According to Renu Sud Karnad, MD, HDFC, the growth was on a high base considering that last year there was a pick-up in demand due to the stamp duty and other incentives provided by the state government.
FY21 also saw demand for loans under a government credit-linked subsidy scheme, which was available for homes up to a certain size irrespective of value.
In January, loan sanctions took place despite the Omicron variant disrupting office operations as staff were stuck with Covid. However, the corporation managed to continue to service customers using digital channels.According to data released by RBI, the home loan books of banks grew from Rs 14.9 lakh crore as of end March 2021 to Rs 15.5 lakh crore as of January 28, 2022. The year-on-year growth in the home loans portfolio for the banking industry was 11%. As of December 2021, ICICI Bank had reported a home loan book of Rs 2,78,267 crore – a Y-o-Y increase of 23%. SBI, which has the largest home loan book of Rs 5,38,475 crore as on December 2021, reported a Y-o-Y growth of 11.15% in its loan book. While sanctions cannot be compared with the growth in loan book, there are indications that HDFC might have increased market share in the fourth quarter.