HDFC is the abbreviation of housing development finance corporation. Well renowned cooperation associated in India responsible for providing house loans to people of middle and low class along with providing funds to builders for construction projects. The corporation works to achieve the aim of improving the stock of residential housing by providing financial help for housing by the provision of housing finance in an organized way to improve the overall housing ownership in the country.
HDFC Full Form
This is one of the leading corporations for housing finance in the market and is headed by the CEO and MD Aditya Puri as of 2017. The headquarters are situated in Mumbai, India. The network is widespread in 427 interconnected offices. Several other branches that represent the corporation are also situated in Dubai, Singapore, and London. They also provide home loan products.
- Professional Service
There is a vast variety of lists of subsidiaries provided by HDFC to choose from in case of a loan, banking services, and insurance services. They include the following:
- 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
- HDFC was first established as a public limited company in the year 1977 on October 17. This promotion was officially received by the investment cooperation of India and industrial credit.
- A scheme was introduced in 1980 that was loan linked deposit scheme where anyone who needs loan need to have a passbook account with HDFC.
- A scheme called a non-resident certificate deposit was introduced in 1981.
- A home saving plan was introduced in 1981 where a person was allowed to take a loan for buying a house at 8.5% p.a.
- Advanced processing facility services were provided in 1989 which allowed individuals to but their homes under a builder’s project.
- Two types of loans known as Home improvement loan and Home extension loan were introduced in 1989 for weaker sections of the society with the financial help of Krditanstalt Fur Wiederauflau of Germany.
- HDFC Bank was promoted by HDFC to offer banking services in the year 1994. This was established by RBI approval although it remained in the private sector.
- The official company website was released known as www.hdfcindia.com in the year 1999. Later it was changed to www.hdfc.com
- HDFC standard life office was incorporated later in the year 2000. In 2002, HDFC -chubb general insurance Ltd was formed.
- HDFC systemic Saving plans were offered from the year 2009-2010. This was a plan with variable rates for monthly savings.
- For buyers to search online property, in 2010-2011 it opened an online portal called HDFC real estate.
- HDFC education and development services limited was opened in the year 2011-2012 for providing loans in the education sector.
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