Mumbai July 4 (IANS) ICICI Bank on Wednesday announced that it has crossed the milestone of disbursing mortgage loans of over Rs 1.5 trillion.
It aims to grow its pan-India mortgage book to Rs 2 trillion by end of FY20 a company statement said.
"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. As a result of our continued endeavour 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 " said Anup Bagchi Executive Director ICICI Bank.
"We will continue to expand our mortgage portfolio at an annual growth rate of over 15 per cent and aim to cross Rs 2 trillion by end of FY20. To achieve this we are expanding our network to many new locations in tier II/III cities as well as micro-markets on the periphery of major cities and continue to leverage on technology to offer home loans in a fully digitised manner " he said.
In a bid to digitize the mortgage eco-system the bank has enabled developers to obtain approvals for their projects in a paperless manner. This initiative has enabled the bank to approve 2 000 new housing projects completely online.
The bank has also enabled online repository of 30 000 approved projects across 40 cities for its customers.

--IANS ag/mr