What is the full form of HDFC
HDFC: Housing Development Finance Corporation
HDFC stands for Housing Development Finance Corporation. It is a renowned housing finance corporation of India which mainly provides housing loans to low and middle-class people to buy house and builders for the residential projects. Its primary objective is to improve the residential housing stock through the provision of Housing Finance in a systematic way and to enhance home ownership in the country.
The corporation is one of the leaders in the Indian housing finance market. Its headquarters is in Mumbai, India. As of July 2017, Aditya Puri is the MD & CEO of HDFC bank. It has an extensive distribution network comprised of 427 interconnected offices. It also has three 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 wide range of loan products, banking services and insurance services.
Some of the popular subsidiaries of HDFC are listed 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 Company Ltd
- HDFC Standard Life Insurance Company Ltd
- On October 17, 1977, HDFC was established as a Public Limited Company. It was promoted by the Industrial Credit and Investment Corporation of India.
- In 1980, it introduced loan linked deposit scheme in which one had to begin with a passbook account with HDFC to become eligible for the loan.
- In 1981, HDFC launched Non-Resident Certificate Deposit Scheme.
- In 1985, it introduced Home Saving Plan which enabled a person for the loan to buy a house at 8.5% per annum.
- In 1986, it offered a service called Advanced Processing Facility (APF) under which the builders could finance individuals buying the residence in their projects.
- In 1989, with the financial support of Krditanstalt Fur Wiederauflau of Germany, HDFC offered two types of loans; Home Improvement Loans (HIL) and Home Extension Loans (HEL) to economically weaker individuals.
- In 1994, HDFC promoted the HDFC Bank to offer banking services. It was a private sector bank which was established with the approval of RBI.
- In 1999, the corporation launched its website www.hdfcindia.com which now become www.hdfc.com
- In 2000, the corporation incorporated HDFC Standard Life Office in Mumbai and in 2002, after a joint venture with Chubb Corporation, the USA it promoted HDFC-Chubb General Insurance Company Ltd. to offer general insurance.
- In the year 2009-10, it offered HDFC Systematic Savings Plan. It was a monthly saving plan with a variable rate of interest.
- In 2010-11, it launched an online real estate portal, HDFC Real Estate Destination (HDFC RED), for the buyers to search properties.
- In the year 2011-12, it introduced its new subsidiary, HDFC Education and Development Services Pvt. Ltd. to provide education loans.