What is the full form of HDFC?
HDFC: Housing development and Finance Corporation
HDFC related questions: What is the full form of HDFC, What does HDFC stand for, What is the meaning of HDFC, HDFC full Form in English.
HDFC stands for housing development and Finance Corporation. The bank is indeed housing finance corporation of India which chiefly grants housing loan to lower and middle-class people to buy house and builders for the residential projects.
The prime agenda of HDFC bank is to improvise the residential housing stock through the provision of housing finance in a systematic way and to augment homeownership in the country.
The HDFC is one of the prime leaders in the Indian housing finance market. Its headquarter is in Mumbai, India
Aditi puri is the MD and CEO of HDFC bank. The Bank has a substantial distribution network consists of 427 interconnected offices. The bank also has three representatives’ offices in London, Dubai, and Singapore to grant home loan products.
What is the core value of the Bank?
- Professional service
The HDFC bank has a lengthy and manifold list of subsidiaries which proffers a vast range of loan products, banking service, and the insurance service
A Few of the eminent subsidiaries of the HDFC bank 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
- The bank came into existence in the year October 17, 1977. It was established as a public limited company. The bank was fostered by the industrial credit and investment corporation of India.
- In the year 1980, the bank commenced loan linked deposit scheme in which one had to begin with a passbook account with HDFC to become eligible for the loan
- The bank launched a non-resident certificated deposit scheme in the year 1981
- In 1985, it began the Home saving plan which allows the person for a loan to buy a house @ 8.5%p.a
- In the year 1986, it proffers a service called 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 the year 1994, the HDFC bank promoted the HDFC bank to proffer banking services. It was a private sector bank which was established with the approval of the reserve bank of India.
- In 1999, the HDFC corporation launched its official website hdfcindia.com which now become www.hdfc.com
- In 2000, the HDFC 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 2009-2010, it proffered HDFC systematic saving plan. it was a monthly saving plan with a variable rate of interest
- The HDFC bank also launched an online real estate portal HDFC Real Estate Destination (HDFC RED), for the buyers to search properties.
- In the year 2011-2012, the bank commenced its new subsidiary, HDFC education and development services Pvt limited to proffer the educational loans
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