GIC Housing Finance to takeover home loan business from promoter companies

MUMBAI: The four government-owned insurance companies would transfer housing loan portfolio of their employees to GIC Housing Finance in a move that is aimed to free their capital. Warendra Sinha, MD and CEO of GIC Housing Finance said that it would get 15000 new accounts due to migration. The four insurance companies- National Insurance Corporation, New India Assurance Company, Oriental Insurance Company and United India Insurance -would be transferring the home portfolio of their employees to GIC Housing Finance. All the four housing finance companies have an internal scheme of providing home loan to their employees. "The insurance companies will borne the difference on interest rates on home loans between itself and housing finance company," Mr Sinha said speaking to media at the sidelines of inauguration of its new head office. On future plans he said that the company plans to centralise processing of home loans at head office and open more office across India. GIC HF has a home loan portfolio of Rs 5000 crore.