The housing finance major on Wednesday announced that it has approved retail home loans of over Rs 2 lakh crore in FY22, highest ever in a financial year.
Renu Sud Karnad, MD of HDFC said, In over four and half decades, I have not seen a better time for the housing sector than now due to lower interest rates, stable property prices, government's thrust on affordable housing, improved affordability, favorable demographics, increasing urbanisation and rising aspirations. The demand for housing continues to be from first-time homeowners as well as those moving up the property ladder - generally into larger homes.HDFC said that its digital initiatives and inherent demand for housing helped to get back to normalcy faster than expected and has been instrumental in achieving this milestone of Rs 2 lakh crore. The NBFC said that it focused on an online digital platform for loans and retail deposits.
Highlighting further Karnad also said, The CLSS schemes under the PMAY have helped immensely to move towards the goal of "Housing for All". The residential real estate segment will continue to see strong traction going forward as the demand for housing is not just pent up demand but it is a structural one. We are seeing healthy demand across metros and non-metros and demand is prevalent in affordable as well as high-end markets. The sweet spot for housing is still in the price range of Rs 50 lakh to Rs One crore.
Lastly, HDFC said it continues to retain the position of having the largest number of home loan customers of over 2.7 lakhs who have availed benefits under the Credit Linked Subsidy Scheme (CLSS). As of 31 December 2021, cumulative loans disbursed by the corporation under CLSS stood at Rs 45,914 crore and the cumulative subsidy amount stood at Rs 6,264 crore.
Shares of HDFC were trading 2.08% lower at Rs 2,352.90 on BSE.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India. The housing finance company's standalone net profit rose 11.44% to Rs 3,260.69 crore on 0.65% increase in total income to Rs 11792.21 crore in Q3 FY22 over Q3 FY21.
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