Last year, as the company had to become more conservative in lending to developers, it diverted more of its funds to individuals and construction of commercial premises.

According to the annual statement of accounts, LIC Housing Finance has simplified a number of its procedures relating to disbursement of loans, and schemes for repairs and renovation are now available to all centres and widened to include upgradation and maintainance.

The company says it plans to ensure qualitative growth in sanctions and disbursements, and train more agents for housing sector activities.It also plans to strengthen customer service by providing effective training to shop-floor personnel.

Moreover, it proposes to explore new areas for raising additionalresources.

The company has signed an agreement with National Securities Depository Ltd to get its shares dematerialised, and has paid the one-time custodian fee to NSDL on behalf of its members.

Because of the slump in the real estate market in 1997-98, LIC Housing had to follow a stringent policy in sanctioning of loans to developers. The company laid greater thrust on sanctioning loans to individual and corporate bodies.

The company has sanctioned 38,195 individual loans worth Rs 837.73 crore and disbursed 36,406 loans worth Rs 769.31 crore during 1997-98.

LIC Housing Finance sanctioned Rs 34.81 crore and disbursed Rs 32.79 crore in project loans.

Among its individual housing loan schemes are Griha Prakash, Griha Tara, Griha Jyoti, Griha Shobha for non-resident Indians, Griha Lakshmi and Griha Sudhar.

Total income in the year 1997-98 was Rs 483.65 crore, up from Rs 411.70 crore in 1996-97. Net profit of the company grew by 38.42 per cent to Rs 87.72 crore in 1997-98.