LIC Housing Finance eyes to disburse Rs 50,000 crore in FY17-18

Chennai: LIC Housing Finance Ltd has set a target of disbursing over Rs 50,000 crore during the current financial year, a top official said on Friday.

The company recorded a total disbursement of Rs 41,541 crore, up by 15 percent, in last financial year, LIC Housing Finance Ltd, Managing Director and CEO, Vinay Sah said.

"For the last (financial) year we registered disbursements of Rs 41,541 crore. That is with a growth of 15 percent. This year, we have set a target of crossing Rs 50,000 crore", he told PTI at the sidelines of an event here.

In 2016-17, the income grew by 16 percent with a Profit After Tax at Rs 1,931 crore.

"Till August the disbrusement is around Rs 15,000 crore", he said, adding the company witnessed a growth rate of more than 17 percent in the retail segment.

Later, talking to reporters after unveiling the three-day "Ungal Illam" (Your House) exhibition on realty properties, he said the company planned to raise Rs 55,000 crore during the current financial year in NCDs.

"We will raise as and when the need arises", he said.

Last month, at the company's Annual General Meeting, the board approved proposal to raise upto Rs 57,000 crore.

The company had then said that the proposal would be through redeemable Non-Convertible Debentures and/or by other instruments, including private placement basis upon amount not exceeding Rs 57,000 crore.

On the impact of demonetisation and implementation of Goods and Service Tax, he said demonetisation,GST and even the RERA Act occurred in the last six months making public adopt a "wait and watch" approach before deciding on new projects.

"Public at large are having a wait and watch approach. There is some slowdown as far as demand is concerned",he said.

The company had clocked an order book size of Rs 1,47,051 crore during the last financial year, he said.

The exhibition, which concludes on September 17, has on disply more than 500 projects by 75 builders. There are no processing charges for customers who get spot sanction of loans.