Home loan pioneer finds a new home: HDFC journey will complete on July 1

The journey will complete on July 1, 2023, the date on which the merger with HDFC Bank comes into effect

Housing Finance Development Corporation Ltd, commonly known as HDFC, which pioneered retail home loans in the country almost half a century ago, decided to move to a new home at the beginning of last financial year.

HDFC announced its decision to merge with HDFC Bank, in which the former had 19 per cent as promoter. HDFC Investments, which too is classified as promoter group, has another 6.59 per cent.

The decision to merge with the largest private sector bank had been in the works for some years. As regulatory arbitrage narrowed over the years between banks and non-banking finance companies,