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Housing Development Finance Corporation Limited (HDFC Ltd.) was established in 1977 with the primary objective of meeting a social need of encouraging home ownership by providing long–term finance to households. Over the last three decades, HDFC has turned the concept of housing finance for the growing middle class in India into a world–class enterprise with excellent reputation for professionalism, integrity and impeccable service.
A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 38 lakhs customers to own a home of their own, through cumulative housing loan approvals of over Rs 3.73 trillion and disbursements of over Rs 3.02 trillion as at March 31, 2011.
HDFC has a wide network of 351 offices (which includes 91 offices of HDFC's wholly owned distribution company HDFC Sales Private Limited) catering to over 2,400 towns & cities spread across the country. It also has offices in Dubai, London and Singapore and service associates in the Middle East region, to provide housing loans and property advisory services to Non–Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
HDFC's unrelenting focus on Corporate Governance, high standards of ethics and clarity of vision, percolate through the organization. Trust, Integrity, Transparency and Professional Service are the important pillars of the brand HDFC and most importantly, people – both employees and customers – are its brand ambassadors.
Customer satisfaction is the hallmark of all HDFC offerings. The first touch of HDFC's personalized service begins as soon as a customer approaches HDFC, and over time it progresses into a long and meaningful relationship. State–of–the–art information systems supported by strong in–house training programmes conducted at its specialized training centre in Lonavla, have equipped HDFC to respond swiftly to the ever–changing customer needs and thereby empower customers in making the right home buying decision. This is what sets apart HDFC's customer service philosophy – 'With You, Right Through'.
HDFC's specialist team of over 1,600 trained and experienced professionals follows a 'single–window concept' for providing smooth and value added services at all stages. The team guides the customers right through the entire process of property purchase – be it property search assistance, technical support prior to finalizing the property, legal advice on property related documentation, personalized home loan counseling or providing tailor–made repayment options to suit the customer's specific requirements.
HDFC's wide product range includes loans for purchase and construction of a residential unit, purchase of land, home improvement loans, home extension loans, non–residential premises loans for professionals and loan against property, while its flexible repayment options include Step Up Repayment Facility (SURF) and Flexible Loan Installment Plan (FLIP).
HDFC also has a robust deposits mobilization programme. HDFC has been able to mobilize deposits from over 10 lakh depositors. Outstanding deposits grew from Rs 1,458 crores in March 1994 to Rs 24,625 crores in March 2011. In addition, HDFC has received 'AAA' rating for its Deposit products for highest safety from both CRISIL and ICRA for sixteen consecutive years.
Over the years, HDFC has emerged as a financial conglomerate with its presence in the entire gamut of financial services including banking, insurance (life and non–life), asset management, real estate venture capital and more recently education loans. Today, HDFC is recognized as one of the Best Managed Companies in India and is a model housing finance company for developing countries with nascent housing finance markets. HDFC has undertaken several consultancy assignments in various countries across Asia, Africa and East Europe to support and establish their housing finance institutions.
At HDFC, 'Corporate Social Responsibility' has always been an evolving concept, akin to its 'learning by doing' philosophy. As part of its social objectives, HDFC has always endeavored to contribute to economic development and social upliftment of the weaker sections of society and has professionally nurtured each of its social initiative as an investment. HDFC has undertaken development oriented work and supported several social initiatives in the areas of education, child welfare, medical research, welfare for the elderly and the handicapped among several others. HDFC is how millions of Indian families spell the word 'Home' as the brand not only offers Housing Finance, but also Total Housing Solutions.
Subsidiaries and Associate Companies
- HDFC Bank
- HDFC Asset Management Company Limited
- HDFC Standard Life Insurance Company Limited
- HDFC Sales
- HDFC ERGO General Insurance Company ltd (formerly HDFC General Insurance Company Ltd)
- Other Companies Co–Promoted by HDFC
Other Companies Co–Promoted by HDFC
- HDFC Trustee Company Ltd
- GRUH Finance Ltd
- HDFC Developers Ltd
- HDFC Property Ventures Ltd
- HDFC Ventures Trustee Company Ltd
- HDFC Investments Ltd
- HDFC Holdings Ltd
- Credit Information Bureau (India) Ltd
Company’s overseas branches are situated at :
- Saudi Arabia
- Sultanate of Oman
- United Kingdom
Services offered by the company:
Home Loans for NRI Existing Loan Customers
- Home Improvement Loans
- Home Extension Loans
- Home Conversion Loans
- Top – Up Loans
- Property identification and sales service
- Property valuations
- 1977 – HDFC gets incorporated on October 17, 1977
– The first housing loan was disbursed to D. B. Remedios at Bombay
– The first public issue of equity shares of Rs 10 crore
- 1982 – The company introduces the Line of Credit product (LOC) for employee owned housing
- 1983 – The company signed the implementation agreement of Phase II of the USAID programme
- 1984 – Annual loan approvals cross Rs. 100 crore
- 1986 – HDFC loan approvals cover 1,000 towns
- 1987 – HDFC's first Equity Rights Issue
- 1988 – Shelter Assistance Reserve was set up with an initial contribution of Rs 50 lakh
- 1989 – Home Improvement loans and Home Extension loans
- 1990 – Jointly with the United Nations Centre
- 1991– Re–launch of Retail Fixed Deposit products
- 1992 – Approval loan of £ 25 million
- 1993 – Joint venture with GE Capital to promote Countrywide Consumer Financial Services Ltd. for consumer finance.
- 1994 – First private placement of Equity Shares
- 1995 – Joint venture with IL&FS
- 1996 – The company opens its first international office at Dubai, UAE
– The company gets an Asian Development Bank (ADB) loan of $100 million – Promotes Delta Brac Housing Finance Corporation Limited
- 1998 – Best managed company in India
- 1999 – The company invests in a new Housing Finance company in Sri Lank a www.hdfcindia.com launched
2000 – Joint venture with Mahindra & Mahindra group
– First Mortgage Backed Securities – Joint Venture with TCS
2001 – Figures in the Top 20
– Among the Top 10 Asia's Best Managed Companies
- 2002 – HDFC Group's Asset base crosses Rs. 50,000 crores
- 2004 – The company signs $200 million loan agreement with International Finance Corporation (IFC), Washington
- 2005 – The company and Barclays signs long term BPO Contract. Barclays now holds 50% stake in Intelenet, the balance 50% resides with HDFC
– Institute of International Finance hails HDFC's Corporate Governance approach – 'The Best Presented Accounts'
- 2007 – Signing of joint venture by HDFC and ERGO on general insurance
- Ms Renu Sud karnad, Managing Director , HDFC inducted in the 'Business Today's Most Powerful Women – Hall of Fame'
- HDFC Board recognised as one of the 'Five Best Boards' in a study conducted by Economic Times and Hay Group on India's Best Boards –2012
- HDFC Ltd. has been selected as the top Indian company under the sector FIs / NBFCs / Financial Services for the Dun & Bradstreet Corporate Awards 2012
- Mr Deepak Parekh awarded the 'Lifetime Achievement Award' at the NDTV Profit Business Leadership Awards 2012.
- Mr Deepak Parekh awarded the ' ICSI Life Time Achievement award for the year 2012 for translating excellence in corporate governance into reality '.
- HDFC Ltd. is adjudged the 'Best Home Loan Provider' at the Outlook Money Awards, 2012 for the second consecutive year.
- HDFC Ltd. awarded 'Leading Housing Finance Company' by CNBC TV18 at the India Best Bank and Financial Institution Awards, 2012
- Ms Renu Sud Karnad conferred as one of the 'Most Powerful Women in Indian Business' by Business Today 2012
- Mr Deepak Parekh awarded the 'Life time Achievement Award' at Bloomberg UTV's Financial Leadership Awards 2012
- HDFC has been ranked amongst the top two best managed Companies in India by Finance Asia in 2011
- V. S. Rangan, Executive Director, HDFC Ltd, has been conferred the 'Best CFO in the Financial Sector for 2010' by 'The Institute of Chartered Accountants of India'
- Deepak Parekh amongst India's 50 Most Powerful People 2009 – Business Week
- Deepak Parekh features among the top of India Inc's Most Powerful CEOs – Survey by Economic Times with IMRB
- Deepak Parekh selected for the IMC Juran Quality Medal 2008 for his excellent customer–centric work in various initiatives related to the fields of Banking & Finance.
- HDFC selected as the 'Top Indian Company in FIs / NBFCs / Financial Services sector' for the Dun & Bradstreet – Rolta Corporate Awards 2008.
- Goldman Sachs lists HDFC as one of the 7 world's best companies from the financial services space to sustain competitive advantage in the long term.
- HDFC scored a rating of 4 out of 5 at the Karmayog Corporate Social Responsibility Ratings – 2007
- HDFC selected as the top indian company in FIs / NBFCs / Financial Services Sector for the DUN & BRADSTREET – American Express Corporate Awards 2007
- Best 'Investment Management Company’
- HDFC ranked 3rd Asian Banking and Finance Sector
- Award for 'Investment Management in India'
- 'Best Home Loan Provider'
- 'Best Strategy', at the 4Ps Business
- 'The Best Presented Accounts'
- Ranked as 'India's Third Best Managed Company'
- 'Dream Home' award And many more