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HDFC HOME LOANS

HDFC: Better than the Best

I recently visited the HDFC branch in Munirka, south Delhi, to understand what makes it so successful. Despite being a large branch, it was packed to the brim. The sales team were overburdened with queries from customers, who wanted to take a home loan ith HDFC. That is the HDFC for you - where customers run after it to take a home loan. Contrast this with other banks, which run after customers for giving them a home loan.

HDFC, founded in 1977, is India's largest home loan provider. Apart from being the largest, it is undoubtedly the most reputed, with a solid reputation built over the years.

Such is its name, that for most people, home loans means HDFC, just as web search is synonymous with Google or photocopying has become synonymous with Xerox - a hallmark of a great company. The following are the reasons for its success:

1. Quick Home Loan approval

Their home loan process is simple and quick, with minimal documentation and quick home loan sanction. Infact, one can get an online approval for a home loan, by filling up a form that hardly takes 10 minutes.

2. Wide branch network:

HDFC has a network of over 322 branches, one of the largest among NBFCs among big names such as Indiabulls home finance, LIC housing finance, PNB housing finance etc. This helps them stay close to their customers, wherever they are.

3. Keeping up with the times:

Given that HDFC was founded in 1977, one would assume that it would be an old-fashioned company with little focus towards the future. I was pleasantly surprised to see that they have a mobile site - m.hdfc.com - to keep up with the wave of mobile internet

4. Property Advisory Services:

In another masterstroke, HDFC has recently started a property advisory service called HDFC RED. This is in line with its 'single-window' concept - guiding the customer right through the entire process of home purchase - be it home search assistance, technical support prior to finalising the home, legal advice on home related documentation, personalised home loan counseling or providing tailor-made repayment options to suit the customer's specific requirements.

On the other hand, there have been some losers of high growth:

5. Competitive Interest Rates:

HDFC's interest rates are always competitive, even though they may not be the lowest in the market. For a home loan amount less than 30 lakhs, floating interest rate is 10.25%. For a home loan amount between 30 to 75 lakhs, the floating interest rate is 10.5%. Given HDFC's quality of service, the interest rates it charges are well-deserved.

 

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