless manner. This initiative has enabled it to approve 2,000 projects online.
Apart from having an online repository of 30,000 approved projects across 40 cities for its customers, its portal offers a one-stop shop for home buyers where they can conveniently select their home from a large number of projects approved by the bank, check their eligibility and apply for a loan.