Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
|
|
|
|
|
Money & Banking
-
Housing Finance `Continue tax sops on housing' Our Bureau
COIMBATORE, Dec. 2 "TAX sops on housing loans should continue. It is not advisable to remove them at this juncture, as recommended by Kelkar Committee," the Executive Director of HDFC, Mr R.V.S. Rao, said here. Mr Rao was in the city to inaugurate HDFC's property exhibition - Destination Coimbatore. He expressed the hope that the tax benefits would continue, even while conceding that the phasing out of tax sops on housing loan in three years was not justifiable. Briefing presspersons here on Sunday evening, he said the event was meant to tap the market potential. The housing finance major, he pointed out, had in the last two decades serviced 2.1 million customers. Despite the presence of other players, "our market share has not shrunk. It is an expanding market," he added. When asked if HDFC took cue from the home loan melas organised by the nationalised banks, which received overwhelming response, he conceded that the banks were marketing aggressively, but reasoned that they borrowed short and sold long, while HDFC managed to borrow and sell long. "We are more comfortably placed despite the rate war," he added. Reverting to HDFC's plans, he said business volumes from Tamil Nadu were among the largest. Even in the first half, the total sanctions in the State touched Rs 644 crore out of the budgeted amount of Rs 1,225 cr. He was confident of surpassing the target. He disclosed that the company proposed to open new offices at Erode and Pondicherry before the end of the current fiscal. On NRI business, Mr Rao said that 75 per cent of the company's NRI business was from the southern states. HDFC, he disclosed, contemplated opening an outreach centre in Abu Dhabi very soon, apart from its office in Dubai and service associate offices in 7 other places in West Asia.
Send this article to Friends by
E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|