South India leads growth for LIC Housing Finance

The South Central region of LIC Housing Finance Ltd, the housing finance arm of

LIC of India, has reported a robust 54 per cent rise in its individual sanctions to Rs 1,045 crore during the first seven months of the current financial year compared to the same period last year.

The company, which has set a target of Rs 1,660 crore for fiscal 2007-08, is likely to achieve that by December 2007, S K Mitter, Director & Chief Executive, LICHFL said.

Talking to reporters here today, he said the south central region of LICHFL, headquartered in Bangalore, has contributed 27 per cent of the company¿s total business in the first seven months period ended October 2007.

The south central region includes Karnataka and Andhra Pradesh, with 11 metro and 14 rural offices covering both the states. The company has a large network of 700 direct sales agents, home loan agents and customer relations associates to distribute its home loan products in the region.

Mitter said Bangalore and Hyderabad are the two fast growing cities under the region, contributing 77 per cent of the total business at Rs 808 crore. Its Bangalore back office, which is covering the entire state of Karnataka, has achieved a growth of 22 per cent in disbursements to Rs 387 crore over the last three years.

Hyderabad office, which is covering the entire state of Andhra Pradesh, has grown in disbursements to Rs 792 crore, registering a growth of 36 per cent over the last three years.

Mitter said the company is planning to build Assisted Living Community Centre for senior citizens in four more cities like Kochi, Bhubaneshwar, Jaipur and Chandigarh.

The project will be done through its subsidiary, LICHFL Care Homes Ltd. It has already acquired five acres spending Rs 7 crore at Kochi and is in the process of acquiring land in other cities.

Last year, LICHFL completed its first such project in Bangalore in March 2006.