Mumbai: LIC Housing Finance (LICHF) has come out with a novel scheme pan-India of providing community dwelling units to benefit the aged as part of its social responsibility initiative.

LICHF would build about 90-100 dwelling units on a five to seven acre complex called ‘Care Homes´, complete with a gym, walking track, a library, a community centre and a kitchen apart from medical facilities.

The minimum age for taking a dwelling unit in a Care Home is 50 years.

Care Homes are separate from the reverse mortgage scheme, which LICHF plans to launch shortly for the benefit of senior citizens.

Reverse mortgage is a financial product that enables senior citizens (above 60 years) who own a house to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house.

LICHF, a 100% subsidiary of LIC, had started its first Care Home in the southern metropolis about three years back and following its success, plans to replicate the model pan-India.

“We already have one such Care Home in Bangalore and plan to open two more in Bhubaneswar and Jaipur for which we have already acquired land,” LICHF director and chief executive RR Nair said.

“Once we cover major cities, then possibly we will go for secondary ones...,” he said.

“We will begin construction of homes in both places after certain formalities are completed,” Nair said.