The HDFC-HDFC Bank merger, which has become effective from Saturday, July 1, is termed as the biggest transaction in the history of India Inc. The 44-year-old institution HDFC Ltd has ceased to exist from July 1 onwards. Will the amalgamation have impact on HDFC customers and their loans? All your major queries have been answered here:
The new entity will now have around 120 million customers, which is greater than the population of Germany. It will also increase its branch network to over 8,300 and boast of a total headcount of over 1,77,000 employees.
HDFC-HDFC Bank Merger: Impact On Home Loan Account Number
After the merger, your home loan account number will not be impacted and will remain the same. The terms and conditions for the loan will also remain the same.
However, your loan account will be transferred to HDFC Bank after the merger. But login credentials will not change.
HDFC-HDFC Bank Merger: Impact On HDFC Ltd’s Loan Portal And Mobile Application
You can continue to use HDFC Ltd’s portal even after the HDFC-HDFC Bank merger. You can log in to the loan portal or mobile application using your existing login credentials.
HDFC-HDFC Bank Merger: Impact On EMIs
Your EMIs will not be impacted by the merger. The loan repayment cycle will continue to be the same and will be processed as scheduled. The interest rate will also remain the same.
On HDFC Bank’s Net Banking
Those who do not have any savings or current account with HDFC Bank can access their home loan details through HDFC Bank’s home loan section.
However, net banking credentials will be different from home loan account login credentials.
Those having HDFC Bank account can have access to their home loan details through net banking.
On Partial Disbursement Of Loan Amount
You can request subsequent disbursements by logging into your account on our website or by emailing at [email protected]. You can also visit the nearest HDFC Bank branch for Home Loans (erstwhile HDFC Ltd. branches) and submit the disbursement request in the prescribed format.
On Interest Rates
Interest rates on your home loan will continue to be the same after the merger. However, the loan, which is currently linked with the retail prime lending rate (RPLR), will now be linked with the external benchmark lending rate (EBLR). So, any change in future will be based on EBLR.
On Signing Loan Documents for Loan Disbursement
For the execution of your loan agreement and disbursement of related documents, you will need to visit your nearest HDFC Bank branches for Home Loans (erstwhile HDFC Ltd branches).
Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a USD 40-billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.
Comments
0 comment