Leading home-loan lender HDFC plans to disburse Rs 3,000 crore over the next two-months under its special housing loan plan, offering an interest rate of 8.25 per cent, launched early this month.
HDFC has already raised the required funds to meet the disbursal target it has set for the special home-loan scheme, its Vice-Chairman and Chief Executive Officer Keki Mistry said here today.
"We have already met the target of raising funds for disbursals under the special loan scheme," Mistry told reporters on the sidelines of a meeting here.
HDFC in its special plan offers a fixed rate of 8.25 per cent till March 31, 2012, for a 20-year loan of Rs 30 lakh for customers who apply before January 31.
The bank expects a 20 per cent credit growth in FY10.
"The loan growth in the current fiscal is expected to be around 20 per cent," Mistry said.
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Mistry, who recently took over the leadership of HDFC from Deepak Parekh, said the lender did not see any major jump in home-loan demand because of an 'over investment in 2007'.
Commenting on a likely rate action from the Reserve Bank, Mistry said even if the RBI hikes rates it is unlikely to affect the credit growth as there is sufficient liquidity in the system.
"A little tightening will not hurt the credit demand, because there is enough liquidity in the system," Mistry said.
HDFC, after calling SBI's 8 per cent offer on home loans a gimmick, joined the rate war last week by announcing the special scheme, offering 8.25 per cent on loans up to January 31 next year, to catch up with competition.
The bank said with the economy recovering from the slowdown, corporate credit demand is also expected to pick up after the next two quarters.
On whether HDFC plans to cut its interest rates, Mistry said HDFC will take a call on the matter post-January.