Housing Development Finance Corp (HDFC) has seen its net profit for the quarter ended June 30 increase over 20 percent to Rs.565 crore, as compared to Rs.468 crore in the corresponding period last fiscal.
The company's total income increased 22.8 percent to Rs.2,849 crore from Rs.2,318 crore, it said in a regulatory statement.
Its loan approvals during the quarter amounted to Rs.12,259 crore, as compared to Rs.9,996 crore in the corresponding period last year, representing a growth of 23 percent.
Loan disbursements grew 21 percent in the quarter to Rs.8,688 crore as compared to Rs.7,204 crore in the year-ago period.
HDFC has also announced slashing of home loan rates by 50 basis points.
It will now charge an interest rate of 8.75 percent on home loans up to Rs.15 lakh and 9 percent on loans between Rs.15 lakh and Rs.30 lakh.
HDFC earlier charged a rate of 9.25 percent on all loans up to Rs.30 lakh.