LIC Housing buys Citibanks loan portfolio

Our Banking Bureau
31 August 2002

Mumbai: LIC Housing Finance Ltd (LICHF) has acquired a housing loan portfolio of more than Rs 200 crore from Citibank. The transaction was structured and advised by Enam Financial Consultants.

A press release from LICHF said this is the second portfolio acquisition this year. In January 2002, the company had acquired a portfolio from GLFL Housing Finance Ltd.

It added that LICHF raised five-year money from the market at 7.80 per cent. It raised an aggregate of Rs 185 crore. LICHF has also got an AAA rating from Crisil and Care for a Rs 1,200-crore debenture programme for the current year.

LICHF recently reduced the interest rates on its five-year housing loans by about 150 basis points to 9.5 per cent.