LIC Housing Fin to open offices in Qatar, Kuwait

Kozhikode, Oct 17: The state-owned LIC House Finance Ltd would open its new offices in Qatar and Kuwait to cater to the needs of Non-Resident Indians (NRIs) working in the Middle East.

At present the company looked after loan requirements of this vast section of diaspora in the region from its office in Dubai, General Manager (Marketing) P K Rath told reporters here last night.

He said Keralites accounted for 90 per cent of business accrued by the company in the Gulf and the new offices would help serve them better.

Stating that the company had involved effectively in all the segments of real estate, includng purchase of land/plot and building construction, he said it had disbursed housing loan worth Rs 5,200 crore in the 2005-06 fiscal.

Delhi, Hyderbad and Chennai divisions of the company topped with 55 per cent of the total loan disbursement, he said adding it proposed to open more marketing centres in the country as part of an ambitious expansion drive.

Southern Regional Manager V Sathyakumar said Kerala contributed 12 per cent of the total business and the company targeted to disburse Rs 250 crore in the current fiscal against the Rs 140 crore registered in the last.

Area Manager C K Raveedranathan said the company was making efforts to forge a very strong relationship with builders to enhance business prospects.

UNI