ICICI Bank Home Loan: Get Paperless & Instant Loan Approval up to Rs 1 Crore, Check Details

ICICI Bank Home Loan: Get Paperless & Instant Loan Approval up to Rs 1 Crore, Check Details & nbsp | Photo credit: Representative image

New Delhi: ICICI Bank, the second largest private sector bank in India, has recently introduced the instant and paperless home loan facility – instant home loan – with which customers can avail a home loan of up to Rs 1 crore . “The first service – called ‘Instant Home Loan’, enables hundreds of thousands of the Bank’s pre-approved salaried customers to benefit from a final sanction letter digitally and instantly for loans up to Rs 1 crore for a term of up to 30 years (depending on the age of the customer) using the Bank’s internet banking services,” ICICI Bank said.

ICICI Bank’s instant home loan facility allows customers to instantly get a final sanction letter for new home loans and allows existing customers to take out an add-on loan and instantly receive the money in their account fully. digital.

According to ICICI Bank, customers will no longer be required to visit bank branches to submit the physical documents such as application form, KYC documents, income documents. The final home loan sanction letter, which is sent instantly by the bank to the client’s registered email address, is valid for six months. However, for the disbursement of the home loan, the borrower should go to the nearest branch or contact the designated account manager with the sanction letter and the documents of the house he wants to buy, ICICI Bank said. .

“ICICI Bank has catalyzed the growth of retail lending in the country by making home, auto and other retail loans widely accessible and affordable. Thanks to our continuous efforts, we have the largest portfolio of mortgage loans among private sector banks in the country with the lowest delinquency levels,” said Anup Bagchi, Executive Director, ICICI Bank.

ICICI Bank’s home loan approval is subject to customers’ complete credit assessment digitally, using data algorithms. ICICI Bank reviews the creditworthiness and eligibility of existing customers, using a smart combination of several financial metrics such as credit bureau checks, salary credits, average balances, repayment tracking, among others. Based on the customer’s credit rating, ICICI Bank offers a new pre-approved home loan or an add-on home loan offer, the bank said.

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