The Hindu Business Line : HDFC opening another branch in Coimbatore

HDFC has recorded 35 per cent plus growth in business here in the first six months of the current fiscal, compared to about 30 per cent in the rest of the State.

To handle the increasing business volume, it is opening a second branch office at Saibaba Colony, making Coimbatore the only second city after Chennai where HDFC would have more than one office.

It is also organising a two-day property fair styled `Destination Coimbatore 2004' from October 16 in which builders would showcase more than eight lakh sq ft of properties.

Speaking to presspersons, Mr Mathew Joseph, Regional Manager (Tamil Nadu & Kerala), said that HDFC would be offering home loans at a special rate of seven per cent (under ARHL) during the exhibition period. Customers would be free to choose properties other than those showcased in the exhibition to avail themselves of this special interest rate.

In the last few months, HDFC had organised such property fairs in Tiruchi, Erode, Pondicherry and Chidambaram. This time the exhibition is being organised simultaneously in Salem and Coimbatore and the company is keen to make the show a regular feature.

Mr Joseph said that the `2-in-1' loan concept introduced nine months back, under which borrowers can avail themselves of part of the loan at fixed interest rate and the rest at floating interest rate, has found many takers, especially those who seek high-value loan.

On whether the current low home loan rates are sustainable, he said that the company's margins last year were 2.02 per cent, compared to 1.8 per cent the previous year. The company has been maintaining those margins but if the interest rates go up, HDFC may have to revise its lending rates, he added.

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