“Only 2% of our customers source home loans through the bank, while 5% do it from other institutions. This itself is a huge opportunity,” says Sashidhar Jagdishan.
The merger of Housing Development Finance Corporation Ltd. (HDFC) with HDFC Bank Ltd. could not have been better timed and was an opportunity the bank truly believed in, said Sashidhar Jagdishan MD & CEO, HDFC Bank Ltd. in a message published in the annual report.
He said buying a home was a family decision and an emotional one. This emotion was transferred to the home loan service provider and helped build lifelong bonds with the customer and his family.
“Also, only 2% of our customers source home loans through the bank, while 5% do it from other institutions. This itself is a huge opportunity. It is this bond with the customer that the bank would like to build on.”
He said HDFC Bank with its stronger digital platforms, digital journeys and physical branch network would have the ability to offer the home loan customer a complete bouquet of the bank’s and subsidiaries’ products and services. “Going forward, this is clearly going to be a game changer,” he said.
He said , home buying across the country would only accelerate, tracking the growth of India and It would emerge as a key driver of India’s GDP over the next decade, especially affordable housing.
“Investments in infrastructure are vital for India’s growth. A bigger balance sheet post- merger will enable HDFC Bank to take a larger exposure in infrastructure projects. This means we can participate more meaningfully in India’s growth story and contribute to nation building,” he added.
He said while this merger gave the bank a strong runway for future growth, it would also help more Indians to buy a home and secure jobs. “And yes, help the economy grow further,” he added.
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