HDFC-HDFC Bank merger: Important FAQs answered for existing home loan borrowers of HDFC
Housing Development Finance Corporation (HDFC) Ltd. and HDFC Bank will become a merged entity on July 1, 2023. This implies that HDFC will cease to exist as of Saturday.
According to the BSE notification, “Please also note that the composite scheme of amalgamation for the amalgamation of: (i) HDFC Investments Limited (“HIL”) and HDFC Holdings Limited (“HHL”), wholly-owned subsidiaries of Housing Development Finance Corporation Limited (“HDFC Limited”), with and into HDFC Limited and (ii) HDFC Limited with and into the Bank, shall become effective on July 1, 2023 (“Effective Date”).” Therefore, HDFC Bank has released important FAQs on how the merger would affect home loan borrowers of HDFC Ltd. Here is are the FAQs addresses all of your questions on the merger of HDFC and HDFC Bank.1. Existing HDFC Ltd. Home Loan customers (full/partial disbursement) What will be my Loan account number and terms of Loan Agreement with HDFC Ltd? a.
Your Loan Account Number will remain the same and continue to be the point of reference for all your future communication with HDFC Bank Ltd. b. The contractual terms of your Loan agreement will remain unchanged.2. Will I have access to HDFC Ltd Loan Portal and Mobile Application that I have been using prior to merger? a.
You would continue to have access to HDFC Ltd Portal post-merger. b. You can login to the Loan Portal or Mobile Application using your existing login credentials and password or via OTP mode.3. I have availed full disbursement of the loan recently. The EMIs are yet to begin. How will the merger impact my loan? Are there any new terms and conditions that will be applicable? The Merger will not impact your loan.
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