LIC Housing to float new entity for its business in North-East

LIC Housing Finance is planning to float a separate arm for undertaking home loans business in the North-Eastern part of the country.

The second largest standalone housing finance company of the country has hit upon this strategy as local laws in some of the North-Eastern States do not allow creation of a mortgage (to convey a property as security to a lender against a loan).

The operations of the proposed arm, which will be in the nature of a special purpose vehicle (SPV), will be limited to the acquisition and financing of specific assets in the North-East.

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