Public sector insurance firm subsidiary LIC Housing Finance on Tuesday announced a reduction in interest rates for its existing home loan borrowers.
LIC Chairman T S Vijayan on Friday said that V K Sharma will take over as the CEO of its housing finance arm, early next week. Sharma has been chosen to replace LIC Housing Finance CEO Ramachandran Nair, who was arrested by the CBI on charges of involvement in housing-loan bribery case on Wednesday.
Leading mortgage financier LIC Housing Finance on Monday cut its home loan rates by 75 basis points for existing customers effective from April 1.
Immediately after Reserve Bank hiked key short-term interest rates by 0.25 per cent on Tuesday, LIC Housing Finance announced that it will raise home loan rates.
LIC Housing Finance (LICHF) delivered a healthy FY24 with improvements in net interest margin (NIM) and credit costs and an improved return on assets of 1.7 per cent compared to an average of 1.3 per cent between FY14-FY23. Loan growth was low due to technology upgrades to the platform in H1FY24, though momentum improved in H2FY24. In Q4FY24, the net interest income (NII) came in at Rs 2,250 crore.
Unit Trust of India and Industrial Finance Corporation of India, which together hold around 23 per cent stake in LIC Housing Finance, are likely to exit from the company even as LICHFL is exploring possibility of a public offer.
LIC Housing Finance on Thursday announced it will launch reverse mortgage schemes for senior citizens in a couple of months.
Leading home loans provider LIC Housing Finance on Friday cut interest rates for new loans by 0.5 per cent effective from August 1.Another home loan lender HDFC has also cut interest rates on loans between Rs 30 lakh and Rs 50 lakh by 0.50 per cent from August 12.
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LIC Housing Finance on Thursday slashed interest rates for new housing loan customers, intensifying the war for cornering a major pie of the now reviving home loan market.
Fifty-one-year-old Sharma, who was earlier serving as the head of parent Life Insurance Corporation for the South Zone, asked investors not to "worry or panic".
Non-banking financial companies (NBFCs) such as Bajaj Finance, Shriram Finance, Muthoot Finance, and IIFL Finance have regained their growth momentum after losing market share to banks in the post-Covid period. The growth surge is being led by diversified lenders and gold-loan companies while development-finance institutions such as Power Finance Corporation (PFC), REC, and Housing & Urban Development Corporation (Hudco) continue to grow at a slower pace.
Some called it 'sheer bad luck' for Nair, others talked of a conspiracy.
"The main point is managing this growth so as to make it sustainable. Our aim is to grow by at least 25 per cent on-year during 2011-12."
LIC Housing Finance Ltd has posted a net profit of Rs 413.40 million for the quarter ended December 31 as compared to net profit of Rs 321.20 million in the quarter ended December 31, 2001.
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Public sector housing finance firm Housing and Urban Development Corporation has reduced interest rates on home and project loans by 50 to 125 basis points with effect from January 1, 2009. LIC Housing Finance on Wednesday cut interest rates for existing home loan borrowers by 0.75 per cent with effect from January 1.
The Reserve Bank of India's (RBI) Monetary Policy Committee's (MPC) decision to cut the repo rate by 50 basis points (bps) to 5.5% was contrary to the expectations of many economists. Firstly, most of the economists expected the MPC to cut the repo rate by 25 bps citing the weakening of inflation, prospects of economic growth, geopolitical uncertainty and comfortable system liquidity.
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Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
According to sources, in a January 6 letter to the department of financial services under the finance ministry, LIC said it wanted to stop sponsoring LIC Nomura Mutual Fund, and might offer some of its stake in LIC Housing Finance to other shareholders.
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'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
"We may rope in a consultant for our proposed foray into banking business, if that is required. This will happen after the final guidelines on banking license is out by the Reserve Bank of India (RBI)," Director and Chief Executive of LIC Housing Finance, V K Sharma said.
Life Insurance Corporation of India (LIC) on Friday got its first female managing director and another new MD.
Reserve Bank of India on Thursday said 15 large NBFCs, including LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, will be subject to enhanced regulatory requirements. The central bank has categorised NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL). A list of 15 large Non Banking Finance Companies (NBFCs) falling in the Upper Layer category has been released.
'The Election Commission is conducting the National Register of Citizens in Bihar through the backdoor.'
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
India's biggest life insurer and financial institution has turned to its 'turnaround man' to restore credibility to prime subsidiary LIC Housing Finance (LICHF). Vijay Kumar Sharma, 52, formally took over as its CEO on Wednesday. Sharma comes from Chennai, where over the past one year he turned LIC's south zone into the best performer after a 20-month slowdown.
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
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The plan panel on Thursday termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned.
Life Insurance Corporation (LIC) of India, which is conducting an internal probe into the bribe-for-loan scam that surfaced at LIC Housing Finance (LICHF) in November, has not detected any aberration as yet.
Following a cut in the interest rates by banks, LIC Housing Finance Ltd on Friday announced a special rate of 7.75 per cent on home loans for all terms.
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