LIC Housing Finance will offer home loan through CSE from 6.7%. Know Details, How to Apply

LIC Housing Finance Limited has announced a strategic partnership with Common Service Center (CSC) to provide loan products to customers using a network of over four lakh Village Level Entrepreneurs (VLEs). In this partnership, VLEs will be used as a medium to offer LIC HFL’s loan products such as Home Loans, Loan Against Property and Top-up Loans.

To avail the loan facility, interested customers can directly approach the CSC and submit their application along with KYC documents such as PAN card, Aadhaar or driving license, passport, and other required income documents along with proof of residence.

The VLE network will help LIC HFL to diversify touchpoints for potential customers and deepen the company’s presence in new areas. LIC HFL offers home loans starting from 6.70 per cent per annum which may increase depending on the creditworthiness of the borrower as reflected in the CIBIL score.

Speaking on the development, Y Vishwanath Goud, MD & CEO, LIC HFL said that the pan-India network of CSCs will help the company enter untapped market demographics by improving last mile reach of services. “CSC has a pan India network catering to the regional, geographical, linguistic and cultural diversity of the country, which will help us in our long term business growth and improve our market share. Leveraging the expertise of both the organizations, we aim to provide hassle free and convenient loans to the customers. Gaur said in a press release.

CSC was introduced by the government as one of the mission mode projects under the Digital India program. The scheme provides supportive access to essential government and public utility services, social welfare schemes, financial services, education and skill development courses, among many other B2C services.

At present, there are over 4 lakh CSCs across the country that act as delivery points of government and public services to the population in rural, semi-urban and urban areas.

CSC SPV Managing Director Dr Dinesh Kumar Tyagi said that this agreement will help LIC HFL to tap the growing demand for home loan products in rural India. He said that with the increasing aspiration among the younger generation and the concept of nuclear families, there is a trend of increasing demand for home loans.

Tyagi said, “Our partnership with LIC Housing will help us reach out to the younger generation, who aspire to own a home not only in urban but also rural areas.”

He said the partnership would be LIC HFL to address last mile connectivity issues and create more structured financial information for various loan products in rural areas.

LIC HFL, one of the market leaders in housing finance, enjoys the highest rating from CRISIL & Care, which indicates safety regarding servicing of interest and ability to repay principal.

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