Oman, May 29 , 2005
NRI press
LIC Housing Finance Ltd. is the second largest Housing
Finance Company in India (LICHFL) has launched its
operations in the the Middle East. The mortgage arm
of the Life Insurance Corporation of India, in its
strategy to spread its wings in the Gulf, has been
operational in Dubai and will now onwards be catering
to the NRI expatriate community of Oman.
Gulf Insurance Agencies, who are the chief agents
for LIC International Bsc (C), the subsidiary of the
LIC India will share the common objectives of making
the full range of the mortgage and insurance products
to the NRI expatriate population of Oman.
The Chairman of Gulf Insurance Agencies, Julian Raymond,
general manager of Kingstar Insurance Agencies, Dubai;
and Vikrant Ponkshe, assistant general manager for
LIC Housing Finance Ltd. signed the agreement to explore
the possibility of acquiring a home in India, and
together with LICHFL
LIC Housing Finance Ltd. is the second largest
Housing Finance Company in India. Incorporated on
19th June 1989 under the Companies Act, 1956, the
company promoted by LIC of India, went public in the
year 1994, with an Authorized Capital of Rs.1000 Million
(Rs.100 Crores) and paid up Capital of Rs.750 Millions
(Rs.75 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 main objective of the Company is providing long
term finance to individuals for purchase / construction
/ repair and renovation of new / existing flats /
houses. The unique feature of the Company's schemes
is that the loans are usually backed by Life Insurance
Policy as collateral security.
The Company also lends to existing / new customers
for purchase of Consumer durables (TV, Fridge, Music
System, Computer, Furniture etc.), provides finance
on existing property for business / personal needs
and gives loans to professionals for purchase /construction
of Clinics / Nursing Homes / Diagnostic Centres /
Office Space.
The Company possesses the industry's most extensive
marketing network in India : 6 regional offices, 67
area offices, 45 extension counters backed by chain
of camp offices nationwide, an offshore office in
Dubai and Registered and Corporate Office at Mumbai,
making it the housing finance institution with the
widest marketing network in the country. It has a
team of 903 dedicated people. Apart from them, the
company appointed Direct Sales Agents (DSAs) and Home
Loan Agents (HLAs) to extend its reach.
The Company 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 6.55
lakh prudent house owners who have enjoyed the Company's
financial assistance. The company has so far disbursed
Rs.150 Billion (Rs.15000 Crores). The Company has
diversified its operations and is now lending 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.
In 2002-03, for the second year in a row, the Company
received the 'AAA' credit rating - the highest received
by any housing finance company in India - from CRISIL,
indicating the highest level of safety. The Company
has been growing steadily since inception both in
terms of business & profits.