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| Tuesday, 11 February 2003 |
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HDFC to expedite processing of housing loans By Channa Kasturisinghe The Housing Development Finance Corporation (HDFC) will introduce a scheme to expedite the process of disbursing housing loans to low and middle income families. According the HDFC General Manager, C. Sarathchandra, under its new 'Situ Sevena' housing loan scheme the Corporation will undertake the responsibility of obtaining on behalf of the borrowers various documents pertaining to house building issued by Government institutions and preparation of technical documents. He said the borrowers have to face difficulties and delays in obtaining legal, technical and valuation reports and the intervention of the HDFC officials in these matters would expedite the loan disbursement process significantly. "We would be able to save about three months of borrowers time enabling them to obtain loans in less than a month under this new scheme. The delays have been due to lack of awareness among borrowers and because public and private sector employees find it difficult to obtain leave from their offices to attend to these matters. The HDFC will not only obtains these documents but will also sort out the deficiencies in the documents. All our branches will be equipped with legal, valuation, engineering and technical officials who would obtains documents such as extracts of titles from the land registry and prepare the bill of quantities, cost estimates and house plans. In addition our customers service officer will assist the borrowers with other practical problems. Our officials will also prepare, execute and register mortgage bonds", Sarathchandra said. He said the HDFC has also reduced inside processing time to facilitate the early disbursement of loans. He said the Affordable Housing Finance scheme introduced by the Government recently has received a positive response from the public. HDFC is the apex bank of this scheme. "The HDFC alone has received over one-thousand applications so far. Some participatory banks are asking for more allocations to meet the increasing demand by the public, Sarathchandra said. |
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