Indiabulls Housing Finance Ltd, India’s third-largest housing finance company, received the prestigious ASSOCHAM Real Estate Excellence Award for the Best Housing Finance Company of the Year (2013). ASSOCHAM, or the Associated Chambers of Commerce and Industry of India, is the country’s premier apex chamber covering a membership of over 4 lakh companies and professionals across the country.
Over the last decade, Indiabulls Housing Finance has established itself as a brand that celebrates the hard-working Indian. The ever-expanding middle class, often hailed as the growth engine of India, is the most important customer segment for IBHFL, which focuses on offering retail loans of less than Rs. 25 lakh. IBHFL also guides the customers through the different stages of buying a home – from offering the best rates and schemes, to selecting a suitable property, to helping the customer file documents and choose the EMI and the tenure of his loan.
IBHFL unveiled a new special attractive festive home loan scheme at 10.25%, which is at a 15 basis point discount to its existing rate of 10.40%, for the ongoing festival season. The festive scheme that started on October 10 will be applicable to all new loans sanctioned till November 30, 2013. It is a further commitment of the company’s long-term relationship with its customers, and will help bring them closer to their dreams of owning a home.
The company reported a 22 % increase in its Q2 FY14 net profit at Rs. 370.4 crore, aided by strong demand for retail home loans in Tier I, Tier II and Tier III cities. Net Interest Income grew 28.47 % to Rs. 644.9 crore. The board recommended an interim dividend of 350 % at Rs. 7 per share of face value of Rs. 2. IBHFL has grown its loan assets by an average of Rs. 1,700 Crore – Rs. 2,000 Crore per quarter for the last 16 quarters. IBHFL’s loan assets have grown over the last 5 years at a CAGR of 26%.