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As On 22-Aug-2019, 10:24 AM
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  • HDFC bucks trend after clarification on NHB circular

    HDFC was up 1.47% to Rs 2169.05 at 12:47 IST on the BSE after the company offered clarification with respect to the National Housing Bank circular dated 19 July 2019.

    Meanwhile, the S&P BSE Sensex was down by 225.23 points, or 0.59% to 37,757.51.

    On the BSE, 26,000 shares were traded in the counter so far compared with average daily volumes of 1.27 lakh shares in the past two weeks. The stock had hit a high of Rs 2181.40 and a low of Rs 2140 so far during the day. It hit a 52-week high of Rs 2357 on 18 July 2019 and a 52-week low of Rs 1646 on 23 October 2018.

    The housing finance major announced after market hours yesterday, 23 July 2019, that it received several queries regarding the circular issued by the National Housing Bank (NHB) on 19 July 2019 to all registered housing finance companies (HFCs) on disbursement of housing loan to individuals linked to the stages of construction.

    As a policy, in the case of under-construction properties, HDFC disburses loans to individuals based on the stage of construction. HDFC has adequate mechanisms for monitoring the progress of construction of housing projects and customer consent is obtained prior to the release of each stage of payment to the developer. Further, the company's exposure to housing loan products involving subvention schemes offered by developers is negligible, at less than 2% of the individual loans. As a precautionary measure, in such cases, the amount due from the developer is collected upfront by the corporation. HDFC is of the view that there is unlikely to be any significant impact on growth of its individual business due to the above-mentioned circular, the company added.

    NHB had advised HFCs to desist providing loans to finance subvention schemes offered by builders to sell homes, according to a circular issued by the regulator. The new guideline from the NHB came after reports of HFCs as well as their individual borrowers being exposed to additional risks in case of housing loan products involving subvention schemes offered by builders. The housing regulator has also recommended that housing loans should be offered strictly linked to different stages of construction and no upfront disbursal should be made in case of incomplete projects.

    The NHB also asked HFCs to put in place a well-defined mechanism for monitoring the progress of construction of housing projects and obtain borrowers' consent before releasing payments to developers. However, merely obtaining the borrower's consent and releasing funds by the company without linkage to different stages of construction will be seen as dereliction of duty of the HFC, it said.

    HDFC will announce Q1 June 2019 results on 2 August 2019. Its net profit rose 26.8% % to Rs 2861.58 crore on a 24.3% rise in total income to Rs 11586.58 crore in Q4 March 2019 over Q4 March 2018.

    HDFC is India's leading mortgage lender.

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Flash News 22-Aug-2019
  •  ( 09:34) Sensex drifts below 37,000   
  •  ( 09:23) Market trading lower  
  •  ( 08:35) Most Asian stocks trading higher  
  •  ( 08:18) Infosys Expands Strategic Partnership with Google Cloud  
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22 August 2019 10:29
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