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Saturday, July 20, 2013

LIC Housing mulls rate cut

LIC Housing Finance will prefer keeping interest rates down and maybe reduce them in the coming quarter, according to V. K. Sharma, Managing Director and Chief Executive Officer.

Addressing the media at the inauguration of a property fair by the company, he said if interest rates do not come down it will affect the economy and dampen growth and employment. Interest rates will definitely have to be stable, if not fall, he said.

The housing market in major cities, such as Mumbai and Delhi, are saddled with unsold stocks because of high prices, interest rates and the depreciating rupee, he said.

Attractive loan packages and competitive interest rates ensure LIC Housing sustains a double-digit growth, he said.

The company has offered a range of fixed rates, which are attracting the risk-averse customers under the current market conditions. With rates ruling at 10-11 per cent now, it is the time to opt for fixed rates, as interest rates are unlikely to fall significantly even as the risk of an upswing prevails, he felt.

Its ‘Bhagyalakshmi’ schemes, targeting women, have attracted much attention. Nearly, a fourth of the the company’s business comes from these schemes, he said.

Source: thehindubusinessline


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