Demand for house loans has remained sturdy even through the Covid-19 pandemic, Housing Improvement Finance Company (HDFC) chairman Deepak Parekh mentioned on Tuesday at forty fourth annual normal assembly (AGM) of the house financier. Though Parekh acknowledged that lockdown restrictions impacted particular person loans, based on him the demand surpassed all expectations, as soon as the restrictions have been eased.
“The pandemic has reaffirmed that there might be no higher safety in life than a house. The inherent demand for house loans continues to stay sturdy,” Deepak Parekh, chairman, HDFC, mentioned on the firm’s AGM on Tuesday. The most recent knowledge from Reserve Financial institution of India (RBI) additionally affirms continued house mortgage development within the system. House loans grew 10% year-on-year (y-o-y) to `14.62 lakh crore, as on Could 21, 2021, as per RBI.
Even when it comes to industrial actual property, most firms haven’t given up their workplace premises, Parekh mentioned. With the e-commerce growth, demand for actual property is coming from warehousing and fulfilment centres, he added. Equally, with the build-up of digital infrastructure, demand for knowledge centres has elevated. These are segments of the true property sector which have the potential to develop immensely, he additional added.
Towards the backdrop of the pandemic, Parekh mentioned HDFC had articulated that there are three key monitorables – liquidity, development and asset high quality. The company has all the time been prudent in figuring out loans the place there might be stress and has adequately offered for such loans, he mentioned. Parekh additionally pointed that asset high quality has been difficult for non-individual loans at a systemic stage.
As of March 31, 2021, gross non-performing loans of HDFC stood at Rs 9,759 crore, constituting 1.98% of the mortgage portfolio. Its property beneath administration grew by 10% to Rs 5,69,894 crore as of March 31, 2021. Housing Finance main had reported a 42% y-o-y development in its web revenue to Rs 3,180 crore through the March quarter (Q4FY21). The lender is ready to announce its June quarter (Q1FY22) earnings on August 2, 2021.
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