ALKHOBAR, 30 January — Housing Development Finance Corporation, India's premier financing institution, launched its operations in the Kingdom at a function at Rezayat Auditorium here on Sunday evening.
HDFC's managing director Keki Mistry gave an impressive presentation before a large gathering of Indian workers. He later answered queries from the audience.
Talking to Arab News, Mistry clarified that HDFC would extend loans only to Indian nationals wishing to build houses in India. "There will not be any loan for non-Indians and loans will be strictly for properties in India," he said.
Mistry gave an overview on the performance of HDFC in the past few years and said it intended becoming a "financing supermarket". He also gave a brief outline of several other projects launched by HDFC.
He said HDFC has recently launched a property portal, to provide an entire range of real estate services through the Internet. The vertical portal www.hdfcrealty.com provides solutions on property matters. A customer can also apply for housing loan online at HDFC's site www.hdfc.com
Thomas Cherian, HDFC manager in Dubai, briefing on the procedures to be followed, said the loan applications would be cleared within 48 to 72 hours and would be forwarded to one of the HDFC's office in India where the loan would be released. An applicant would have to present copies of his passport, Iqama and employment contract as well as a bank statement. In the Western region, Technobuild will be the HDFC partners.
