The Hindu Business Line : LIC Housing aims to disburse Rs 1,550 cr loans in South

LIC Housing Finance Ltd has set a target for disbursement of Rs 1,550 crore for 2005-06 for the southern region. During the current year, the company has disbursed Rs 477 crore in the southern region (covering Tamil Nadu, Kerala and Pondicherry) registering a growth of 20 per cent.

Mr S.K. Mitter, Director and Chief Executive, LIC Housing Finance Ltd (LICHFL), said that the southern region contributes to about 30 per cent of the total business of the company. There are 23 offices in this region.

He said that Chennai accounts for almost 40 per cent of the home loan disbursals of the entire region.

On an all-India basis, the company has sanctioned Rs 6,270 crore for 2005-06 and disbursed Rs 5,700 crore. Almost 95 per cent of the loans have been to individuals, Mr Mitter said. The company has a market share of 7 per cent, he added.

LICHFL has floated a 100 per cent subsidiary company — LICHFL Care Homes Ltd — to set up assisted living community centres for senior citizens. The company plans to set up similar centres in more cities.

Mr Mitter said that the first centre with 100 dwelling units set in 10 acres is coming up in Bangalore. There will be three categories of units priced at Rs 5 lakh, Rs 6 lakh and Rs 8 lakh each. This centre is likely to be ready by January next year, he said.

The company is in the process of finalising land in Kochi and Puri for similar centres.

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