After keeping away from loans to real estate developers/builders for over a year following the bribes-for-loans scam, LICHF (LIC Housing Finance) plans to push up on the segment and is targeting to double disbursals in the high margin area in the current 2012-13 fiscal.
Mr.V. K Sharma, CEO, LICHFL said, “We are targeting a 100% growth under loans to developers/builders this year,” told PTI after the announcement of its annual results.
During 2011-12, LIC HFL’s disbursals to developers fell to Rs. 910 crore as against Rs. 2,400 crore in the previous year.
Even though loans to individual borrowers grew 18% during the financial year, the slowdown in project loans was cited as one of the reasons for a drop in NIM (net interest margin) to 2.44% versus the year-ago period’s 3.08%.
Mr. V.K Sharma also said "Loans to real estate projects constituted for 12% of the company’s books in peak periods, which has now come down to about 5%. We plan to take it to over 8%t through the jump in disbursals to project loans. Loans to individuals earn the company an interest of about 11 to 12%, while the same to corporates
can get it above 15%."
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