Real estate loans from ICICI bank cross Rs 2L cr

Bombay: ICICI Bank said his part of the house ready in its portfolio of advances increased to 32.4% in the current fiscal year, up from 28% a year ago. This follows mortgage lending growth at a healthy 15% rate, even as overall lending only grew 6% year-over-year. The bank said on Tuesday that its retail mortgage portfolio exceeded Rs 2 lakh crore in the first half of the year and saw its share increase further.
Executive Director of Bank ICICI Anup Bagchi said it took the bank four years to double their house to lend book at Rs 2 lakh crore. He said as the mortgage portfolio grew, the next Rs 1 lakh crore would arrive in less than four years. This would also translate into the share of mortgage loans in the books of the bank increasing further.
Bagchi attributed the increased pace of loan disbursements to the digitization of the loan application process, which allowed for faster processing of loans. He said the bank recorded record disbursements in October but did not share the figures.
Demand for home loans has increased due to steep discounts on mortgage loans. stamp duty, fall in manufacturers’ prices and interest rates on residence loans being at an all time high. The RBI has also made it more profitable for lenders to provide home loans by reducing the capital requirement on loans over Rs 75 lakh.