Sri Lanka housing bank to raise 500 million rupees and branch out to lifestyle loans

Feb 15, 2007 (LBO) – HDFC Bank is to raise 500 million rupees through a 4-year debenture shortly and branch out into related lending schemes officials said. The 4-year debenture would be privately placed by the First Capital group CEO, C A Sarathchandra said.

The bank, which gives housing mortgages up to 15-years also give lifestyle finance to house owners to buy consumer durables from later this year Chairman S M M Yaseen said.

“We want to help our customer build houses and make them into homes,” Yaseen said.

“We know our customers and we would like to meet their aspirations with loans at reasonable rates.’

The company taps capital markets frequently and has also securitized mortgages which have been rated AA- (lka) Fitch for long-term lending.

HDFC is a listed company. On Thursday the bank handed over certificates to 253 employees who under a share-ownership plan where the employees got 5 percent of the capital of the company.

HDFC Bank the island’s largest housing bank which issued about 13,000 loans last year.

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updated – loan amount