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NRIs in Oman will get housing loans from LIC Housing Finance Ltd. India
through Gulf Insurance Agencies

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.

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