The Telegraph
Since 1st March, 1999
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ICICI Bank Home Fin hungry for more

Calcutta, Oct. 3: ICICI Bank Home Finance is open to the idea of taking over housing loan portfolios in order to grow its business.

Addressing a press conference here today, chief operating officer of ICICI Bank Home Finance Rajiv Sabharwal said, “We are open to taking over portfolios from housing finance companies, provided we get them at a good price. ”

ICICI Home Finance today launched ‘ICICI Bank Home Utsav,’ a property exhibition to be held between October 4–7 in the city. The Home Utsav will have a display of over 4,000 properties from all major builders in the city..

ICICI Home Finance will offer spot sanctions of home loans at the Utsav, giving the customer an opportunity to not only choose the property as per his requirements, but also avail a loan immediately. A customer opting for spot sanction would be offered home loans at a discounted rate (9.5 per cent loans of tenor up to five years, 9.75 per cent on home loans of 6-10 years, 10.25 per cent for loans of 11-20 years).

ICICI Home Finance will also offer a reduced fee of a maximum 0.5 per cent of the loan amount, compared with the usual 1 per cent for this exhibition. Customers taking the loan would also be entitled to a free property insurance cover for up to 10 years, as well as a free personal accident insurance.

ICICI Bank Home Search executives at the Utsav will assist the customer through the entire process of purchasing a house, including helping him choose a suitable property based on his budget, negotiating the price as well as completion of the documentation.

The consumer will require no guarantors and the brokerage is nil. At the Home Utsav, the customer will also be able to access other ICICI Bank retail products including auto loans, personal loans, credit cards and general insurance.

Regarding the growth of the company, he said disbursements in the first quarter ending June 30 were at Rs 1,300 crore and sanctions had been Rs 2,000 crore. The bank enjoys a 9-10 per cent of the home loan market.

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