After the Union
Budget 2013-14 announced additional sops for first time housing loan borrowers,
India''s leading lender HDFC Bank has been seeing many enquiries about the
product in Karnataka.
“Housing loan
enquiries have gone up after the Union Budget announcements. The conversions
typically take 30 to 45 days from enquiry,” said Mr. Dhiraj Relli, Senior
Executive Vice president branch banking head – South, HDFC Bank.
He expects, for the first
time, housing loan borrowers may help increase loan offtake by 15 to 30 % in
the next financial year - 2013-14. Though the ticket size may not be high as
house prices in the state and in Bangalore are lower than in Mumbai or / Delhi.
The Finance Minister
Mr. P. Chidambaram has allowed an additional Rs. 1 lakh tax benefit for first
time housing loan seekers borrowing up to Rs. 25 lakh in financial year 2013
-14. This is over and above the Rs. 1.50 lakh tax benefit for interest
repayment housing loan borrowers get.
The HDFC bank offered
loan against property scheme has seen a higher demand in the past year with 20
% growth on a year-on-year basis.
HDFC Bank have 70
branches in metropolitan cities, 29 in urban areas, 40 in semi-urban and 11 in
rural areas. The bank opened its 150th branch in Karnataka’s Dakshina Kannada
district’s town of Sullia recently.
Mr. Dhiraj Relli said, “In the next financial year - 2013-14,
the bank would like to increase the number of branches to 200 in the state,
with at least 20 more branches for rural and semi-urban areas.”
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