The Hindu Business Line : GIC Housing to expand operations

Hyderabad, July 1 GIC Housing Finance Ltd (GICHF) has decided to participate in a big way in the ambitious State mass housing project – Rajiv Swagruha Scheme.

It has created corpus of Rs 100 crore to extend loans to the identified beneficiaries, as well as facilitate funds for the Government, according to Mr Rajib De, Vice-President.

In Hyderabad to participate in the inauguration of the company’s renovated office recently, he said discussions were on with the Andhra Pradesh Housing Board (APHB), which was anchoring the project to firm up the plans.

The State Government plans to provide low-cost housing to lakhs of poor and low-income group people under the Ravjiv Swagruha Scheme. To part-finance the project, it is involving various financial and housing corporations.

For GICHF, the target group for its housing loans is the low and middle income groups with loan amounts between Rs 5-10 lakh. In this segment, the company is among the fastest growing, he told Business Line.

The demand for housing being high in some cities such as Hyderabad, GICHF has decided to tap the potential by opening its second office in Hitech City to service the booming IT and new economy industries.

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