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Tag: housing

LIC Housing eyes to disburse Rs 55,000 crore in FY 19-20

LIC Housing eyes to disburse Rs 55,000 crore in FY 19-20

Finance
CHENNAI: LIC Housing Finance Ltd has set a target of disbursing Rs 55,000 crore worth loans during the current financial year, a top official said on Saturday. LIC Housing Finance Ltd., Managing Director and CEO Siddhartha Mohanty said the company disbursed Rs 48,000 crore worth loans during the last financial year. "We propose to achieve a target of Rs 55,000 crore disbursement. Last year it was Rs 48,000 crore..," he told reporters at the sidelines of the 22nd edition of two-day Mega Property Fair 'Ungal Illam'. To a query, he said the company till date has managed to disburse Rs 26,000 crore worth loans. On the company's financials, he said they were looking at bringing the Gross NPA below the level it stood last year. "Currently, it is at 2.38 per cent. We are very much careful an...
PNB unlikely to subscribe to fresh equity expansion of its housing subsidiary PNB Housing

PNB unlikely to subscribe to fresh equity expansion of its housing subsidiary PNB Housing

Finance
KOLKATA: Punjab National Bank is unlikely to subscribe to the fresh equity expansion of its housing subsidiary PNB Housing while Carlyle Group is keen to expand its investment, sources familiar with the development told ET. The housing finance company is raising Rs 2000 crore equity first time in four years. State-run PNB holds 32.66% in the company while Carlyle holds 32.25% through a group company, called Quality Investment Holdings. General Atlantic with 9.87% interest in the housing finance lender may also subscribe to the issue, sources said. A couple of new investors may usher in. When contacted, PNB Housing managing director Sanjaya Gupta merely said that two of the three large investors would invest. He did not share further details. PNB did not respond to queries. It is learnt tha...
Bajaj Housing Finance reduces home loan interest rates

Bajaj Housing Finance reduces home loan interest rates

Finance
Bajaj Housing Finance announced Monday that it was reduced home loan interest rates. A press release issued by the non-banking housing finance company (NBFC) stated that it has cut interest rates on home loan up to Rs 30 lakh to 8.6 percent from 8.8 percent. The revised rates would be effective from now and would apply to all eligible customers. The press release also stated that those borrowers planning for a home loan balance transfer will get this reduced rate. Bajaj Housing Finance offers home loans for up to Rs 3.5 crore for borrowers purchasing their first house, constructing an own house or renovating the current house. The company also offers its customers a top-up loan of up to Rs 50 lakh, without any extra documentation, to finance key requirements like repairs and renovation. Le...

Inspections show deterioration of US-funded housing for poor

Health
In this city known for pre-Civil War mansions, a young mother shared a government-funded apartment with her three small children and a legion of cockroaches. They lurked in the medicine cabinet, under the refrigerator, behind a picture on the wall. The mother nudged a bedroom dresser and more roaches skittered away as her 2-year-old son stomped on them. It was home, sweet home for Destiny Johnson and her kids — until she got fed up and moved out last month. Inspectors had cited the apartment complex with urgent health and safety violations for the past three years. Yet the federal government continued to pay Johnson's rent at a property where a three-bedroom unit like hers can run $ 900 a month. "I'm not asking for the best," she told a reporter weeks before leaving, "but something bette
Blackstone pips Baring, Hero Fincorp to buy Aadhar Housing Finance for Rs 2,700 crore

Blackstone pips Baring, Hero Fincorp to buy Aadhar Housing Finance for Rs 2,700 crore

Finance
Private equity firm Blackstone today bought Aadhar Housing Finance, affordable housing arm of Wadhawan Global for about Rs 2,700 crore, outbidding private-equity fund Baring Private Equity and Hero Fincorp. “Blackstone emerged as the winner for the affordable housing finance arm of Wadhawan’s Dewan Housing bidding the business at Rs 2,700 crore, which is three times the book,” said a source close to the development. The company was looking at this deal to free up capital and use the fund to ease liquidity pressure on Dewan Housing Finance. DHFL shares plunged 17.96% on Friday. The shares of DHFL has been under pressure after a news portal alleged that the company had diverted loans worth Rs 31,000 crore. The stock came under further pressure after reports about ministry...