Left Menu
Development News Edition

LIC Housing Finance identifies 14 projs for alternative investment fund


LIC Housing Finance identifies 14 projs for alternative investment fund

Mortgage lender LIC Housing Finance on Friday said it has identified 14 projects to be referred to the alternative investment fund (AIF), set up by the government for last-mile funding, a top company official said. The housing finance company is the sole lender to these 14 real estate projects and has a total exposure of Rs 1,400 crore to them.

In an effort to boost the ailing real estate, the government in November last year had approved setting up of a Rs 25,000 crore bailout fund. The government said the AIF will act as a 'special window' to provide loans to over 1,600 incomplete affordable and middle-lower income housing projects. The fund is managed by SBI Caps.

"We have some 14 projects (eligible) for the alternate investment fund created last year. We have advised those developers to be in touch with SBI Caps and the process has started," LICHFL's managing director and CEO Siddhartha Mohanty told reporters after launching its mobile app. He said all these 14 projects need last-mile funding.

LICHFL on Friday said it has adopted google cloud to power its next generation digital mobile platform and serve the needs of home loan applicants. The mobile application provides instant eligibility for pre-approval home loan based on the KYC and other data provided by the applicants.

In the quarter ended December 31, 2019, LICHFL reported a flat profit after tax at Rs 597.53 crore due to higher provisioning of Rs 390 crore for bad loans. Its net profit in the year-ago period was Rs 596.31 crore.

During the period, the stage 3 exposure at default or NPAs increased to 2.73 per cent as against 1.25 per cent in the same period last year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....

Videos

Latest News

UPDATE 1-EU agrees new Libya sea patrols after Austria lifts veto

The European Union will launch a new naval and air mission in the eastern Mediterranean to stop more arms reach warring factions in Libya, foreign ministers agreed on Monday, after Austria lifted its veto. The decision marked a breakthrough...

Pak govt confirms escape of top Taliban militant responsible for shooting Malala

Pakistan government on Monday for the first time admitted that former Pakistan Taliban spokesman Ehsanullah Ehsan, who was responsible for the shooting of Malala Yousafzai in 2012 and carrying out the deadly Peshawar Army school carnage in ...

UPDATE 1-Euro zone cautiously eyes fiscal boost as virus uncertainty looms

Euro zone finance ministers will discuss on Monday a document that calls for a more growth-friendly fiscal policy, a move that could lead to Germanys spending more as fears of a downturn grow amid uncertainty from the coronavirus outbreak. ...

India refuses entry to British lawmaker critical of Kashmir policy

A British lawmaker, who chairs an all-party group on Kashmir, has been denied entry to India after she criticised the governments decision to strip the disputed region Himalayan region of its constitutional autonomy.Debbie Abrahams, a membe...

Give Feedback