LIC Housing Finance Limited 131, Maker Tower Premises, 13Th Floor, Cuffe Parade, Mumbai

CONFIDENTIAL LICHOUS/251763/NCD/20082020/3 December 8, 2020

Mr. Sudipto Sil Chief Financial Officer LIC Housing Finance Limited 131, Maker Tower premises, 13th Floor, Cuffe Parade, Mumbai. - 400005

Dear Mr. Sudipto Sil,

Re: CRISIL Rating on the Rs.25000 Crore Non-Convertible Debentures of LIC Housing Finance Limited

All ratings assigned by CRISIL are kept under continuous surveillance and review. Please refer to our rating letter dated November 10, 2020 bearing Ref. no.: LICHOUS/251763/NCD/20082020/2

Please find in the table below the rating outstanding for your company.

S.No. Instrument Rated Amount (Rs. in Crore) Rating Outstanding 1 Non-Convertible Debentures 25000 CRISIL AAA/Stable

In the event of your company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISIL will be necessary.

As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information or other circumstances, which CRISIL believes, may have an impact on the rating.

As per the latest SEBI circular (reference number: CIR/IMD/DF/17/2013; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide international securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bond/debenture issuances made against this rating letter to us. The circular also requires you to share this information with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant information at debtissue@crisil.com. This will enable CRISIL to verify and confirm to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free to contact us for any clarifications you may have at [email protected]

Should you require any clarifications, please feel free to get in touch with us.

With warm regards,

Yours sincerely,

Ajit Velonie Nivedita Shibu Director - CRISIL Ratings Associate Director - CRISIL Ratings

A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267- 1301.

CARE/HO/RL/2020-21/3172 Mr. Sudipto Sil Chief Financial Officer LIC Housing Finance Limited, Bombay Life Building, 45/47, Veer Nariman Road, Fort, Mumbai - 400 001 November 11, 2020 Confidential Dear Sir, Credit rating for Non-Convertible Debentures

Please refer to our letter dated June 12, 2019, as well as your request for revalidation of the rating assigned to the Non-Convertible Debentures (NCD) of your company for a limit of Rs. 35,000 crore. 2. Our Rating Committee has reviewed the following rating: Unutilised Amount Amount Rated Rating Instrument (as on 02-Nov-20) Rating1 (Rs. crore) Action (Rs. crore) 35,000 15,672.90 Non- CARE AAA; Stable (Rs. Thirty Five (Rs. Fifteen Thousand Six Convertible (Triple A; Outlook: Reaffirmed Thousand Crore Hundred and Seventy Two Debentures Stable) Only) Crore and Ninety Lakh Only)

3. Please arrange to get the rating revalidated, in case the issue is not made within six months from the date of this letter. 4. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument: Instrument ISIN Issue Coupon Coupon Terms of Redemption Name and Details type Size Rate Payment Redemption date contact of top 10 (Rs Dates details of investors cr) Debenture Trustee/IPA

1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. CARE Ratings Ltd.

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: +91-22- 6754 3456 Fax: +91-22- 022 6754 3457 www.careratings.com CIN-L67190MH1993PLC071691 5. CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year. 6. CARE reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE so as to enable it to carry out continuous monitoring of the rating of the debt instruments, CARE shall carry out the review on the basis of best available information throughout the life time of such instruments. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate, without reference to you. 7. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades. 8. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating. 9. CARE ratings are not recommendations to buy, sell, or hold any securities.

If you need any clarification, you are welcome to approach us in this regard. Thanking you, Yours faithfully,

Viveik Mishra Himanshu Shethia Manager Associate Director

[email protected] [email protected] CARE Ratings Ltd.

Encl.: As above

Disclaimer CARE’s ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE’s ratings do not convey suitability or price for the investor. CARE’s ratings do not constitute an audit on the rated entity. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE’s rating.

Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

CARE Ratings Ltd.

M. P. Chitale & Co. Gokhale & Sathe Chartered Accountants Chartered Accountants 1st Floor, Hamam House, S4/308/309, Udyog Mandir No. 1, Ambalal Doshi Marg, Fort 7-c, Bhagoji Keer Marg, Mahim, Mumbai – 400 001, India Mumbai – 400 016, India

Quarterly certificate for value of book debts / receivables of LIC Housing Finance Limited as on 31st December 2020 pursuant to Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 as amended from time to time.

To The Board of Directors of LIC Housing Finance Limited

1. This certificate is issued in terms of our audit engagement with LIC Housing Finance Limited (“the Company”) as joint statutory auditors. Pursuant to the above and as required by Regulation 15(1)(t) of Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 as amended, we have examined the details regarding the availability of security as on December 31, 2020 in the form of book debts / receivables (“Security Cover”) on the amounts due and payable to all secured lenders in respect of listed debt securities (“Secured Lenders”) issued by the Company, with the unaudited books of accounts and relevant documents/records maintained by the Company at its Corporate Office at 131, Maker Tower ‘F’, Cuffe Parade, Mumbai-400 005.

2. Management’s Responsibility The Management of the Company is responsible for ensuring maintenance of adequate security cover on the amounts due and payable to all Secured Lenders. This responsibility also includes -

a. preparation and maintenance of proper accounting and other records as per the external and internal requirements; b. design, implementation and maintenance of adequate internal procedures / systems / processes / controls relevant to the creation and maintenance of the aforesaid records.

Further, this responsibility includes ensuring that the relevant records provided to us for our examination are correct and complete.

3. Auditor’s Responsibility Our responsibility is to provide reasonable assurance based on our examination of the relevant records provided by the Company and report on the Security Cover available for the Secured Lenders as on December 31, 2020.

We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (“the Guidance Note”) and Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) – 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Service Engagements.

4. Opinion Based on our examination, as above, and information and explanation given to us, we are of the opinion that the Company has maintained adequate security cover of the amounts due and payable to the Secured Lenders including other secured borrowings.

a. The details of amounts due to secured lenders/borrowings as on December 31, 2020 are as under: Secured Borrowings * Amount (Rs. in crores) Secured Lenders Zero Coupon Debentures 3,324.50 Non-Convertible Debentures 1,07,725.40 Total 1,11,049.90

Bank Term Loan (Short Term and Others) 47,963.10 NHB Refinance 9,189.78 Total 57,152.88 Total amounts due to secured lenders / borrowings 1,68,202.78

b. The Security cover is in the form of negative lien on the book debts and receivables of the Company, which inter-alia includes – Security Cover in the form of * Amount (Rs. in crores) Book-debts as on 31st December 2020 2,18,280.89 Receivables as on 31st December 2020 385.37 Total 2,18,666.27

* Borrowings are calculated on the basis of amounts actually borrowed as per contracted rate. Book debts and receivables are also stated at the amounts actually lent and interest accrued and due at the contracted rate.

5. Restriction on use This Certificate has been issued at the specific request of the company pursuant to the requirements of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 as amended from time to time. It should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose hands it may come without our prior consent in writing.

For M. P. Chitale & Co. For Gokhale & Sathe Chartered Accountants Chartered Accountants Firm Regn. No.101851W Firm Regn. No.103264W Digitally signed by Rahul Prakash Joglekar DN: C=IN, O=Personal, Phone=7a853f8aa82f79413aa650338572 Digitally signed by Shraddha Aniket Jathar Rahul d2022621db19170e8d7316c08d08568a87 DN: c=IN, o=Personal, title=8359, 40, PostalCode=400028, S=Maharashtra, pseudonym=6744440c15ec1196afb4094e9724474572279b Shraddha SERIALNUMBER=eaaf5b6a97ac286fa39 d3330e816079a0d37f8b85e286, postalCode=400012, 8ee230fe524a3fddbba8b0efd0b6acf10c5f st=Maharashtra, Prakash 1c83f285f, CN=Rahul Prakash Joglekar serialNumber=aff9b2413a80b6c0aef6bd3c9240364ed4c4cb Reason: I am the author of this document 1821cf610a9a841350bfc504c3, cn=Shraddha Aniket Jathar Location: Mumbai Aniket Jathar Date: 2021.02.11 13:10:12 +05'30' Date: 2021-02-11 13:09:17 Joglekar Foxit PhantomPDF Version: 9.7.2 Shraddha Jathar Rahul Joglekar Partner Partner Membership No.: 136908 Membership No.:129389 UDIN: 21136908AAAAAD4290 UDIN: 21129389AAAABM7321

Place: Mumbai Place: Mumbai Date: 11th February 2021 Date: 11th February 2021