12 October 2018 LIC Housing Finance An analysis of the liability structure shows that LICHF still has a meaningful chunk of relatively high-cost liabilities that are set to mature over FY19-20. Assuming refinancing of these NCDs at 9.0%, the impact of overall cost of funds is only 15-20bp each year. Our base case assumption is that the NCDs maturing in FY19/20 as well as the new NCDs issued are at 9.0%. We have done a sensitivity analysis to see impact on PBT due to refinance of maturing NCDs at various interest rates.