Housing Development Finance Corporation

Housing Development Finance Corporation Limited or HDFC is an Indian financial conglomerate based in Mumbai, India. It is a major provider of finance for housing in India. It also has a presence in banking, life and general insurance, asset management, venture capital and education loans.

History

It was founded in 1977 as the first specialised mortgage company in India. HDFC was promoted by the Industrial Credit and Investment Corporation of India.Hasmukhbhai Parekh played a key role in the foundation of this company.
In 2000, HDFC Asset Management company launched its mutual fund schemes. In the same year, IRDA granted registration to HDFC Standard Life Insurance, as the first private sector life insurance company in India.

Products and Services

Mortgages

The company provides housing finance to individuals and corporates for purchase/construction of residential houses. It is one of the largest providers of housing loans in India. In its Annual Report for financial year 2012-13, the company has disclosed that it has disbursed approx. INR 456,000 crores in 35 years of its existence for a total of 4.4 million housing units.
The average loan profile amounts to INR 2.18 million (US$ 35,160) which lasts for about 13 years and covers approx. 65% of actual property value.