Rajeev Sakhuja - Manager, Business at LIC Housing Finance

[00:00:06] Could you introduce yourself a little bit and tell us what you are bringing to CREDAI MCHI this year? Let me introduce myself, I am Rajeev Sakhuja, I am Associate Chief Manager at LIC Housing Finance Limited. I am currently looking after Business Development of MMR, Mumbai Metro Region.

[00:00:29] And basically about MCHI, LIC Housing Finance has been associated since a very very long time. We have got a long term association just like car and petrol. So both can't move without each other.

[00:00:47] So like builders they are assumed as if they are the cars and we are the petrol. So ignition is provided and there is reality sector being the second largest employment provider.

[00:01:02] As a social cause also we believe that it's our duty that the real estate sector should boom up. We should have a roof over every head considering the same aspect our beloved Prime Minister, Shri Narendra Modi Ji had launched Pradhan Mantri Ava Sjojna.

[00:01:23] All PSU banks including LIC did very well as providing this PMI scheme. And it is one of the most widespread revolutionary scheme that has happened for urban poor and also for rural poor,

[00:01:39] but especially this urban poor. The problem of people not having houses and staying in a rented accommodation, paying huge cost that has been somewhere subsided because of the subsidy provided during the scheme of PMI.

[00:01:58] So currently LIC Housing Finance we are having one of the best interest rates in the market. We cater to the segment we want our customers to have the most long lasting relationship with minimum cost.

[00:02:14] And we aim for people coming up and able to enjoy their houses or roof of their own in a city like Mumbai. So considering the rate of interest gap between other financial institutions and us,

[00:02:30] so almost you can say there is a 40-50 basis point reduction that we are offering in the market. In percentage terms you can say it is around 8 to 10% cheaper as compared to others. Our processing fees for application of the loan ranges from NIL to 3000 at the highest.

[00:02:52] There have been lots of projects which we are promoting wherein we want customers to have this urban housing problem solved. So for small sector customers, people who are having lesser income also we are catering to unorganized sector as well.

[00:03:12] So people who are not working in organized sector like somebody who is working in a tailor shop, somebody who is working in a showroom as a sales manager, salesman, they are also having a product.

[00:03:27] So we are catering right from the bottom most to the niche in the market. So we have got a plethora of products right from residential property to commercial properties and loan against properties as well. Can you talk a little bit more about these products?

[00:03:45] Yeah, see some insights if I would like to tell you about the products. So normal course what happens is people are having that 15% or 20% from their side to take, give to the builder.

[00:04:01] From our side we ensure that we give the best possible last per norms to the customer so that he gets the best of his legibility. Of course depending on the standard operating practices so that he is able to accommodate a house, get a house of his own.

[00:04:18] So rentals are increasing day by day. People, houses costs are also going up. So in Mumbai there is a saying, the sooner you came to Mumbai the richer you are because the assets grow in that fashion.

[00:04:35] The assets have grown in suppose just giving you an example people who came in 1965 or 70s have bought their properties out here. So now they have ended up on a different scale rather than the shape. This city offers a lot to people.

[00:04:53] This city, builders offer a lot to people. There is a lot of scope of earnings in this city. So why not have give them a peace of mind by having them after a day's hard work sleeping in their own beds in their own houses.

[00:05:10] So we make dream come true. We look forward to people. Our slogan of our parent organization is, life and life. And our slogan is, you have built this house, we have only supported it. That's the motto of LIC Housing Financial Committee.

[00:05:28] Sir do you mind telling us a little bit about Credit I MCHI and your thoughts on it? Credit I MCHI is a body. It is doing pretty well. In all shades of life rather than it is not just a builder body.

[00:05:45] It's not just a conglomeration or a gang of builders. Unlike what people may or might not know, they have actively participated in social causes activities during COVID period. There were meals on offer from Credit I MCHI side.

[00:06:01] There were hospitals built just in days time just to serve the social cause of people. And there are a lot of public schemes that they have come up with. They have they impress upon the government the need for having stamp duty concessions during the COVID period.

[00:06:18] That was a basic thing that brought the cost of property down in Mumbai. They were the people who were initiating towards a cost wherein the cost of the property was reduced due to stamp duty reductions.

[00:06:32] Some stamp duty was absorbed from their side and whereby bringing the cost of acquisition for the customer to a minimal level that could have been given. Whereby providing employment opportunities during the COVID period as well.

[00:06:47] So lot of people like even the laborers they were here they did not migrate because of the fact they were being provided food, shelter and also an earning even in those COVID times.

[00:07:01] So Credit I MCHI has been doing a wonderful job and connecting people is the greatest thing like minds connected together people don't have time.

[00:07:09] So fortunately you can say Credit I event which happens almost once or twice in a year for Mumbai has been eagerly waiting for such an event to happen. People from Nala Supara and far suburbs come down to look at the property of their own choice.

[00:07:27] Maybe how they can have a property out of this area what exactly is the proportion just to have a pin code for Mumbai with them.

[00:07:37] So Credit I has done a tremendous job as far as this is concerned bringing all builders, financiers and also out of the box thinking home exchange is under one roof that itself is a commendable job.

[00:07:53] I would thankfully say that Credit I team MCHI team has done a wonderful job connecting everything and putting up a very good foot forward as well as a great show. They are good footfalls till now hoping keeping our fingers crossed Saturday Sunday would be another boom boom day.

[00:08:15] We can feel that a lot of inquiries come in a lot of people get their dream houses and we help them to accomplish it. So that's how I see MCHI and Credit I team.

[00:08:28] Thank you for being here being so good and giving a lot of ideas and theories to people also to let it podcast and people know about the exhibition about LIC housing finance. So thank you listeners. Thank you so much. The pleasure. Thank you. Cheers.