Thursday, January 22, 2009

HDFC reports a drop in net profit and sluggish growth in lending during Q3 due to weak housing market

"High real estate prices and home loan rates have acted as a strong deterrent for the housing finance companies in recent times, as demand has moderated... The festive season discounts were also unable to spurt up demand. The economic slowdown has further worsened the scenario; recent announcements by public sector banks to offer home loans at low rates will put housing finance companies under further pressure," says Prabhudas Lilladher report.
A slowing housing market has pinched mortgage lender Housing Development Finance Corp. Ltd (HDFC), though the finance firm expects loan demand to pick up in the coming quarters because of lower interest rates and cheaper real estate.

“The number of customer enquiries has been on the rise in the latter part of December and early January,” said HDFC vice-chairman and managing director Keki Mistry.
To read more, please, visit - livemint

Related Story:

HDFC cuts home loan rates in limited offer
Effective from today - for new borrowers:
floating rate - up to Rs 30 lakh - 9.75 per cent and
above Rs 30 lakh - 10.75 per cent Read more

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