Mortgage lender Housing Development Finance Corporation (HDFC) said on Wednesday it has approved retail home loans of over Rs 2 lakh crore in 2021-22 till 21st March, its highest ever in a financial year.
HDFC's retail home loan approval has crossed Rs 2 lakh crore in a year for the first time on the back of strong demands from across the country.
Commenting on this milestone, Renu Sud Karnad, Managing Director, HDFC Ltd, 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, favourable demographics, increasing urbanisation and rising aspirations."
"The government's thrust on housing is a recognition that a rapidly growing country like India with a large young population needs more houses at affordable price points which would enable more households to become homeowners," Karnad said.
HDFC continues to have the largest number of home loan customers of over 2.7 lakhs who have availed benefits under the Credit Linked Subsidy Scheme (CLSS).
As on December 31, 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.
For the nine months of the current financial year, 30 per cent of home loans approved in volume terms and 13 per cent in value terms have been to customers from the Economically Weaker Section (EWS) and Low Income Groups (LIG), HDFC said in a statement.
Karnad said 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.
"In the past one year we have seen strong pipeline of new launches surpassing pre-pandemic levels. The demand for housing continues to be from first-time homeowners as well as those moving up the property ladder - generally into larger homes. 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 1 crore," she said.
( With inputs from ANI )
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