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LIC Housing Finance sanctions Rs 600 cr to five developers

Wednesday, 14 Oct 2020
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LIC Housing Finance, the housing finance subsidiary of the Life Insurance Corporation of India, (LIC) has sanctioned over Rs 600 crore to at least five developers in the last few months. 
 
This includes Shriram Properties, Vatika Group and Radiance Realty. These range from fresh disbursals to refinance deals where the mortgage lender has taken over loans from other lenders. 
 
LIC Housing Finance has sanctioned worth Rs 225 crore to Shriram Properties as construction finance at a floating rate of 13.25 percent. At least Rs 65 crore of that will be used to take over an existing loan from Yes Bank. 
 
An amount of around Rs 54 crore was disbursed to Vatika Group for making part payment of an Indiabulls Housing loan and Rs 108 crore was sanctioned to Radiance Realty in September 2020 for two projects. 
 
Around Rs 46 crore will be used to refinance loans disbursed by Kotak Mahindra Prime and Kotak Mahindra Investments. The housing finance company also sanctioned Rs 116 crore to Concast Infrastructure and Rs 100 crore to DN Homes.
 
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