Housing financer LIC Housing Finance is planning to build homes for senior citizens in Jaipur and Bhubaneswar, said a top company official here Friday.
“We have acquired seven acres of land in Jaipur and are waiting for permission to begin construction," said company chief executive R.R. Nair.
"The project, Care Homes, will be for those whose children are abroad. We already have one Care Homes complex in Bangalore,” Nair told reporters after inaugurating a property fair here.
A Care Homes complex will have around 90 dwelling units, in which senior citizens can stay on paying a fee.
Speaking about the company’s target for the current fiscal, Nair said: “Our target is to disburse around Rs.14,000 crore. Last year, we disbursed Rs.8,800 crore. By the end of this year our loan book size will be around Rs.40,000 crore.”
"Out of the Rs.15,000 crore needed, we have already raised Rs.6,000 crore. The balance will be a mix of non-convertible debentures, bank loans and other means."
Maintaining that the market for housing loan was looking up, Nair said 92 percent of his company's loan portfolio consists of lending to individuals.
On his company's non-performing assets (NPA), he said it was being reduced for the past four years. "Last year, our gross NPA was 1.07 percent, down from 1.7 percent the year before. This year it will be below one percent.”
The Net NPA will be near zero percent as against 0.21 percent logged last year.