Private sector mortgage lender Dewan Housing Finance Corporation (DHFL) is planning to issue non-convertible debentures (NCDs) worth up to Rs 1,000 crore by July, this year.

The latest move has been taken by the company to meet its credit disbursal targets for the current financial year.

Kapil Wadhawan, vice-chairman and managing director of DHFL said, "We usually raise funds through the private placement route but this time we also want to include high net worth individuals and retail investors."

The lead managers for the NCD issue will be JM Financial, Enam Securities, ICICI Securities, AK Capital and Axis Bank.

The firm, which disbursed loans worth Rs 2,240 crore in 2008- 09, is aiming to grow its incremental loan disbursal to Rs 3,400 crore this year (2009-10). Presently, the home finance company depends on term loans from banks for 70% of its borrowing needs.

Dewan Housing Finance Limited (DHFL), established in 1984, provides several housing finance products like home loans, home extension loans, home improvement loans, home loans for NRI'S, plot loans, mortgage loans, non-residential property loans, home loan linked insurance plans and reverse mortgage.

The company has a network of over 54 branches and 111 service locations.

The shares of the company were trading at Rs 120, up 10% compared to previous close of Rs 109.