Economy

LIC Housing Finance and Common Services Centers partner to offer loan facility

Mumbai, 02 March 2022: LIC Housing Finance Ltd, one of the largest Housing Finance companies in India, and Common Services Centers have entered in a strategic partnership to provide loan facility to citizens through the network of over four lakh Village Level Entrepreneurs (VLEs).

Through the partnership, VLEs will be able to provide a range of loan services of LIC Housing Finance like home loans; loans for serving or retired employees who are entitled to pension; residential plot loan; Griha Suvidha for private sector workers or self- employed; and loan against property and top-up loan.

To avail these loans, customers can approach their nearest CSC with KYC documents like PAN Card, Aadhaar or driving license, passport, and proof of residence; income documents like salary slip, IT returns and bank statements; and property documents like proof of ownership, tax receipts, etc

The partnership will serve as an opportunity for LIC HFL to diversify touch points for customers willing to avail its loan facility and further deepen its market penetration in new territories. Speaking on the occasion, MD & CEO Shri Y. Viswanatha Gowd added, “With our partnership with CSC, we aim at providing last mile accessibility to our services and grow our reach into the untapped demographies. CSC having a pan-India network catering to regional, geographic, linguistic, and cultural diversity of the country will help us in our long-term business growth and improve our market share. Leveraging the expertise of both the organisations we aim to provide hassle-free and convenient loans to customers.”

Managing Director, CSC SPV, Dr. Dinesh Kumar Tyagi said, “With an increase in the earning capacity of the younger generation, coupled with rising aspirations and the concept of nuclear family, there has been increasing trend of owning a house among the younger generation. This has led to an increase in demand for a home loan. Our partnership with LIC Housing will help us reach out to the younger generation who aspires to own a home not just in urban but rural areas too. Moreover, CSC will help LIC Housing overcome last mile connectivity issues and build structured financial information for various loan products in rural areas.”

LIC HFL offers home loans starting from 6.70% interest rate. The rate of interest offered is linked to the borrower’s credit worthiness, as reflected by their CIBIL scores. LIC HFL’s unique home loan product – Griha Varishtha – is designed for retired or serving employees of PSU insurers, Central/State government, railways, defence, banks etc who are entitled to pension under Defined Benefit Pension Scheme. The product allows entry age of the borrower to be latest upto 65 years and the loan tenure till attainment of 80 years of age or maximum up to 30 years, whichever is earlier. Under this product, LIC HFL offers EMI waiver of up to 6 EMIs during the tenure of the loan to the borrower.

About Common Services Centers

The Common Services Centers (CSC) is one of the mission mode projects under the Digital India Programme. CSCs offer assisted access to essential government and public utility services, social welfare schemes, financial services, education, and skill development courses, apart from a host of B2C services. There are over 4 lakh CSCs functioning across the country as delivery points of government and public services for the rural population in rural, semi-urban and urban areas.

About LIC Housing Finance

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative office at Dubai. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety about the ability to service interest and repay principal.

This article was shared with Prittle Prattle News as a Press Release.

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