LIC Housing launches home loan scheme for self-employed
"Other than the Equated Monthly Installments (EMIs) system (meant for service class), we are planning to have an arrangement for self employed category in such a manner that where money (housing loan installment) can be deposited (by borrower) on daily basis or quarterly basis," LIC Housing Finance Director and Chief Executive V K Sharma told reporters here today.
The LIC promoted housing finance company will target wide variety of sectors including small businessmen traders, farmers, shopkeepers etc for this new housing loan facility, he said.
"We plan to launch this loan scheme next fiscal," he said.
Stating that EMI repaying system was more skewed towards service class, he hoped that the new loan scheme would benefit self-employed people who faced innumerable problems in availing housing loan from financial institutions.
"The credit appraisal of self employed which is another issue is currently being looked into (by LIC Housing)," he said.
Currently, the LIC Housing Finance has just 15 per cent of total loan portfolio as self-employed customers.
In an effort to lend more to women, LIC Housing Finance launched woman-oriented home loan scheme 'Bhagya Lakshmi' on January 7 this year wherein interest rate will be 0.25 per cent lesser on home loans if property is in the name of a woman.
Sharma said that loan repayment record of women had been excellent which prompted it to extend loan