HDFC Home loan approvals reach Rs 2 lakh crore for the first time in a year: Lender HDFC Ltd has approved retail home loans totaling over Rs 2 lakh crore in the current fiscal, the highest ever in a financial year. Last year the lender disbursed home loans worth Rs 1.55 lakh crore, registering a growth of 30% on a year-on-year basis due to increased demand for homes.
Renu Sood Karnad, Managing Director, HDFC Ltd. said, “In four and a half decades, due to low-interest rates, stable property prices, government’s emphasis on affordable housing, better affordability, favorable demographics, growing urbanization and rising aspirations for the housing sector Haven’t seen a better time than now. Because the demand for housing is not only a demanding demand but it is also a structural one.”
HDFC Home loan approvals reach Rs 2 lakh crore for the first time in a year
A statement by HDFC Corporation said that we are emphasizing digital initiatives and the underlying demand for housing has helped in achieving the target of Rs 2 lakh crore.
HDFC set up a digital platform for loans and retail deposits and launched ‘HDFC Customer Connect’ for all customer requests and virtual offices for customer services.
The government’s thrust to build housing and provide subsidies is enabling more families to become homeowners. The Credit Linked Subsidy Scheme under the PMAY scheme has helped more households in urban and rural areas.
HDFC has over 2.7 lakh home loan customers, who have availed benefits under the Credit Linked Subsidy Scheme. As of December 31, 2021, the cumulative loan disbursed by the Corporation under CLSS was ₹ 45,914 crore and the cumulative subsidy amount was ₹ 6,264 crore.