ALKHOBAR, 27 January — India’s top financing institution, the Housing Development Finance Corporation (HDFC), is opening its offices in the main cities of the Kingdom with its head office in the Eastern Province.
Rezayat Trading Company, a local firm, has tied up with the HDFC making it easier for Indian expatriates to avail of house loan facilities. According to A. Jagannathan, general manager of Rezayat’s Insurance division, the official launch of the HDFC will be at Rezayat Apartment Auditorium on Sunday evening.
HDFC provides loan for construction, renovation or purchase of houses in India on easy terms. It is probably the only financing institution which clears the loan application within three days and the applicant is given the check on the fourth day if all the paper works are in order.
In wake of the Kingdom’s economic liberalization, permission to allow expatriates to own real estate in the country has also caught the imagination of the HDFC which is planning to give loans to Indians to build houses in the Kingdom.
Jagannathan said that the corporation will also assist Indians in identifying properties in India.
Many Indians living the Gulf region and elsewhere have been duped by the fraudulent real estate companies and builders in India. For a long time, Indians in the Gulf region have been pressing authorities to open HDFC office in the region and as a result HDFC started its operations in the United Arab Emirates and after its success there, the corporation has now decided to set up offices in the Kingdom.
Loan provision for Saudi nationals for real estate in the Kingdom is also not ruled out. But a concrete decision will be taken after the study of the whole situation.
