20 October, 2020

Twigs For Every Nest

High household incomes and easy home loans have made it possible to own a home

Punit Paranjpe
Twigs For Every Nest
It is the foundation of a building that holds it together, ensures that it reaches its planned heights and protects the people inhabiting it. HDFC has followed this principle, building its success on the vision of its founder H.T. Parekh. In 1977, surrounded by scepticism, HDFC aimed to introduce the then alien concept of retail housing finance in a strongly socialistic environment, where credit was directed through public institutions and there was no comprehensive legal framework to govern institutional finance to households. But impossible was not a word we knew.

Being a pioneer is usually an advantage, but it comes with a large responsibility. In its first year of operations, HDFC sanctioned loans worth Rs 6.25 crore in six months. Innovation was the key, whether it was a business model that focused on the least painful and inexpensive delivery mechanism for retail housing loans, or the concept of customer counselling. Our concepts and goals got us funding from international agencies like USAID and World Bank and support from the central government, and contributed to our...


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