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 LIC Housing Finance Ltd, one of the largest Housing Finance companies in India, and Common Services Centers have entered in a strategic partnership to provide loan facility to citizens through the network of over four lakh Village Level Entrepreneurs (VLEs).

Through the partnership, VLEs will be able to provide a range of loan services of LIC Housing Finance like home loans; loans for serving or retired employees who are entitled to pension; residential plot loan; Griha Suvidha for private sector workers or self- employed; and loan against property and top-up loan.

To avail these loans, customers can approach their nearest CSC with KYC documents like PAN Card, Aadhaar or driving license, passport, and proof of residence; income documents like salary slip, IT returns and bank statements; and property documents like proof of ownership, tax receipts, etc

The partnership will serve as an opportunity for LIC HFL to diversify touch points for customers willing to avail its loan facility and further deepen its market penetration in new territories. Speaking on the occasion, MD & CEO Shri Y. Viswanatha Gowd added, "With our partnership with CSC, we aim at providing last mile accessibility to our services and grow our reach into the untapped demographies. CSC having a pan-India network catering to regional, geographic, linguistic, and cultural diversity of the country will help us in our long-term business growth and improve our market share. Leveraging the expertise of both the organisations we aim to provide hassle-free and convenient loans to customers.”

Managing Director, CSC SPV, Dr. Dinesh Kumar Tyagi said, “With an increase in the earning capacity of the younger generation, coupled with rising aspirations and the concept of nuclear family, there has been increasing trend of owning a house among the younger generation. This has led to an increase in demand for a home loan. Our partnership with LIC Housing will help us reach out to the younger generation who aspires to own a home not just in urban but rural areas too. Moreover, CSC will help LIC Housing overcome last mile connectivity issues and build structured financial information for various loan products in rural areas.”

LIC HFL offers home loans starting from 6.70% interest rate. The rate of interest offered is linked to the borrower’s credit worthiness, as reflected by their CIBIL scores. LIC HFL’s unique home loan product - Griha Varishtha – is designed for retired or serving employees of PSU insurers, Central/State government, railways, defence, banks etc who are entitled to pension under Defined Benefit Pension Scheme. The product allows entry age of the borrower to be latest upto 65 years and the loan tenure till attainment of 80 years of age or maximum up to 30 years, whichever is earlier. Under this product, LIC HFL offers EMI waiver of up to 6 EMIs during the tenure of the loan to the borrower.

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