“Some demand is certainly coming to ICICI,” said Anup Bagchi, executive director, ICICI Bank, when asked whether the bank has benefitted from the recent liquidity crisis facing housing finance companies after the IL&FS default led to sale of debt and redemption in mutual funds hurting non-banking finance companies and HFCs that rely on banks and MFs for borrowings to finance their loans.

The private lender, which has been witnessing a compound annual growth rate of over 20% in its disbursements against an industry average growth of 12%, on Thursday launched a secured home loan product ‘Instant Home Loan’ for pre-approved salaried customers that promises digital final sanction letters with a validity of six months and instant loans up to Rs 1 crore for a tenure of up to 30 years. For final disbursal, the customer will have to visit the branch along with the sanction letter and documents to the home they wish to purchase.

A second product ‘Insta Top Up Loan’ will allow customers instant top ups on existing home loans of up to Rs 20 lakh for a tenure of up to 10 years, and will be treated by the bank on its books as unsecured loans and inviting a slightly higher rate of interest than the home loans products.