Private sector housing finance companies and developments in real estate in Cochin

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Housing Development Finance Corporation (HDFC) is the leading housing financial institution in the private sector in Cochin. About 80 percent of housing loans sanctioned by HDFC goes to individuals and 20 percent to employers for financing schemes for housing their employees. Loans are provided upon proof of household income, provision of collateral security or personal guarantees and pre-determined repayment conditions. To develop your real estate in Cochin, you can certainly avail a home loan from the HDFC.

HDFC always operates according to commercial criteria since it has raised its funds from the free market, which includes scheduled banks and financial institutions like the Life Insurance Corporation (LIC). It has got a loan of US $250 million from International Bank for Reconstruction and Development (IBRD) and has raised US $125 million from the US Capital market under the Housing Guarantee Programme of the United States Agency for International Development (USAID). HDFC has taken a number of initiatives to help in widening the institutional base for housing finance. It has co-promoted in the past three years new housing finance companies like PHFC, Can Fin Homes Ltd and Gujarat Rural Housing Finance Corporation Ltd.

Besides the HDFC a few other housing finance companies with paid-up capital of more than Rs. 1 crore are also operating in the private sector. Examples of such companies are the Diwan Housing Development Corporation Ltd and the Incap Housing Development Corporation Ltd. The scale of operation of these companies is limited. Some of them have got approval of the National Housing Bank for refinancing certain types of loans, while others are yet to obtain this facility. Scores of private financing institutions financing real estate projects now are associated with the HDFC in one way or the other.

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