ICICI Bank, India’s second-largest private sector bank, has recently introduced the facility of instant and paperless home loan.
New Delhi: ICICI Bank, India’s second-largest private sector bank, has recently introduced the facility of instant and paperless home loan — instant home loan — with which the customers can avail home loan of up to Rs 1 crore. “The first service – called ‘Instant Home Loan’, enables lakhs of pre-approved salaried customers of the Bank to avail final sanction letter digitally & instantly for loans upto Rs 1 crore for a tenure of upto 30 years (based on the age of the customer) using the Bank’s internet banking facility,” ICICI Bank said.
ICICI Bank instant home loan facility enables customers to get final sanction letter for new home loans instantaneously and allows existing customers to take a top-up loan and instantly receive the money in their account in a fully digital manner.
According to ICICI Bank, customers will be no longer required to visit bank branches to submit the physical documents like application form, KYC documents, income documents. The final sanction letter of the home loan, which is delivered instantly from the bank to the customer’s registered email id, is valid for six months. However, for the disbursal of the home loan, the borrower needs to visit the nearest branch or contact the assigned relationship manager with the sanction letter and the documents of the home he/she wants to purchase, ICICI Bank said.
“ICICI Bank has catalysed the growth of retail lending in the country by making home, auto and other retail loans widely accessible and affordable. As a result of our continued endeavor, we have the largest mortgage portfolio among private sector banks in the country with the lowest delinquency levels,” said Anup Bagchi, Executive Director, ICICI Bank.
The approval of the home loan from ICICI Bank is subject to the entire credit assessment of the customers digitally, using data algorithms. ICICI Bank examines the creditworthiness and eligibility of existing customers, by using an intelligent combination of multiple financial parameters such as credit bureau checks, salary credits, average balances, repayment track among others. Based on the credit score of the customer, the ICICI Bank provides a pre-approved new home loan or top-up home loan offer, the bank said.