HDFC approves highest-ever retail home loans of over Rs2 lakh crore in FY22

23 Mar 2022 , 04:40 PM

HDFC Ltd, India’s premier housing finance informed the investors and exchanges that the company has approved retail home loans of over Rs2 lakh crore during the period 1st April 2021 to 21st March 2022, the highest ever in a financial year. The company fulfilled the demand for these loans from across the country.

HDFC’s thrust on digital initiatives and inherent demand for housing helped to get back to normalcy faster than expected and has been continuously active in achieving this milestone of Rs2 lakh crore. Integrating technologies across business functions unlocked multiple channels of growth. HDFC targeted an online digital platform for loans and retail deposits, initiated ‘HDFC Customer Connect’ for all customer requests, and launched virtual offices for customer services.

Today over 89% of retail loans are sourced online up from less than 20% before the Covid-19 pandemic. In the housing finance space, HDFC is the first institute to lay emphasis on online loan processing during the lockdown. Further, HDFC’s website is now available in seven languages keeping in mind customers’ comfort while interacting in their local language.

“Over the last four and half decades, I have not seen a better time for the housing sector than now due to stable property prices, lower interest rates, government’s thrust on affordable housing, improved affordability, favorable demographics, increasing urbanization, and rising aspirations,” commented Ms. Renu Sud Karnad, Managing Director — HDFC Ltd on the milestone.

HDFC ended at Rs2,346.20 down by Rs56.6 or 2.36% from its previous closing of Rs2,402.80 on the BSE. It touched day’s high and low of Rs2,422.30 and Rs2,341 respectively.