LIC Housing Finance Limited, one of the largest housing finance companies in India, has recorded a spectacular growth in business during the financial year ended 31-3-2003. The Company sanctioned 84,126 loans for total amount of Rs. 3265.78 crores and disbursed 76,663 loans for a total amount of Rs. 2941.24 crores under Individual Loans.

The total sanctions inclusive of the Individual and the Project loans amounted to Rs. 3593.44 crores and disbursements to Rs. 3190.83 crores, showing a robust growth of 62.56 % in disbursements.

During the fiscal ended 31-3-2003, the Housing Finance sector witnessed a fierce and aggressive competition, with a number of Indian and International Banks joining the fray. Therefore, the performance of the Company against this backdrop assumes still greater significance. It is mainly attributable to the rapidly growing Housing Finance Market propelled by low interest regime, tax benefits, property prices and the Company’s focus on aggressive marketing, expanded range of innovative and customized products, vast marketing and distribution channels and improved service.

Mr. S.C. Jain, Chief Executive, LIC Housing Finance Limited, said, “As an essential part of our long term strategy we have been focusing on delivering superior value to the customers in terms of competitive price, customized products and transparent business practices for the benefit of customers and excellent service. Our record performance this year is the result of all these initiatives.”

LIC Housing Finance Ltd. is one of the largest housing finance companies in India having the widest marketing network of 104 offices across the country. It was promoted by Life insurance Corporation of India in 1989 and a public issue was made in 1994. As on December 31, 2002 its outstanding mortgage portfolio was Rs 7297 crores .This includes mortgage assets worth Rs. 199.54 crores acquired from Citibank last year. For the nine months ended December 2002 it posted a total income of Rs. 696.37 crores and a net profit of Rs. 104.16 crores. The company enjoys ‘AAA’ rating from CRISIL indicating highest safety with regard to the ability to service interest and repay capital.

Place : Mumbai

Date : 7^th April 2003.