LICHFL sets sanction, disbursal target for current fiscal

Chennai, Aug 24 (UNI) The LIC Housing Finance Limited (LICHFL) has set a sanction and disbursal target of Rs 8500 crore and Rs 7385 crore respectively for the current fiscal.

Talking to newspersons after inaugurating the three-day property fair "Ungal Illam" organised by LIHFL, its CEO and Director S K Mitter said there was a significant increase in target this year when compared to last year's sanction of Rs 5293 crore and disbursement of Rs 4900 crore.

Lauding the performance of the Southern Region, comprising Tamil nadu and Kerala, he said the region contributed about 25 per cent of the company's total business performance.

The Region had contributed Rs 1404 crore towards sanction and Rs 1300 crore in disbursement last year.

''This year upto July, of the total sanction of Rs 1728 crore, the region had contributed Rs 514 crore. Of the total disbursal of Rs 1683 crore, the region had disbursed credit to the tune of Rs 471 crore'', he added.

The company's unique product Care Home project for senior citizens was shaping up well. After its success in Bangalore, construction work would begin in the beginning of next year in Delhi, West Bengal, Uttaranchal and Kochi.

On the chances of reduction in interest rates, Mr Mitter said during the last 15 months, there has been no sign of reduction.

"The new credit policy of the RBI generated hopes of interest rate stabilising. But because of the the increase in CRR, the banks are finding it difficult to bring it down".

About the annual property fair, he said the expo was expected to generate a business of Rs 100 crore as against Rs 75 crore last year. "Moreover it gives a platform for the home seekers and the builders to showcase their projects.

As a special offer and to mark the tenth year of the event, the LICHFL would offer a special interest rate of 10.50 per cent (floating) for the next three days.

UNI