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Housing is the one of the basic needs for every human being, with Food, Clothing and Education being the other three. Housing is an important component and a measure of socio–economic status of the people. It is regarded as a critical sector in terms of policy initiatives and interventions. The relevance of housing as a social need has been long recognized, and this has influenced the innovations and inventions made by mankind, since the Stone Ages.

Housing being the one of the essential needs of mankind, the demand for shelter grows in line with the increase in population and the standard of living, hence the need of financing the purchasing of a House came up. The importance of the housing sector can be judged by the fact that we consider house as the best investment and want to invest our hard earned money or saving in a house. The need for Finance to purchase a house brought out specialized Housing Finance Institutions. The Housing Finance Companies (HFCs) as they are called today, have stepped up their lending over the years contributing to the growth of the housing sector. Their strength lies in their skills in lending exclusively for housing sector. Such is the background of GIC Housing Finance Ltd (GICHFL).

GIC Housing Finance Limited, was incorporated as 'GIC Grih Vitta Limited' on 12th December 1989. The name was changed to its present name vide a fresh Certificate of Incorporation issued on 16th November 1993. The Company was formed with the objective of entering in the field of direct lending to individuals and other corporates to accelerate the housing activities in India. The primary business of GICHFL is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes. The Company carried a vision for the future of Housing in India. And it is always believed at GICHFL that its success and growth depends on its principles which are ;

  • To be a prominent Corporate Citizen in promoting housing activities through customer friendly finance schemes with in a service oriented atmosphere.
  • To consolidate and grow in a competitive environment reflecting the ethical standard of a good corporate citizen.
  • To create Wealth and Reward Share holders

The Company was promoted by General Insurance Corporation of India and its erstwhile subsidiaries namely, National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company Limited and United India Insurance Company Limited together with UTI, ICICI, IFCI, HDFC and SBI, all of them contributing to the initial share capital.

GICHFL has presence in 42 branches across the country for business. It has got a strong marketing team, which is further assisted by Sales Associates(SAs). It has tie-ups with builders to provide finance to individual borrowers. It also has tie-ups with corporates for various housing finance needs.

Major Events in the Company's history

Year Event
1989 Company was incorporated with the name "GIC Grih Vitta Limited".
1989-91 The Company started its operations from 8 locations.
1991-92 The Company launched Employee and Builder Scheme Housing Scheme.
1992-93 Company's name changed to "GIC Housing Finance Limited". Apna Ghar Yojana was introduced by the Company.
1993-94 The Company made a rights issue of 1:1; the capital crossed the Rs. 10 crores mark.
1994-95 The company made its maiden IPO and mobilized additional capital of Rs. 40 crores.
1996-97 The Company started the process of computerization.
2003-04 The Company recorded an above industry growth rate of over 40% in loan approvals, disbursements and profitability. As a result the Company has crossed Rs. 500 crores annual business in individual housing loan and the total portfolio has crossed Rs. 1000 crores.

The company recorded an above industry growth rate of over 40% in loan approvals, disbursements and profitability. Rights Issue of 89,75,561 Equity Shares at Rs. 16 in the ratio of 1 equity share for every 2 shares held. Paid -up capital grew to Rs. 26.93 crores.

2005-06 Focus on consolidation of NPA and profitability.
2006-07 Rights Issue - Equity shares numbering 2,69,25,533 of the face value of Rs.10/- each for cash at a premium of Rs.30 per share, aggregating to Rs.107,70,21,320 were issued on rights basis to the Equity Shareholders of the Company in the ratio of 1 Equity Share for every 1 Equity Share and was allotted on 19th May, 2006. Post Rights Issue, the share capital of the Company has increased by Rs.26.93 cores and share premium by Rs.80.78 crores. The paid up capital stands at Rs.53.86 crores as on 31st March, 2007.

Dividend declared percentage for the year increased to 30% as against 15% for the previous year.

During the year the Company opens its branch at Virar, western suburb of Mumbai, Maharashtra.
2007-08 Individual Loan portfolio crossed Rs.2000 crores during the year and stands at Rs.2427.35 crores as on 31st March, 2008.
2008-09 Individual loan portfolio crossed Rs. 2500 crores during the year and stands at Rs.2682 crores as at 31st March, 2009.
2009-10 During the year the Company opens its first branch in Gujarat at Vadodara and expands its network in Maharashtra by opening branches at Nagpur and Nashik.

Introduced optional Group Life Insurance cover to the eligible borrowers covering to the extent of outstanding loan amount with a tie up with a Life Insurance Company.
2010-11 Individual loans approved during the year crossed Rs.1000 crores. Individual Loans approved during the year are Rs.1069 crores. Individual loan portfolio crossed Rs.3000 crores and stands at Rs.3406 crores as at 31st March, 2011.

Dividend declared at 55% inclusive of onetime special dividend of 10%

Opened second branch in Rajasthan at Jodhpur and second branch in West Bengal at Durgapur and expands further in Maharashtra by opening a branch at Kholhapur.
2011-12 Individual Loans disbursed during the year crossed Rs.1000 crores, it stands at Rs.1069 crores during the year. Individual loan portfolio crossed Rs.3500 crores, it stands at Rs.3864 crores as at 31st March, 2012.

The company expands further in Maharastra by opening its new branch at Nere Panvel, suburb of Mumbai.
2012-13 The Company opens its first branch in Madhya Pradesh at Indore.
2013-14 The Company opens its 43rd Branch at Patna.
2013-14 The Company opens its 44th Branch at Ahmedabad.
2013-14 The Company opens its 45th Branch at Kalyan.
2013-14 The Company opens its 46th Branch at Borivali.
2013-14 The Company opens its 47th Branch at Dehradun.
2014-15 The Company opens its 48th Branch at Meerut.



Mr.Ashok K. Roy: Chairman of the Board.

An Agriculture Engineer with B. Tech (Hons) from the Indian Institute of Technology, Kharagpur and a Fellow of the Insurance Institute of India, Mr. Ashok K Roy joined the Indian General Insurance Industry as a direct recruit officer in 1979. He served the Oriental Insurance Co. Ltd. for 29 years in various capacities, primarily as property underwriter before moving to GIC Re in June 2008 as General Manager.

In December 2011 Mr. Roy took over as officiating Chairman-cum-Managing Director of Agriculture Insurance Company of India. He was made officiating CMD of GIC Re in January 2012 and confirmed in that position as Chairman-cum-Managing Director of GIC Re in April 2012.

Mr. Roy is also the Chairman of Asset Management Co. Ltd. He is also a Director on the Board of several companies, including Life Insurance Corporation of India; Indian Register of Shipping, East Africa Reinsurance Co. Ltd., Kenindia Assurance Co. Ltd., Asian Reinsurance Corporation and ECGC of India Ltd.

Mr.Roy has been a member of Technical Sub Committee (Engineering) of TAC and was closely associated in Development of Core Insurance Solution (INLIAS). He also headed the core group for development of Fire & Engineering Module. He has been a speaker at several training programmes on Change Management, Negotiation skills, and Corporate Governance. He is known for his various initiatives in HR Development in GIC Re. Setting up of an Innovation Centre at GIC Re has been latest initiative at GIC Re.

Mr. G. Srinivasan: B.Com, FIII, ACMA has taken charge as Chairman cum Managing Director of The New India Assurance Company Limited from 18th October 2012.

Prior to his appointment as CMD of New India, he was the CMD of United India Insurance Company Ltd. He served as Managing Director of The New India Assurance Company (TNT) Ltd., Trinidad and Tobago and General Manger for The New India Assurance Company Ltd. He has over 33 years of experience in the Insurance Industry. He has been a Director of General Insurance Corporation of India since July 28, 2010. He is a Director of New India Assurance Company (Trinidad and Tobago) Ltd., Prestige Assurance Plc, Nigeria and India International Insurance Plc, Singapore.

Dr. A.K Saxena: Dr. A. K. Saxena assumed charge as Chairman-cum-Managing Director of The Oriental Insurance Company Ltd. Delhi, w.e.f. 12th June, 2012. Dr. A. K. Saxena was earlier posted as General Manager at Oriental Insurance Company Ltd. itself.

Dr. A. K. Saxena holds masters degree in Veterinary Sciences and is a Bachelor of Law. He is also an Associate member of the Insurance Institute of India.

Dr. A. K. Saxena commenced his career as an officer with The New India Assurance Company Ltd. (NIA) in the year 1979, and has handled various line and staff responsibilities in various offices of New India Assurance Company Ltd. in Uttar Pradesh & Mumbai in addition to posting at Manila in Philippines besides stint with Kenindia Assurance Company Ltd. Nairobi. He is also a Director of India International Insurance PTE. Singapore

Mr.Milind Kharat: has assumed charge as Chairman-cum-Managing Director of United India Insurance Co. Ltd. on October 18, 2012.

Shri. Kharat is a Post Graduate in Economics from University of Bombay and a LLB. He is also a Fellow of the Insurance Institute of India.

Shri Kharat began his career as a Direct Recruit Officer of 1979 batch of general Insurance Corporation of India and has subsequently held different positions at various levels with diverse profiles including Divisional Manager, Sr. Divisional Manager, Regional In charge etc in New India Assurance Company Ltd.

Shri Kharat has two stints of international postings in Fiji islands, and Tokyo, Japan. He has been recognized with Awards for his excellent performance during his tenure as Fiji as Chief Manager for Fiji from 1995 to 2001. He held positions as Director of Fiji Reinsurance Corporation and Chairman of Insurance Council of Fiji, and he made significant contributions in revising Fiji's Insurance Act, 1998 and served as Executive Member on National Road Safety Council of Fiji, the body responsible for Road Safety in Fiji.

Shri Kharat was posted as Chief Executive Officer for Japan Operations of New India Assurance Co. Ltd. from 2004 to 2007. He was Executive Committee Member of Foreign Non-Life Insurance Association of Japan and Member of the Finance Committee for Celebration of Indo-Japan Friendship Year 2007.

He brings experience from the fields of HR, Training, Marine Cargo, Marine Hull, Motor and Legal departments.

Prior to his posting as Chairman-cum-Managing Director of United India Insurance Co. Ltd., he held position of CMD in Agriculture Insurance Co. of India Ltd., New Delhi.

Mr. V. Ramasamy: Chartered Accountant by Profession, joined United India Insurance Co. Ltd as a Direct Recruit Officer in the year 1975. During his tenure, he had worked in various capacities and in 2005, he was promoted to the cadre of Chairman cum Managing Director.

He joined National Insurance Co. Ltd as Chairman cum Managing Director from October 2005 to May 2009. After his retirement, he was appointed as Insurance Ombudsman Tamilnadu for Three Years from August 2009.

Mr. N. Mohan : Shri. N. Mohan is a commerce graduate from University of Madras. He joined the United India Insurance Company Ltd. in 1979 and worked there over the next 28 years in various capacities till September, 2007 when on promotion was posted as Deputy General Manager to National Insurance Company Ltd.

Mr. Mohan is a Chartered Accountant with over 30 years experience in General Insurance handling Internal Audit, Investments, Accounts, Implementation of I.T. Systems, Marketing, Re-insurance, Claims handling and Underwriting.

He possesses excellent leadership skills, exceptional interpersonal communication and organizational skills with abilities in team management & customer relationship management. He has extensive experience in handling large clients.

Mr. Mohan besides being a Fellow of the Insurance Institute of India is also a professionally qualified Company Secretary and Cost & Works Accountant.

Mr. Mohan joined GIC Re as a General Manager in November, 2011. He currently looks after the Investment & Finance portfolio in GIC Re.

Mr. Kamlesh Shivji Vikamsey: B. Com from the University of Mumbai, Chartered Accountant has 30 years of Experience in Accounting & Finance, Taxation and Corporate Advisory Services. He is Member of Audit Advisory Committee of United Nations Development Programme (UNDP), New York and also the Member of Appellate Authority of the Institute of Chartered Accountants of India (ICAI). He was elected as the President of ICAI during 2005-06 and also as Vice President of ICAI during 2004-05. He has been an elected Member of the Central Council of the ICAI from 1998 to 2007. Thereafter he has been the President of Confederation of Asian & Pacific Accountants (CAPA) during 2007-09 and was Deputy President of CAPA during 2005-07. He was a Board Member of the International Federation of Accountants from 2005-08. He has been associated with M/s Khimji Kunverji & Co. as a Senior Partner since 1982. He has served as a Member of various advisory and expert committees at National and International Levels, including as a Member of the Steering Committee for comprehensive review of Governance and Oversight within the United Nations.

Ms. Mona Bhide: B. Com, LL.B. from University of Mumbai, LL.M. from Northwestern University, School of Law, Chicago is a Managing Partner of Dave & Girish & Co., a Law Firm focusing on International Finance and Corporate Laws. She is also Advisor to various Banks and Financial Institutions.

She is the Member of Bar Council of Maharashtra and Goa, Bombay Bar Association, International Swaps and Derivatives Association, International Bar Association, New York State Bar Association, Inter Pacific Bar Association and Asia Pacific Loan Market Association.

She had worked with American Bar Foundation in the field of Investment Banking, conflicts and globalization of the legal profession and also worked with International Law Firm, Sedwick, Deetert Moran and Arnold.

She is one of the highly recommended lawyers for Project Finance & Corporate, Mergers & Acquisitions transactions, restructuring and insolvency practitioner and corporate transactions practitioner in India in Global Counsel 3000.

She has been ranked as a Leading Individual in Banking & Finance, Corporate, Mergers & Acquisitions and Dispute Resolution by Legal 500 and as Leading Lawyer by Asia law Profiles.

Mr. Warendra Sinha - Managing Director & CEO : is an alumnus of Hansraj College, University of Delhi and a Post Graduate from the Jawaharlal Nehru University, New Delhi. He joined Oriental Insurance Company Ltd in 1982 and worked there till 2008 in various parts of the country as Branch, Division and Region In-Charge as well. In between, he did 4 years deputation at Kenindia Assurance Company Ltd., Nairobi, Kenya. On promotion as Dy. General Manager in 2008, he moved to Head office of National Insurance Company Ltd at Kolkata, looking after Marketing, Publicity and BPR.

Mr. Sinha joined GIC Re as a General Manager in October, 2012 and thereafter was selected to head the GIC Housing Finance Limited as Managing Director on 31/12/2012.

Besides being an Associate of the Insurance Institute of India, Mr. Sinha enjoys games, music, reading and travelling. Mr. Sinha has also shown excellent leadership skills coupled with strong communication, proven team management abilities and exemplary customer relationships.

Mr. Warendra Sinha - Managing Director & CEO
Mr. Rajib De - Sr.Vice President
Mr. K.B.Suresh - Sr.Vice President
Mr. S. Sridharan - Sr.Vice President & Company Secretary
Mr. Mahesh Ghagre - Vice President

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