Building on a solid foundation to house the middle-class in India
The Housing Development Finance Corporation (HDFC) Limited is a name that has been associated with the Indian housing sector for the last four decades. As pioneers in housing mortgages, it is a brand name that has been characterised by trust, solidity, both financial and managerial and sound principles. Since the day of its incorporation in 1977, HDFC has defined and set high standards in the housing finance sector.
An eventful journey
HDFC’s founder, Mr. H T Parekh had a vision of a dynamic organisation, one that served the customer first. This vision has also enabled HDFC to grow from a humble beginning to one of the biggest players in the housing finance industry.
HDFC’s wide spread network of interconnected offices across India and outreach programs in several towns and cities, ensures a seamless experience for home buyers and existing customers. To cater to Non Resident Indians, HDFC has representative offices in London, Dubai and Singapore and service associates in the Middle East.
Over the last four decades, HDFC has grown to become a multi-product financial conglomerate, diversifying itself into banking, life insurance, general insurance, asset management, real estate venture funding and education loans.
Values at the core
HDFC has consistently striven for and developed an excellent reputation for transparency, trust, integrity and an impeccable record of customer friendly services. These uncompromising principles and core values are the unshakable elements that have provided the company with the anchor to stay on course even during turbulent and changing times.
At HDFC, corporate governance is a voluntary, self-disciplining code, which not only includes compliance with regulatory requirements, but also stresses on transparency and fairness as well as responsiveness to customer needs.
Products to address customer needs
Throughout the course of its existence, HDFC has been an innovator. The company was the first to launch almost every housing loan product that is on offer today, right from introducing variable rate loans to offering customised repayment options based on individual customer needs.
HDFC’s extensive product portfolio includes housing and non housing loans, catering to the varied needs of different sets of consumers. Its diversified portfolio of loan offerings includes loans for purchase / construction of a home or office, renovation, extension, rural housing loans, loan against property etc.
Technology has always been an important area for HDFC and it was the first company to computerise the home loan process. Today, it has built capabilities to enable customers to apply online for loans at their convenience besides offering a host of post disbursement online services.
HDFC is one of the largest mobilisers of retail deposits outside the banking system in India. It is the only company in the country to have received ‘AAA’ rating for its Deposits products for highest safety consecutively for two and a half decades from two reputed credit rating agencies.
An effective employee base
While dealing with external challenges, HDFC has always laid equal emphasis on strengthening its most valuable assets – its employees. The organisation firmly believes in participative management, where every employee is encouraged to don the mantle of a leader, albeit in his individual sphere.
HDFC’s customer-centric business model has also resulted in a strong emphasis on training. It is driven by the belief that the rate of learning needs to be faster than the rate of change in the environment and that accelerated learning enhances growth of individuals across the organisation.
At the national level, the company’s executives played a crucial role in supporting the Government of India to set up the National Housing Bank (the apex body for housing finance companies) in 1987 and in formulating national policies related to housing finance and urban development. As a part of developmental initiatives for the financial sector in general, HDFC has co-promoted financial intermediaries in various fields such as infrastructure, consumer finance and credit rating.
HDFC has been described as a model housing finance company for developing countries with nascent housing finance markets. HDFC has provided technical assistance in Bangladesh, Sri Lanka and Egypt and has undertaken consultancy assignments in various countries across Asia, Africa and East Europe.
Over the years, HDFC has received accolades on a regular basis, for various accomplishments, including the company’s performance and emphasis on corporate governance, CSR initiatives and HR-related initiatives, its annual report and calendars.
HDFC’s success is the result of a consistent approach that has never wavered through the years. And this approach has always put the consumer first – believing that all strategies and proposals for change need to benefit the individual investing in the most precious dream he aspires for – a home.