Is LIC housing finance private or government bank?

From what I know, the largest housing finance company in India now is LIC Housing Finance Limited. It was established on June 19th, 1989, according to the Companies Act. This company was initially sponsored by LIC of India but entered the public sector in 1994. You must be wondering whether LIC HFL is government or private.

Whether LIC housing finance is government or private?

It is neither a complete government nor a completely private company. It is a public limited company. It is limited by LIC of India shareholding or operating as a semi-government firm. Life Insurance Corporation of India (100% Govt of India Organisation) is the institution's owner, promoter, and regulator. LIC of India, the parent company of LIC HFL, now holds a 40.31 percent controlling stake in the company. FII and public shareholders still own 59.69 percent of the company. There are no shares owned by the Government of India in LIC HFL. Therefore, the LIC HFL is not under the control of the Indian government. The LIC of India has complete authority over LIC HFL. This clears your doubt is LIC housing finance private or government bank.

What is Sanchay Public Deposit Program in LICHFL?

• People, private limited organisations, non-resident Indians, cooperative groups, and associations of people can all use the deposit programme.

• A minimum deposit of Rs. 100000 must be made, and all additional increases must be made in multiples of Rs. 1000.

• Interest is multiplied and due on March 31 of each year.

• The term of deposits affects the interest rate.

• Senior people receive an additional 0.10% on deposits up to Rs. 50000 and 0.25% on deposits of Rs. 51000 and above.

How does the loan against security work in LICHFL?

• The smallest loan amount offered is Rs. 50000.

• The loan's maximum length is 20 years.

• The loans may be combined with previously taken house loans.

• Deposits made in nationalised banks, post office deposits (such as NSC certificates, Kisan Vikas Patra, etc.), and surrender-valued LIC policies is all acceptable collateral for loans.

• Only loans up to 95% of the face value of assets and the surrender value of insurance policies are offered.

This is all you need to know about whether LIC HFL is government or private.