LIC Housing Finance needs speed in Banking Sector
LIC housing finance applied for new banking license. LICHF appoints two four members committees for the preparations for banking foray. LICHF responded to the RBI against the draft guideline to float a new generation bank.
LICHF waits for new guidelines from RBI. LIC Housing Finance already put board level committee. The company level committee is also in place. They are doing their basic works for the banking foray,”
Outstanding loan book of LICHF expanded 29% Y-o-Y to Rs 56,098. LICHF expects a loan growth of 25-30% in this fiscal.
New Home Loans Product launched by LICHF with fixed interest rate for first five years. Show good results for LICHF.
“Regardless of stillness in the home loan market, LICHF are getting very good response from new product – New home loan Advantage 5. It will increase the share of developers’ loan in their book to 9% by March, 2012; from the current 7%. This means, the lender would extend Rs 2,000-3,000 crore project loans in the next two quarters. During the July-September quarter, it has disbursed only Rs 400 crore on this count.
It is worth mentioning here that the company had almost stopped project funding last year during November and December. One of the company’s top executives was allegedly involved in a bribe-for-loan scam. Later, he had resigned from his post.
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