Chennai, Mar 9: LIC Housing Finance Ltd (LIC HFL) will foray into the real estate market by setting aside Rs 350 crore as corpus fund. According to a company release here today, it would create a 'Real Estate Investment Fund' depending on the success of this initiative.
The company had posted a strong growth in the current year having sanctioned Rs 7,385 crore till the end of February 2008, a jump of 51 per cent from Rs 4,880 crore for the same period of the last fiscal. Disbursements till the end of February stood at Rs 5,914 crore, a rise of 42 per cent from Rs 4,199 crore in the same period of last year.
LIC HFL had introduced reverse mortgage loans for senior citizens above 60 years of age, which would be offered at fixed interest rates subject to reset every five years. Senior citizens could avail the loans either on monthly payment, lump sum or combination of both.
LIC HFL Care Homes Ltd, a subsidiary unit of the company with an authorised capital of Rs 25 crore, had recently completed the construction of its first centre in Bangalore.
These clusters, titled Assisted Living Community Centres, would bring in a host of comforts for senior citizens with the best of services like food, laundry and other housekeeping services, the release added.