ICICI Bank launches 48-hour home loan processing in Mysore

May 22, 2007:ICICI Bank has stepped up its support to realty market in Mysore by launching a 48-hour home loan-processing scheme.

Announcing its launch at the ‘My Realty-2007’, bank’s emerging market mortgage finance group national head Satish Kulkarni said, “If we do not do it (process within 48 hours), we will refund the processing fee.”

The bank would focus on Mysore in all its future property development cross-location events conducted regularly at leading centres across the country. The events are part of the bank’s retail property services in India.

ICICI has seen a 30 per cent growth in the home loan sector in the last two years. In volume, it has risen to Rs. 10-12 crore from Rs. 3-4 crore. The monthly disbursement is currently between Rs. 7 and 15 lakhs. Advance property funding ticketings have risen to 45 from 25. Last 90 days alone saw sanction of about a dozen schemes, he said.

The bank expects its home project clearances to touch Rs 100 crore in the next 2-3 years as Mysore had become the real growth city after Bangalore.

Mysore has seen a phenomenal growth in the last three years. It has been developing while playing the role of a supporting city for bangalore in the same way as Pune has been developed in proximity to Mumbai.

Source: Business Standard