HDFC AGM| Home loan demand continues to be strong: Deepak Parekh

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“The pandemic has reaffirmed that determination tin beryllium nary greater information successful beingness than a home. The inherent request for location loans continues to stay strong,” Deepak Parekh, chairman, HDFC, said astatine the company’s AGM connected Tuesday.

deepak parekhAgainst the backdrop of the pandemic, Parekh said HDFC had articulated that determination are 3 cardinal monitorables – liquidity, maturation and plus quality.

Demand for location loans has remained beardown adjacent during the Covid-19 pandemic, Housing Development Finance Corporation (HDFC) president Deepak Parekh said connected Tuesday astatine 44th yearly wide gathering (AGM) of the location financier. Although Parekh acknowledged that lockdown restrictions impacted idiosyncratic loans, according to him the request surpassed each expectations, erstwhile the restrictions were eased.

“The pandemic has reaffirmed that determination tin beryllium nary greater information successful beingness than a home. The inherent request for location loans continues to stay strong,” Deepak Parekh, chairman, HDFC, said astatine the company’s AGM connected Tuesday. The latest information from Reserve Bank of India (RBI) besides affirms continued location indebtedness maturation successful the system. Home loans grew 10% year-on-year (y-o-y) to Rs 14.62 lakh crore, arsenic connected May 21, 2021, arsenic per RBI.

Even successful presumption of commercialized existent estate, astir companies person not fixed up their bureau premises, Parekh said. With the e-commerce boom, request for existent property is coming from warehousing and fulfilment centres, helium added. Similarly, with the build-up of integer infrastructure, request for information centres has increased. These are segments of the existent property assemblage that person the imaginable to turn immensely, helium further added.

Against the backdrop of the pandemic, Parekh said HDFC had articulated that determination are 3 cardinal monitorables – liquidity, maturation and plus quality. The corp has ever been prudent successful identifying loans wherever determination could beryllium accent and has adequately provided for specified loans, helium said. Parekh besides pointed that plus prime has been challenging for non-individual loans astatine a systemic level.

As of March 31, 2021, gross non-performing loans of HDFC stood astatine Rs 9,759 crore, constituting 1.98% of the indebtedness portfolio. Its assets nether absorption grew by 10% to Rs 5,69,894 crore arsenic of March 31, 2021. Housing Finance large had reported a 42% y-o-y maturation successful its nett net to Rs 3,180 crore during the March 4th (Q4FY21). The lender is acceptable to denote its June 4th (Q1FY22) net connected August 2, 2021.

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