This particular housing finance has the aim of providing housing loans for the people who construct house. The LIC housing finance limited was incorporated by the year 1989 (19th July).
The main objective of the LIC housing finance is to give sufficient long term finance when the people construct or purchase a house (either individual house or a flat). This company has six regional offices, one hundred and twenty six units for marketing and fourteen back offices. It has the widest marketing network for housing in the country. It is one among the premier finance companies of the housing. The initial offering for the public was made in the year 1994 during the month of September.
There are totally eleven schemes for the housing loans. They are as follows • It offers Loans for the individuals to purchase the new house or flat or plot or the construction or the extension or the renovation or the repair of the house. • It gives loans to the non – residents, mostly Indians. • You can obtain a mortgage loan for the existing house you have. • It gives loans to the professionals for the office for the own professional practices. • You can get loans with your liquid securities. • It grants loans to the corporate employees. • It has a scheme called Griha Suraksha • It has a scheme for the higher age applicant. • It gives the project finance. • You can get loans against the future lease receivables. • It has a scheme for the residents of India who are senior citizens. It can be said as reverse mortgage.
There is a certain amount of interest according to the plan and loan money that is applied for. You have to pay the interest monthly.