About
LIC Housing Finance Ltd
LIC Housing Finance Ltd (LICHFL) is one of the largest housing finance companies in India with a key objective of providing long term finance to individuals for the purchase or construction of house/flat for residential purposes in India. LICHFL also provides finance on existing property for business/personal needs and also gives loans to professionals for purchase/construction of Clinics/Nursing Homes/ Diagnostic Centers/ Office Space and also for purchase of equipment. The Company also provides finance to builders and developers engaged in the business of construction of houses or flats for residential purpose and to be sold by them.
The Company has 9 regional offices, 24 Back Offices and 282 Marketing Offices across India. It has set up an overseas 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.
LICHFL Asset management Company is the Investment Manager of LICHFL Urban Development Fund, a Venture Capital Fund with focus on mid income housing and Income yielding micro infrastructure assets. The LICHFL Urban Development Fund is sponsored by LIC Housing Finance Limited and co-sponsored by LIC of India. LICHFL Trustee Company Private Limited currently provides Trusteeship services to LICHFL Urban Development Fund managed by LICHFL Asset Management Company Limited.
LICHFL Care Homes Limited was established to set up and operate assisted community living centres for Senior Citizens. It has established Care Homes under two Projects in Bengaluru and another one in Bhubaneswar is nearing Completion. LICHFL Care Homes Limited is also developing a Senior Living project at Vasind in collaboration with TATA value Homes Limited.
LIC Housing Finance Ltd was incorporated on June 19 1989. The company was promoted by LIC of India and went public in the year 1994. The company is recognized by 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.
In the period of 2001, the company launched their new scheme called Griha Vikas. In the year 2002, the company signed a deed of assignment to take over individual housing loan portfolio of Citibank. In the year 2003, they unveiled a new project for elderly people called LICHFL Care Homes. The company launched their maiden GDR issue in the year 2004. Also, they introduced flexi-fixed scheme offering fixed rate of interest for first five years and variable thereafter.
In October 2005, the company started offering of 'New Griha Laxmi' housing loans against the security of certain approved financial assets like Bank Fixed Deposits, National Savings Certificates and Life Insurance Policies. In the year 2006, the company introduced new Griha Jestha for senior citizens for buying unit of LICHFL Care Homes Ltd. In May 2007, the company launched maiden Fixed Deposit Scheme.
In October 31, 2007, the company incorporated LICHFL Financial Services Ltd for undertaking non fund based activities like marketing of housing loans, insurance products, credit card, mutual fund, personal loan etc. In February 2008, they launched reverse mortage for senior citizens above 60 years of age. In February 14, 2008, the company incorporated LICHFL Asset Management Company Private Limited for undertaking the business of managing, advising, administering venture funds, unit trust, investment trust in India as well as abroad.
In March 5, 2008, the company incorporated LICHFL Trustee Company Private Limited for undertaking the business of trustees of venture capital trust, funds - in India and offshore fund. In March 12, 2008, they launched a new venture capital fund for realty projects.
During the year 2009-10, the company was awarded the 'Second Best Home Loan Provider' award by Outlook Profit. During the year 2010-11, the company launched a unique interest rate scheme namely 'MINI 5' to cater to housing finance needs of the priority sector population residing in Tier II and Tier III cities.
On 6 September 2010, LIC Housing Finance announced that it is applying for a license with the Pension Fund Regulatory Development Authority (PFRDA) to act as Aggregator under the National Pension System (NPS) - Lite.
The Board of Directors of LIC Housing Finance at its meeting held on 27 October 2010 approved subdivision of Equity shares of the Company of Rs. 10/- each into 5 equity shares of Rs. 2/- each.
In 2011, LIC Housing Finance crossed Rs 50000 crore loan portfolio milestone.
On 21 March 2012, LIC Housing Finance completed allotment of 3 crore equity shares to LIC of India, the promoter of the company, on preferential allotment basis at issue price of Rs 270 per share. In 2013, the company crossed Rs 1000 crore profit and Rs 75000 crore assets mark. In 2015, the company crossed Rs 1 lakh crore loan portfolio mark. The Board of Directors of LIC Housing Finance at its meeting held on 15 December 2015 approved the proposal to acquire upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Asset Management Company Limited from Nomura Asset Management Strategic Investment Pte Ltd for a consideration not exceeding Rs 27.36 crore and upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Trustee Company Private Ltd. for a consideration not exceeding Rs 1.52 lakh.
In 2017, LIC Housing Finance crossed Rs 1.5 lakh crore assets mark.
In year 2020-21, the Company infused three tranches of Tier 2 capital through a capital infusion of Rs. 1,800 crore.
During the year 2021-22, opening of 2 new offices were initiated and 2565 of new Marketing Intermediaries were recruited to further strengthen the distribution network.
As on March 31, 2022, the Company has 4 Subsidiaries namely, LICHFL Care Homes Limited, LICHFL Asset Management Company Limited, LICHFL Trustee Company Private Limited and LICHFL Financial Services Limited.
In 2022-23, the Company opened 50 new Area Offices pan-India and expanded to 23 States and 4 Union Territories, along with a representative office in Dubai, UAE. The number of branches increased to 314. During the FY 2022-23, the Company completed a project at Bangalore in two Phases and Jeevan Anand Project at Bhubaneswar. It launched a new Alternative Investment Fund (AIF) namely LICHFL Housing & Infrastructure Fund (LHIF), with a total corpus of Rs 1000 crore including Green Shoe Option (GSO) of Rs 250 crore. The Company registered a New Fund with SEBI - LICHFL Real Estate Debt Opportunities Fund - I on 30th March, 2021 under AIF Category II of SEBI Alternate Investment Fund Regulations 2012 (AIF).
In 2023, LIC Housing Finance Company crossed Rs 2.75 lakh Crore with a Loan Portfolio. The Individual Housing Loan grew by 12% YoY, from Rs 2.04 lakhs crore in FY 2021-22 to Rs 2.29 lakhs crore in FY 2022-23. The revenue from operations was Rs 22,656.95 crore for FY
2022-23, compared to Rs 19,919.07 crore for FY 2021-22. As of 31st March, 2023, LICHFL's individual housing loan book represented 83.16% of the total retail portfolio. The project loans sanctioned and disbursed by the Company during the year were amounting to Rs 3,097 crore and Rs 2,697 crore respectively.
LIC Housing Finance Ltd
Chairman Speech
Dear Shareholders,
As I sit down to write my letter to shareholders as the Chairman, I find myself even
more optimistic by what lies ahead for LIC Housing Finance Limited today. I would like to
start my letter with a famous quote of Eleanor Roosevelt: "The future belongs to
those who believe in the beauty of their dreams." This truly epitomises the
philosophy and culture of your Company.
With LICHFL NEXT, we brought innovations in the business, made some key changes in our
strategies and decisions, while still preserving our values and strong foundation. Our key
motive behind all this remains to deliver more and more value by automating every facet of
customer interaction and delivering an elevated experience to all our customers. The
organisational changes we have inculcated as part of LICHFL NEXT are set to increase the
stakeholder value, expand geographies, and contribute to the economic growth of the
country.
With our remarkable 34-year journey, we not only multiplied our footprint in each
decade, we also endured a growth mindset. Today, we are consolidating our position as the
largest Housing Finance Company with a Loan Portfolio of ' 2.75 lakh crore. Over the
years, we also built huge and growing base of customers, strengthened our distribution
with more than 10,000 hands, and leveraged our space using stability, growth and digital
transformation.
KEY GROWTH DRIVERS
The increase in the outlay for PM Awas Yojana by 66% in Union Budget for the FY 2023-24
and the urban infrastructure development fund are all set to trigger acceleration in
demand for home loans, benefiting the industry. After witnessing disruptions in business
volumes, because of COVID-19 pandemic, the industry saw a continued improvement in
disbursements. Further, despite home loan rates hardening this year, on the back of repo
rate hike, demand for home loans did not witness a slowdown. India's real estate sector
displayed resilience amidst escalating geopolitical situation and rising inflation.
The residential sector witnessed robust demand revival, gaining fast momentum and
withstanding market volatility. Under PMAY's Housing for All, India proposes to build 5.73
million houses to realise its target of building 29.5 million houses by 2024,
demonstrating projected growth in the near future. Demand for home loans grew owing to
increasing urbanisation in smaller cities, growing importance of home ownership, a rising
population and increasing income levels, signifying its prominence as one of India's
fastest growing sectors. Government measures to support housing finance, additional
funding for housing projects and interest rate subsidies for housing loans are set to
further improve demand for housing finance. Millennials and young borrowers in need of
urban accommodation are a potential consumer base for housing loans.
DRIVING A CONSUMER-CENTRIC SERVICE MODEL
We strengthened our core and made the infrastructure more robust by establishing a
comprehensive monitoring and control framework. We also strengthened our capital adequacy
and became better capitalised. Asset-Liabilities are conducive to manage high-rate
environment.
A better asset mix and improved asset quality is set to result in reduced credit cost.
With an ability to source low-cost liability from strong fundamentals and liability
management, we reduced cost of funds despite rising rates and monetary tightening. Our
established treasury management processes and conservative liquidity policies are well
recognised.
In a digitally-transforming Indian financial services sector, technology is a strategic
enabler of business growth, cost optimisation and process innovation. At LIC Housing
Finance Limited, we have been at the forefront of technology adoption, bringing out
solutions that improve customer convenience and provide world-class experiences. We also
established a comprehensive monitoring and control framework, and built on a large talent
pool of a committed workforce.
We created a framework for sustainable growth with product and distribution strategies
that fulfil the requirements of our customers. We are also better placed on liabilities
versus other housing finance companies. Today, we have one of the lowest cost of funds,
while our credit rating continues to be strong at AAA since 2001-02. Further, there is
higher yield productivity with proper due diligence to mitigate risk. Today, our per
branch business and per employee productivity has increased.
OUTLOOK IN FY 2023-24
Going forward, we are well-positioned to leverage our established and growing network,
and are confident this will enable us to scale to new growth frontiers. We will also
continue to invest in people with the right expertise, technology, and advanced analytics
to keep pace with growth. Rapid pace of finance, affordable mortgages, increased
urbanisation and changing lifestyles are set to spur growth of Indian Housing Finance
Market, which is projected to grow by 20% CAGR between 2022-2027. Demand is visible across
sectors and loan segments, with small towns and affordable loans taking a lead.
The emerging concept of "Work from Home" and relocation to native towns
(post-pandemic) continues to aid the growth momentum in Tier 2/3 cities.
KEY STRATEGIC PRIORITIES
As we move forward, we are single-mindedly driven by our purpose of ethically
fulfilling our responsibilities towards our customers. We are also seizing more and more
opportunities to strengthen customer relationships. Today, being innovative in approach
and laying emphasis on quality business, we have differentiated ourselves strategically
aligning with customer needs. And to further improve our market share, we are
consolidating our market position, providing better customer service, and delivering value
to all our stakeholders with advance tech-enabled customer service. Further, we are using
data and analytics for segment-driven customer acquisition and engaging in technology
modernisation in line with the growing business needs and automation.
We shall keep focussing on increasing our share of high-margin products; tap into
unpresented geographies by conducting camp offices; rationalising existing offices; making
HomY even more effective and easing customer onboarding; exploring cross-selling of
products; and enabling continuous training to intermediaries and marketing officials to
increase productivity, among others. With these strategic initiatives, we are fortifying
our market presence and improving asset quality in a competitive housing finance industry.
IN CONCLUSION
I am grateful to our esteemed customers, shareholders, business partners, wider
community of stakeholders, and above all, our employees for their commitment to our
vision. I look forward to working with each of them to move towards an even better and
brighter future for LIC Housing Finance Limited.
Sincerely,
Siddhartha Mohanty
Chairman
  Â
LIC Housing Finance Ltd
Company History
LIC Housing Finance Ltd (LICHFL) is one of the largest housing finance companies in India with a key objective of providing long term finance to individuals for the purchase or construction of house/flat for residential purposes in India. LICHFL also provides finance on existing property for business/personal needs and also gives loans to professionals for purchase/construction of Clinics/Nursing Homes/ Diagnostic Centers/ Office Space and also for purchase of equipment. The Company also provides finance to builders and developers engaged in the business of construction of houses or flats for residential purpose and to be sold by them.
The Company has 9 regional offices, 24 Back Offices and 282 Marketing Offices across India. It has set up an overseas 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.
LICHFL Asset management Company is the Investment Manager of LICHFL Urban Development Fund, a Venture Capital Fund with focus on mid income housing and Income yielding micro infrastructure assets. The LICHFL Urban Development Fund is sponsored by LIC Housing Finance Limited and co-sponsored by LIC of India. LICHFL Trustee Company Private Limited currently provides Trusteeship services to LICHFL Urban Development Fund managed by LICHFL Asset Management Company Limited.
LICHFL Care Homes Limited was established to set up and operate assisted community living centres for Senior Citizens. It has established Care Homes under two Projects in Bengaluru and another one in Bhubaneswar is nearing Completion. LICHFL Care Homes Limited is also developing a Senior Living project at Vasind in collaboration with TATA value Homes Limited.
LIC Housing Finance Ltd was incorporated on June 19 1989. The company was promoted by LIC of India and went public in the year 1994. The company is recognized by 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.
In the period of 2001, the company launched their new scheme called Griha Vikas. In the year 2002, the company signed a deed of assignment to take over individual housing loan portfolio of Citibank. In the year 2003, they unveiled a new project for elderly people called LICHFL Care Homes. The company launched their maiden GDR issue in the year 2004. Also, they introduced flexi-fixed scheme offering fixed rate of interest for first five years and variable thereafter.
In October 2005, the company started offering of 'New Griha Laxmi' housing loans against the security of certain approved financial assets like Bank Fixed Deposits, National Savings Certificates and Life Insurance Policies. In the year 2006, the company introduced new Griha Jestha for senior citizens for buying unit of LICHFL Care Homes Ltd. In May 2007, the company launched maiden Fixed Deposit Scheme.
In October 31, 2007, the company incorporated LICHFL Financial Services Ltd for undertaking non fund based activities like marketing of housing loans, insurance products, credit card, mutual fund, personal loan etc. In February 2008, they launched reverse mortage for senior citizens above 60 years of age. In February 14, 2008, the company incorporated LICHFL Asset Management Company Private Limited for undertaking the business of managing, advising, administering venture funds, unit trust, investment trust in India as well as abroad.
In March 5, 2008, the company incorporated LICHFL Trustee Company Private Limited for undertaking the business of trustees of venture capital trust, funds - in India and offshore fund. In March 12, 2008, they launched a new venture capital fund for realty projects.
During the year 2009-10, the company was awarded the 'Second Best Home Loan Provider' award by Outlook Profit. During the year 2010-11, the company launched a unique interest rate scheme namely 'MINI 5' to cater to housing finance needs of the priority sector population residing in Tier II and Tier III cities.
On 6 September 2010, LIC Housing Finance announced that it is applying for a license with the Pension Fund Regulatory Development Authority (PFRDA) to act as Aggregator under the National Pension System (NPS) - Lite.
The Board of Directors of LIC Housing Finance at its meeting held on 27 October 2010 approved subdivision of Equity shares of the Company of Rs. 10/- each into 5 equity shares of Rs. 2/- each.
In 2011, LIC Housing Finance crossed Rs 50000 crore loan portfolio milestone.
On 21 March 2012, LIC Housing Finance completed allotment of 3 crore equity shares to LIC of India, the promoter of the company, on preferential allotment basis at issue price of Rs 270 per share. In 2013, the company crossed Rs 1000 crore profit and Rs 75000 crore assets mark. In 2015, the company crossed Rs 1 lakh crore loan portfolio mark. The Board of Directors of LIC Housing Finance at its meeting held on 15 December 2015 approved the proposal to acquire upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Asset Management Company Limited from Nomura Asset Management Strategic Investment Pte Ltd for a consideration not exceeding Rs 27.36 crore and upto 19.3% in the paid up Equity Share Capital of LIC Nomura Mutual Fund Trustee Company Private Ltd. for a consideration not exceeding Rs 1.52 lakh.
In 2017, LIC Housing Finance crossed Rs 1.5 lakh crore assets mark.
In year 2020-21, the Company infused three tranches of Tier 2 capital through a capital infusion of Rs. 1,800 crore.
During the year 2021-22, opening of 2 new offices were initiated and 2565 of new Marketing Intermediaries were recruited to further strengthen the distribution network.
As on March 31, 2022, the Company has 4 Subsidiaries namely, LICHFL Care Homes Limited, LICHFL Asset Management Company Limited, LICHFL Trustee Company Private Limited and LICHFL Financial Services Limited.
In 2022-23, the Company opened 50 new Area Offices pan-India and expanded to 23 States and 4 Union Territories, along with a representative office in Dubai, UAE. The number of branches increased to 314. During the FY 2022-23, the Company completed a project at Bangalore in two Phases and Jeevan Anand Project at Bhubaneswar. It launched a new Alternative Investment Fund (AIF) namely LICHFL Housing & Infrastructure Fund (LHIF), with a total corpus of Rs 1000 crore including Green Shoe Option (GSO) of Rs 250 crore. The Company registered a New Fund with SEBI - LICHFL Real Estate Debt Opportunities Fund - I on 30th March, 2021 under AIF Category II of SEBI Alternate Investment Fund Regulations 2012 (AIF).
In 2023, LIC Housing Finance Company crossed Rs 2.75 lakh Crore with a Loan Portfolio. The Individual Housing Loan grew by 12% YoY, from Rs 2.04 lakhs crore in FY 2021-22 to Rs 2.29 lakhs crore in FY 2022-23. The revenue from operations was Rs 22,656.95 crore for FY
2022-23, compared to Rs 19,919.07 crore for FY 2021-22. As of 31st March, 2023, LICHFL's individual housing loan book represented 83.16% of the total retail portfolio. The project loans sanctioned and disbursed by the Company during the year were amounting to Rs 3,097 crore and Rs 2,697 crore respectively.
LIC Housing Finance Ltd
Directors Reports
LIC Housing Finance Ltd
Company Background
| Incorporation Year | 1989 |
| Registered Office | Bombay Life Building 2nd Floor,45/47 Veer Nariman Road
Mumbai,Maharashtra-400001 |
| Telephone | 91-22-22040006/22049682/22049919,Managing Director |
| Fax | 91-22-22049839 |
Siddhartha MohantyY Viswanatha Gowd| Company Secretary | Varsha Hardasani |
| Auditor | SGCO & Co LLP/Khandelwal Jain & Co |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,Luxembourg,MSEI ,NSE, |
| Registrar | Sharex Dynamic (India) Pvt Ltd
Unit No 1 Luthra Ind,Andheri Kurla Road ,Safed Pool Andheri(E,Mumbai - 400 072 |
LIC Housing Finance Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| V K Kukreja | Non-Exec. & Independent Dir. | 2023 |
| Ameet N Patel. | Non-Exec. & Independent Dir. | 2023 |
| Dharmendra Bhandari | Non-Exec. & Independent Dir. | 2023 |
| P Koteshwara Rao | Non-Exec. & Independent Dir. | 2023 |
| Kashi Prasad Khandelwal | Non-Exec. & Independent Dir. | 2023 |
| Sanjay Kumar Khemani | Independent Director | 2023 |
| Akshay Rout | Director | 2023 |
| Y Viswanatha Gowd | Managing Director & CEO | 2023 |
| J Jayanthi | Independent Director | 2023 |
| Varsha Hardasani | Company Sec. & Compli. Officer | 2023 |
| Ravi Krishan Takkar | Independent Director | 2023 |
| Siddhartha Mohanty | Chairman (Non-Executive) | 2023 |
| Jagannath Mukkavilli | Nominee (LIC) | 2023 |
LIC Housing Finance Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_200 |
| BSEDOLLEX |
| CNX500 |
| BSEMID |
| CNXMIDCAP |
| CNX200 |
| CNXFINANCE |
| CNXDIVIDEN |
| BSEALLCAP |
| BSEFINANCE |
| MID150 |
| LMI250 |
| MSL400 |
| BSEEVI |
| NFTYLM250 |
| NFTYMC150 |
| NFTYMSC400 |
| NFTYFS2550 |
| NF500M5025 |
| NFTYTOTMKT |
LIC Housing Finance Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Interest Income | Rs. | 0 | 0 | 0 | 19688.46 |
| Other Operating Income | Rs. | 0 | 0 | 0 | 113.04 |
| Fees & Commission Income | Rs. | 0 | 0 | 0 | 98.17 |
| Net Gain on Derecognition of F | Rs. | 0 | 0 | 0 | 19.4 |
| Dividend | Rs. | 0 | 0 | 0 | 5.2 |
| Gain on Sub Lease Asset | Rs. | 0 | 0 | 0 | 1.23 |
| Management Fee | Rs. | 0 | 0 | 0 | 0 |
| Processing Fees & Oth. Charges | Rs. | 0 | 0 | 0 | 0 |
| Residual Income on PTC B | Rs. | 0 | 0 | 0 | 0 |
| Income from Investments | Rs. | 0 | 0 | 0 | 0 |
| Profit on Sale of Investments | Rs. | 0 | 0 | 0 | 0 |