Chennai, Nov 16 (PTI) LIC Housing Finance Ltd has set atarget of disbursing Rs 55,000 crore worth loans during thecurrent financial year, a top official said on Saturday.
LIC Housing Finance Ltd., Managing Director and CEOSiddhartha Mohanty said the company disbursed Rs 48,000 croreworth loans during the last financial year.
'We propose to achieve a target of Rs 55,000 croredisbursement. Last year it was Rs 48,000 crore..,' he toldreporters at the sidelines of the 22nd edition of two-dayMega Property Fair 'Ungal Illam'.
To a query, he said the company till date has managed todisburse Rs 26,000 crore worth loans.
On the company's financials, he said they were looking atbringing the Gross NPA below the level it stood last year.
'Currently, it is at 2.38 per cent. We are very muchcareful and paying attention to the recovery of loans.
Compared to last year we want it to be less. Last year, the(Gross NPA) level was at 1.54 per cent,' he said.
Noting that the real estate sector was witnessing gradualimprovement while affordable housing segment was also showinggood growth, he said, 'the PMAY (Pradhan Mantri Awas Yojana)scheme constitutes 26 per cent of the company's portfolio. Weare concentrating more and more on that segment.' Besides the affordable housing segment, he said there wasdemand for office space, logistics go-downs. 'commercial spaceportfolio constitues about 7 per cent (for LIC HousingFinance)' he said.
Mohanty said the company was witnessing strong demand, toown a house, from people between the age group of 25 and 35years.
'The age of Home buyers has gone down. Earlier, beforeretirement one plans to have a house. Before that(retirement) he fulfils educational needs of children,daughter's marriage. But now home incentives are there,government is also promoting this industry,' he said.
'Younger people are taking the decision. It is showing anincreasing trend. We are also providing loan tenure of 30years. Normally, the longest home loan term is 20 years, butwe are giving 30 years term so that the EMI gets less.
Particularly in big cities like Bengaluru and Chennai,people are looking to own a house,' he said.
On the Mega Property Fair inaugurated by him, he saidmore than 40 builders were showcasing over 100 projectsranging from low budge to luxury category.
Customers opting for housing loans from LIC HousingFinance can avail the full refund of processing fee providedthe loan was applied before November 30 and disbursementbefore December 31, 2019, he said. PTI VIJROH ROH