Housing finance major HDFC has said it aims to lend Rs 2,400 crore in current fiscal in Punjab, Haryana, Chandigarh and Himachal Pradesh with main thrust being on aggressive lending to farmers to meet growing demand for housing in rural areas.
HDFC has planned to penetrate deeper by targeting tier II cities of two agrarian states of Punjab and Haryana where the demand for affordable housing is still going strong.
“We are targeting to disburse loans for housing to the tune of Rs 2,400 crore which is over 30 per cent more than what was disbursed last fiscal in our area comprising Punjab, Haryana, UT Chandigarh and Himachal Pradesh,” HDFC, Business Head, (Punjab, Haryana, HP) P C Srivastava said.
HDFC disbursed loans amounting to Rs 1,800 crore in last fiscal in these areas.
Srivastava said that the HDFC is now aggressively looking to tap progressive farmers in rural areas for housing loans especially in Punjab and Haryana where the demand for housing projects still exists.
“We have developed a successful model in which we assess farmer’s income after considering his land holding (minimum 10 acres), crop yield and MSP of the crop and then after working out his income, loan is disbursed,” he said adding that the default among farmers has been nil.
“We have plans to double our lending to Rs 200 crore to farmers in current fiscal,” he said adding, “HDFC even offers concession on lending rate to farmer for buying rural property.”