GIC Housing to offer consumer loans

By Our Staff Reporter

KOLKATA, JUNE 4. To make its offers attractive, GIC Housing Finance plans to float a package combing housing finance and consumer loan. Addressing a press conference here today, Mr. N. Sowmyan chief executive of GIC Housing Finance, said consumer loan would be offered at the rate of housing loan and up to 10 per cent of the value of the latter without any additional collateral. At present, consumer loans are much costlier than housing loans.

Stating that the new scheme would be launched within two months, Mr. Sowmyan said the company was also working to offer insurance cover to the housing property of its borrowers. The cover would be available at an additional cost but lower than the market rate. The company was negotiating with various insurance companies including the promoting companies to this effect.

On the operational front, the company is now busy expanding its network. The network will be increased to 25 this fiscal from 17.

As against an average disbursement ratio of 85 per cent of sanctions, GIC Housing disbursed Rs. 171 crores which is 93 per cent of its sanctions of Rs. 180 crores in 2000-01.

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Section  : Business
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