LIC Housing Finance biz back to pre-Covid levels: MD

Business of LIC Housing Finance is back to pre-Covid levels, Managing Director and Chief Executive Officer Siddhartha Mohanty has said. The business done by the company in September is not only better than the previous year but also the best for the company in the same period, he said. Mohanty said that housing finance companies witnessed excellent growth in September due to various incentives by builders and the momentum would continue with the onset of the festive season. October and November will see further growth in the individual retail housing segment, he said. LIC Housing Finance is seeing good growth in the affordable segment while the premium segment has also seen an uptick. “In Mumbai, we are registering good growth because of reduction in stamp duty. As a company, we are seeing growth not only in the metros but also in Tier-II, Tier-III cities,” Mohanty said. The mortgage lender on Thursday inked a partnership with Boston Consulting Group, which will help it digitise its underwriting processes, improve customer experience, and cut costs. The exercise will be implemented over the next 21 months and the aim is to achieve at least 90-95 per cent digitisation, from 40-45 per cent now.