Housing Development Finance Corporation (HDFC), a mortgage lender, and HDFC Bank, the largest private sector bank in the nation, have merged as of July 1. After receiving approval from the board, shareholders, and regulatory authorities, the twin businesses initially announced their intention to wed on April 4, 2022.
In a letter to HDFC Bank’s shareholders dated June 30, Chairman Deepak Parekh shared some advice with relation to the home lending industry:“Dealing with home loan customers requires immense patience. It is about understanding the needs and feelings of a home loan customer, assuaging their anxiety during this complex transaction, customising solutions, explaining financial implications of a mortgage product, and lending responsibly to ensure that a customer is not overstretched.”
According to HDFC Bank’s investor presentation, the combined company’s loan book is anticipated to grow by 38.77 percent to Rs 22.21 lakh crore from Rs 16 lakh crore as of March 31.
The existing home loan accounts with HDFC will be moved to HDFC Bank following this merger. The conditions of these loan agreements, however, will not change. The respective home loan account numbers will continue to be the starting point for all further communications with the bank and will remain constant.
The home loan’s applicable interest rate will also be changed from Retail Prime Lending Rate and will now be based on the external benchmark lending rate (EBLR). This complies with regulatory requirements for variable interest rates.
The login information for a home loan account is different from that for net banking. Customers of HDFC Home Loans can access their house loan information through the home loan portion of the HDFC Bank website even if they do not have a savings or current account with the bank.
With their current login information, they can still access the HDFC portal following the merger.
Through the bank’s online banking service, current HDFC Bank customers with either a savings or a current account can get information about their home loans.
