Deepak Parekh, Chairman HDFC Ltd to shareholders 44th AGM said that ‘Hope begins at home’ and is one of the key theme playing out. FY21 was a year that can be divided into two halves. The first half was led by shock and suddenness of national lockdown.
In the second half, he reaffirmed the company’s belief more than ever, that people are craving homes. Parekh said, “Witnessed demand for affordable housing and high-end properties. Mainly driven by First-time homebuyers and ones relocating to a larger space. Believes impact of second-wave on the economy is lesser than the first wave. Believes Recovery likely to remain patchy and uneven as seen globally. The leadership of the regulators, the RBI, the SEBI deserves a place of honour. FY21 marks the first transition year of housing finance companies (HFCs) being regulated by RBI. He’s of the opinion the insurance loan to the home loan customer should be considered as an integral component of a housing loan as it protects both the customer and the HFC.”
“Every loan disbursed during the pandemic reassured us that as an organization, we were resilient, adaptable but most importantly, humane,” he said.
He further continued by saying, “During the most difficult times, the company came out to light with a higher degree of innovation and efficiency in disbursements of loans. Various factors like record-low interest rate, stamp duty cuts by various states and fiscal benefits on home loan aided a sharp recovery in H2FY21. After analyzing the current market dynamics, retention of customers for HFC remains a point of concern. Other players offering low-interest rates or higher ticket size making it favourable for the customers to shift.”
