What is Housing Development Finance Corporation?

Housing Development Finance Corporation (HDFC) is basically for
financing development of housing facilities in urban and rural areas. It a public limited
company primarily engaged in housing finance by creating an institutional facility for
meeting the needs of people for construction/purchase of residential houses anywhere in
India. The HDFC has two wholly-owned subsidiaries viz. HDFC Developers Limited
carrying on business of real estate development and construction and HDFC Investments
Limited which is engaged in the business of investments in stocks, shares, debentures and
other securities. The HDFC provides long term loans for housing purpose and recovers
loans in instalments. In order to collect funds for the business, the HDFC has introduced
flexible savings scheme which is useful for securing housing loan.