Highlights
(Rs. in crores)

	Quarter ended December 2003		Nine months ended December 2003
Loans Sanctioned	1257.42	Up by 20.46%	3388.86	Up by 47.87%
Total Income	251.92	-9.33%	731.94	Up by 0.14%
Net Profit	45.23	Up by 9.41%	115.16	Up by 10.56%
Outstanding Mortgage Portfolio	9170.77	Up by 25.67%

Mumbai, January 28, 2004: LIC Housing Finance announced its un-audited results for the third quarter ended December 2003, following its approval by the Board of Directors in a meeting held in Mumbai on January 28, 2004

Performance Details:

The company has recorded a healthy growth in business during the third quarter ended December 2003. Under Individual Loans, the Company sanctioned 26623 loans for total amount of Rs. 1202.92 crores and disbursed 26294 loans for a total amount of Rs. 948 crores.

The total sanctions inclusive of Individual and Project loans amounted to Rs. 1257.42 crores and disbursements to Rs. 1010.74 crores.

For the nine months ended December 2003 the Company sanctioned 70095 loans for total amount of Rs. 3388.86 crores and disbursed 69062 loans for a total amount of Rs. 2876.04 crores.

The Outstanding Mortgage Portfolio as on December 31, 2003 was Rs.9170.77 crores as against Rs.7297.24 crores on December 31, 2002, thus registering a growth of 25.67%.

The Company's total Income for the third quarter ended December 2003 was Rs.251.92 crores as against Rs.277.84 crores during the same period last year. Net profit during Q3 was Rs 45.23 cr as compared to Rs 41.34 cr in the corresponding period last year, thus showing a growth of 9.41%.

For the nine months ended December 2003, the Company's total Income was Rs.731.94 crores as against Rs.730.90 crores during the same period last year. Net profit during this period was Rs 115.16 cr as compared to Rs 104.16 in the corresponding period last year, thus showing a growth of 10.56%.

Business Initiatives :- During the period under review, the Company launched a festival offer for individual loans at concessional rates from 14.11.2003 to 31.12.2003. As on date, the Company has tie-ups with more than 500 Corporates for offering housing loans to their employees.

Fund Raising : The Board of Directors have accorded approval to the Company to enhance the Equity Capital of the Company by issuing 10 million Equity Shares by a private placement or through a GDR offering. The Company is in the process of finalizing the structure of the issue.

S.C. Jain, Director & Chief Executive said, "The business growth has been very encouraging .We have been able to maintain a good rate of growth in this quarter as well. We are negotiating with our lenders for reducing the cost of funds on a sizeable portion of our existing liabilities and are confident of improving our Net Interest Margins in the fourth quarter."

About the Company:

LIC Housing Finance Ltd is one of the largest housing finance companies in India having the widest marketing network of 113 offices across the country. It was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. The company enjoys 'AAA' rating from CRISIL and CARE indicating highest safety with regard to the ability to service interest and repay capital.

Click here to see detailed Financial Results

For further information please contact:

Mr. S.C.Jain Mr. Hemant Batra
LIC Housing Finance Ltd Adfactors PR
Tel: 22049799/ 22040006 Tel: 56349848, 9820325109