SME Loans By LIC Housing Finance
1. Staff Quarters
Construction/purchase of Staff Quarters.
Reputed Listed Public Limited or PSUs.
Equitable Mortgage and any other security.
Rate of Interest
Quoted on Application.
2. Line of Credit "To" Scheme
For the organizations having Housing Finance schemes for their employees, LIC HFL is providing loans under Line of Credit scheme. The scheme is to make available Line of Credit to the Borrower Organization to fund its Housing Finance scheme for employees
Mode of Advance
On the basis of periodical statement of housing loansanctioned to its employees. The Borrower company shall disburse the loan to its employee within 15 days of availing disbursement from LIC HFL
Security for the Loan
1) Deed of Guarantee by the Beneficiary employee to the extent of the loan advanced to him by the employer company
2) Equitable Mortgage of the individual units financed under the LOC in the form of Deposit of title deeds to be submitted to the borrower company on behalf of LIC HFL
Repayment of the Loan
Loan repayment will be made directly by the Borrowing Company to LIC HFL.
3. Line of Credit "Through" Scheme
For an Organization where direct HBA facility is not available, the Line of Credit - "Through" scheme will help the organization fulfill the needs of their employees for availing the housing loan. Under this scheme, LIC HFL will make available funds to their employees, as recommended by Company to enable employee-beneficiaries ´ (borrowers) to avail loan
Mode of Advance
Linked to the construction
Security for the loan
1) Security of the mortgaged property financed
2) Borrowers will have to execute mortgage of their properties in favor of LIC HFL
3) Employee borrower will have to execute a Loan Agreement which will have to be countersigned by the employer guaranteeing the repayment
4) Guarantee from the employer for repayment of entire loan with interest and other dues, if any.
Repayment of Loan
Through salary deduction
LIC Housing Finance Ltd. is one of the largest Housing Finance company in India. Incorporated on 19th June, 1989 under the Companies Act, 1956, the Company was promoted by LIC of India and went public in the year 1994. The Company launched its maiden GDR issue in 2004. The Authorized Capital of the Company is Rs.1500 Million (Rs.150 Crores) and its paid up Capital is Rs.1009.9 Million ( Rs.100.99 Crores). The Company is registered with National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE) and its shares are traded only in Demat format. The GDR's are listed on the Luxembourg Stock Exchange.
The main objective of the Company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses. The Company also provides finance on existing property for business / personal needs and also gives loans to professionals for purchase / construction of Clinics / Nursing Homes / Diagnostic Centres / Office Space and also for purchase of equipments. The Company also provides long term finance to persons engaged in the business of construction of houses or flats for residential purpose and to be sold by them.
The Company Identification Number (CIN) is L65922MH1989PLC052257.
The Company possesses one of the industry's most extensive marketing network in India: Registered and Corporate Office at Mumbai, 7 Regional Offices, 16 Back Offices and 209 marketing units across India. In addition the company has appointed over 10478 Intermediaries to extend its marketing reach. 16 Back Offices spread across the country conduct the credit appraisal and administrative functions.
The Company has set up a Representative Office in Dubai and Kuwait to cater to the Non-Resident Indians in the GLCC countries covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia. Today the Company has a proud group of over 15.56 LACS prudent house owners who have enjoyed the Company's financial assistance.