GIC Housing mulling foray into reverse mortgage segment

GIC Housing Finance Ltd is firming up plans to enter the reverse mortgage segment, targeted mainly at senior citizens. It is also mulling the launch of innovative mortgage linked insurance products.

According to managing director, AK Guha, the company intends to disburse Rs 1,000 crore of fresh housing loans in the fiscal 2007-08. It will also open eight new branches in various parts of the country in order to expand its housing loan portfolio and meet growing demands.

During fiscal 2006-07, its loan portfolio touched Rs 2,000 crore, disbursals were at Rs 600 crore, profit after tax was Rs 50 crore and the company paid a dividend of 30 per cent on its expanded equity base.