ICICI Bank on Thursday launched two new initiatives -- a fully online home loan approval in 8 working hours, and a mobile app for part disbursement of home loans for under construction projects -- to commemorate the milestone of crossing Rs 1 lakh crore in mortgage loans.
Under Express Home Loans, the bank will give online approval for home loans within eight working hours.
With this offering customers can now make their applications, upload KYC and income documents, and receive the final home loan approval anywhere at their convenience.
This service is available for all salaried customers as well as non-ICICI Bank customers.
The second initiative helps individuals taking home loans for under construction projects to get subsequent disbursements (after the first disbursement) through the Bank’s ‘iLoans’ mobile application in a completely paperless way from the convenience of their home or office.
All they need to do is download ‘iLoan’ app, scan and upload the demand letter from builder and proof of own contribution.
Once uploaded, ICICI Bank assesses the demand and makes the disbursement.
This offering, which one can avail of 24x7, anywhere makes the current practice of the borrowers having to visit the lender’s branch redundant, thereby saving time and enhancing convenience for the customers.