The Hindu : HDFC's focus on retail loans

Online edition of India's National Newspaper
Saturday, Oct 12, 2002

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Business

HDFC's focus on retail loans

By Our Corporate Reporter

CHENNAI OCT. 11. HDFC has reported a steady growth in retail housing loans sector with disbursements directed mainly to middle income families making a significant contribution to the growth.

This was against a backdrop of low interest rates, fall in property prices and the tax reliefs announced in the Union budget, making housing much more affordable. Addressing presspersons here today, RVS. Rao, executive director, said it was the endeavour of the organisation to continue to make housing loans more affordable. With this in view, HDFC had reduced interest rates again last month on all its loans such as home loans, home extension loans and short term bridging loans. The retail prime lending rate (RPLR) was 10.5 per cent per annum at present, he said.

HDFC had also introduced monthly rest options for both resident and non-resident Indians.

Mr. Rao also inaugurated HDFC's branch office in Tambaram. This office would cater to the residents of nearby areas besides covering Kancheepuram, Chengalpattu and Maraimalainagar, he said.

This was the 12th branch in Tamil Nadu and HDFC was planning two more shortly. With this HDFC would have a wide network of over 130 offices, reaching out to over 2,400 towns and cities all over India and an international office in Dubai for serving the non-resident Indians, Mr. Rao said.

The company would be holding a roadshow in Dubai early next month for the benefit of non-resident Indians and a group of builders from India would participate in the show, he said.

HDFC's cumulative loan approvals as on June this year was Rs. 42,241 crores and disbursements Rs. 35,177 crores.

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