Auditors’ Certificate on Corporate Governance

To the members of LIC Housing Finance Limited

We have examined the compliance of the conditions of Corporate Governance by LIC Housing Finance Limited (‘the Company’), for the year ended March 31, 2011, as stipulated in Clause 49 of the Listing Agreements of the Company with relevant stock exchanges.

The compliance of conditions of Corporate Governance is the responsibility of the management.  Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring compliance of the conditions of Corporate Governance.  It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above-mentioned Listing Agreement.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For SHAH GUPTA & CO.                                                       For CHOKSHI & CHOKSHI

Chartered Accountants                                                          Chartered Accountants

Firm Regn. No.109574W                                                        Firm Regn. No.101872W

Vipul K. Choksi                                                                        Vineet Saxena

Partner                                                                                    Partner

M.No.37606                                                                             M.No.100770

Place : Mumbai

Date : 28^th April, 2011