Why ULIP mis-selling has become rampant ?
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New Delhi: Mortgage lender HDFC Ltd on April 3 said the company’s individual loan business continued to exhibit improvement in the January-March quarter 2021 and loans worth Rs 7,503 crore were assigned to its banking subsidiary.
“The individual loan business continued to see strong improvements during the quarter ended Match 31, 2021.
During the quarter, pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank, the Corporation assigned loans to the bank amounting to Rs 7,503 crore,” HDFC said in a regulatory filing.
In the year ago same quarter ended March 2020, such loan assigned to HDFC Bank stood at Rs 5,479 crore.
The individual loans sold in the preceding 12 months (April-March) amounted to Rs 18,980 crore (previous year Rs 24,127 crore), it said.
Besides, the Corporation’s gross income from dividend for the March quarter was Rs 110 crore as against Rs 2 crore in the year-ago quarter. There was no sale of investments in subsidiary/associate companies during January-March, as also in the year ago period, it added.