LIC Housing Finance plans to open a representative office in Dubai to cater to non-resident Indians in the GCC countries covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia to help them own properties in India, a company representative said.
Headed by Vikrant Ponkshe in Dubai, LIC Housing Finance is planning to leapfrog ahead of its competitors.
K. Sridhar, the managing director of LIC HFL and LIC India, said a Kuwait office is also being launched, as a strategy to spread its wings in the Gulf.
The new chief executive of LIC Housing Finance Ltd, S.K. Mitter, said the immediate objective and thrust will be to lead the company to newer heights with improved performance in the areas of operation and corporate governance. The main focus will be developing the Gulf markets.
The company is in the process of expanding its visibility in this part of the world. LIC Housing Finance plans to host property shows with reputed builders and developers from India, which would enable Indian expatriates to have more knowledge and information on the availability of properties in the respective states they come from.
Plans also include roadshows and soft launches.
LIC Housing Finance Ltd, one of the largest housing finance companies in India, started its operation on June 19, 1989 The main objective is providing long term finance to individuals for purchase, construction or repair and renovation of new or existing flats or houses.
A feature of the company's schemes is that the life insurance policy as collateral security usually backs the loans.
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