HDFC open to organic, inorganic growth: MD

HDFC Ltd Managing Director Renu Sud Karnad today said the company is open to both organic and inorganic growth.
Replying to a media report that HDFC was in discussion to acquire health insurance company Apollo Munich, Karnad told PTI, "Partners of Apollo Munich and the partners of ours are the same and there is nothing as yet.
"HDFC has always been looking for partners be it housing or insurance," she said on the sidelines of its "Pradhan Mantri Awas Yojana-Housing for All' programme organised here today.
HDFC Standard Life Insurance Company Ltd (HDFC Life is the joint venture company of HDFC Ltd and UK's Standard Life through Standard Life Aberdeen Plc.

In case of Max (Life Insurance Co Ltd), it did not worked out, she said, adding "So that way we are always looking for both organic and inorganic growth."
HDFC subsidiary HDFC ERGO General Insurance Co Ltd is a joint venture (51:49) between HDFC Ltd (51 per cent) and ERGO International AG --part of Germany's Munich Re Group which is a leading reinsurance company of Europe.

While Apollo Munich Health Insurance is a joint venture between Chennai-based Apollo Hospitals of Prathap C Reddy family and Munich Re.
The mortgage lender HDFC's Chairman Deepak Parekh said the Pradhan Mantri Housing for All aspiration by 2022 has led to ownership of homes among many who earlier could not do so.

On the cabinet decision today to approve a Rs 60,000 crore National Urban Housing Fund (NUHF), he said it will give good boost to the housing sector in India.
Parekh said the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) has taken off very well and it is a giant leap for thousands of people who earlier had no home ownership.
"CLSS is a shot in the arm for improving affordability and it is a great deal on part of the government and the regulator to improve housing availability," he said.
HDFC said the company has increased its efforts towards loan to economically weaker sections (EWS) of the country, who earn up to Rs 3 lakh per annum and low income group (LIG) earning over Rs 3 lakh to up to Rs 6 lakh per annum, in support of the government's flagship 'Housing for All' scheme.

During the nine months ended December 2017, 39 per cent of the home loans approved in terms of volume and 20 per cent in terms of value have been to customers from the EWS and LIG segment, HDFC said.
HDFC said on an average it has been approving 8,000 loans on a monthly basis to the EWS and LIG segment with montly average approvals at around Rs 1,300 crore.
Under CLSS EWS/LIG, it has provided loans of Rs 1,728 crore to 10,764 customers with subsidy worth Rs 228 crore.
Under CLSS Mid Income Group (MIG) scheme, it has provided Rs 1,067 crore worth of loan to 3,526 customers so far with subsidy of Rs 74 crore.