finance forconstruction or purchase of houses or apartments. It has a office. operates "Assisted Community Living Centres" for . ( )

•

LIC Housing Finance: Incorporated in 19th June 1989, its main objective is to provide long term finance forconstruction or purchase of houses or apartments. It has a Dubai office. ○

LICHFL Care Homes: A wholly owned subsidiary of LIC Housing Finance, it builds and operates "Assisted Community Living Centres" for senior for senior citizens. citizens.

(http://www.lichousing.com/ ) v

Jun 27, 2008

LIC Housing Finance Ltd is entering new sectors of business. It has decided to start a subsidiary for the purpose of selling financial products. These would include home loans, mutual funds and insurance policies. The new company would be called LIC Financial Services Ltd (LIC HFL) and is expected to start operations in the next two to three months. Mr R.R. Nair, Nair, newly appointed Director and Chief Executive, LIC Housing Finance Ltd (LIC HFL), said, “This will be a financial services company which will market and distribute all financial products such as home loans, insurance, mutual funds, credit cards and other third party products.”  Speaking on the methodology of entering into the market, Nair did not rule out a possible joint venture or partnership with another company. He said, “While LIC HFL will distribute only LIC HFL’s home loans and LIC’s insurance policies, in the case of  other financial products, we may tie up with other companies”. He also said that there was the need to set up the company which would diversify into more areas, and hence, LIC HFL was born. He added that this will help the housing finance company have an organised channel of distribution that would be professionally managed. The new Chief Executive, who took over in April this year, year, also said that, “The company will self –sustain itself by earning its own revenue through fee-based fee-based income. It will not be capital- intensive as it will require only working capital.”  capital.” 

He would be helped in this venture by Ms. Shobhana Murali, who was earlier handling corporate communication at the Life Insurance Corporation of India. She will head the new financial services company. Speaking about the staff, Nair said that apart from the key management posts, the rest of the staff in LIC HFL Financial Services would be externally recruited. He also said that the company plans to start of in the metros, before increasing its operations into different parts of the country. LIC HFL also has plans for a venture capital fund this year. The fund which was incorporated in February last may begin with a corpus of Rs 500 crore to start with. Explaining about this fund, Nair said, “This will be a realty fund, which will invest in housing projects and new constructions. Besides LIC HFL, LIC may also participate in this fund. We are also trying to rope in some more like-minded partners.”  partners.”  He added that a fund manager will soon be appointed for this purpose. LIC HFL had registered an impressive growth of 38 per cent in loan disbursements in the last financial year at Rs 7,071 crore. This was higher than the industry’s average growth of 8-9 per cent. “This year we hope to do better than last year,” Mr Nair said. Commenting on the recent hike in the repo rate and CRR by the RBI, he maintained that it was too early to take a decision on it. He admitted that there was pressure on lending rates, but said that a final call would be taken only in July.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

(http://www http://www.rupeetime .rupeetimes.com/news/h s.com/news/home_loans/lic_hou ome_loans/lic_housing_finance_lt sing_finance_ltd_to_increase_ d_to_increase_financial_services_ financial_services_1546_P2.ht 1546_P2.html ml ) LIC Housing Finance Ltd. is one of the largest Housing Finance companies in India. Incorporated on 19th June 1989 under the Companies Act, 1956, the company was promoted by LIC of India and went public in the year 1994. The Company launched its maiden GDR issue in 2004. The Authorized Capital of the Company is Rs.1000 Million (Rs.100 Crores) and its paid up Capital is Rs.850 Millions (Rs.85 Crores). The Company is recognized by National Housing Bank and listed in the NSE & BSE and its shares are traded only in Demat format. The GDR's are listed on the Luxembourg Stock Exchange. The Company possesses one of the industry's most extensive marketing network in India : 6 regional offices and 108 area offices covering 450, an offshore office in Dubai, Kuwait and Registered and Corporate Office at Mumbai. It has a team of 980 dedicated employees. In addition the company has appointed over 944 (DSAs), 4324 (HLAs), 359 (CRAs) to extend its marketing reach. 16 Back Offices spread across the country conduct the credit appraisal and administrative functions. The Company has set up a Representative Office in Dubai to cater to the Non-Resident Indians in the GLCC countries covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia. Today the Company has a proud group of over 9,00,000 prudent house owners who have enjoyed the Company's financial assistance. The Company has so far disbursed Rs.290 Billion (Rs.25000 Crores). The Company also lends to Corporate Bodies and Companies under different schemes for purchase / construction of office premises for their own use, construction of staff quarters and also for onward lending to meet the requirements of employees, and also to Builders and Developers for residential and commercial projects. In 2005-06, for the fifth year in a row, the Company received the 'AAA' credit rating from CRISIL, indicating the highest level of safety safety.. The Company has been growing steadily since inception both in terms of business & profits. The Company has floated a 100% susidiary "LICHFL CARE HOMES LIMITED"to conduct the business of providing 'Assisted Living Community Centres' for Senior citizens. (http://www http://www.naukri.com/ .naukri.com/gpw/lic-housing/ gpw/lic-housing/ )

LIC Housing Finance Corporation India which originated on 19th June, 1989 is the biggest Home Loan provider and that too at attractive rate of interest. LIC Housing Finance Limited provides home loans to Resident Indian as well as Non Resident Indian along with providing various facilities to their esteemed customers like Green Channel, Step-Up EMI's as well as special facility to NRI's in Gulf region. LIC Housing Finance Home Loan can be availed by Resident Indians and NRI's for several purposes, be it purchase, construction, repairing, renovation renovation or for purchasing plot. Pensioners can also avail the benefits of LIC Home Loans India.

With an aim to improve the standard of living of the people, LIC Home Building Loan was initiated. With Wide Financial Network across the nation LIC Housing Finance Corporation India has been serving its distinguished clients. A huge number of Direct Sales Agents and Home Loan Agents have been employed for marketing LIC Home Loan India. LIC Home Loans Rate of Interest is a major attraction for all. LIC Housing Finance Bangalore, Chennai and Hyderabad are gaining momentum these days. LIC Housing Finance Interest Rate of different cities varies in accordance with the home loan amount and age of the person. For details on interest rate you have to contact the nearest LIC Area Office. Indiahousing.com provides you the following link to attain more information about LIC Housing Finance Corporation India: (http://www.indiahousing http://www.indiahousing.com/lic-housing-finance .com/lic-housing-finance-corporation.html -corporation.html )

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.