The Full Form Of HDFC
What Is The Full Form Of HDFC? HDFC stands for Housing Development Finance Corporation. It’s a renowned housing finance corporation of India which provides housing loans to low and middle-class individuals to purchase house and builders to the residential projects.
Its primary objective is to improve the residential housing stock throughout the provision of Housing Finance in a systematic way and also to boost homeownership within the nation.
The corporation is among the leaders in the Indian housing finance industry. Its headquarters is in Mumbai, India. As of July 2017, Aditya Puri is the MD & Chief executive officer of HDFC bank. It’s a comprehensive distribution network comprised of 427 interconnected offices. Additionally, it has 3 representative offices in London, Dubai and Singapore to offer Home Loan products.
- Professional Service
HDFC has a long and diverse list of subsidiaries to provide a wide range of loan products, banking services and insurance services.
Some of the popular subsidiaries of HDFC are emphasized below!
- HDFC Bank Ltd
- HDFC Developers Ltd
- HDFC Investments Ltd
- HDFC Holdings Ltd
- HDFC Trustee Company Ltd
- HDFC Realty Ltd
- HDFC Property Ventures Ltd
- HDFC Venture Capital Ltd
- HDFC Ergo General Insurance Carrier Ltd
- HDFC Standard Life Insurance Carrier Ltd
- On October 17, 1977, HDFC was established as a Public Limited Company. It had been encouraged by the Industrial Credit and Investment Corporation of India.
- In the year 1980, it introduced a loan connected deposit strategy wherein one had to start with a passbook account with HDFC to become eligible for the loan.
- Back in 1981, HDFC launched the Non-Resident Certificate Deposit Scheme.
In the year 1985, it introduced Home Saving Plan which enabled someone for the mortgage to purchase a home at 8.5% a year.
- In the year 1986, it offered a service called Advanced Processing Facility (APF) under which the builders could fund individuals purchasing the residence in their own projects.
Back in 1989, with the financial assistance of Krditanstalt Fur Wiederauflau of Germany, HDFC offered two types of loans home Improvement Loans (HIL) and Home Extension Loans (HEL) to economically poorer people.
- In 1994, HDFC encouraged the HDFC Bank to offer banking services. It had been a private sector bank that was created with the approval of RBI.
In 1999, the corporation launched its internet site www.hdfcindia.com which now become www.hdfc.com
- Back in 2000, the corporation incorporated HDFC Standard Life Office in Mumbai and in 2002, following a JV with Chubb Corporation, the United States encouraged HDFC-Chubb General Insurance Carrier Ltd. to offer general insurance.
- In 2009-10, it offered HDFC Systematic Savings Plan. It had been a monthly saving plan with a variable rate of interest.
- In 2010-11, it launched an online real estate portal site, HDFC Real Estate Destination (HDFC RED), for the buyers to search properties.
- Back in 2011-12, it introduced its new subsidiary, HDFC Education and Development Services Pvt. Ltd. to provide education loans.