Homage to HT Parekh who brought Home Loan to India

We ought to pay homage to the Hasmukh T Parekh a man who spearheaded on behalf of us to brought Home loan to India.

Until the mid-1990s, for a large section of the Indian middle-class, owning a home was a dream that could, at best, be met at retirement when one got a lump sum from a provident fund and gratuity from the employer. There were no HFCs (housing finance companies; banks could not lend for housing-neither to individuals nor to builders since housing did not qualify as an ‘industry’). Worse, as much as 60% to 70% of the payment was in cash (until the 1980s in Mumbai) and later as much as 40% was in cash payment. Combined with absurd income-tax rates (over 50% to 70%), it ensured that ordinary Indians could not aspire to own homes or apartments during their working lives.

In the recent decades several generations of India never had owned an apartment, but due to HT Parekh’s great efforts in the contemporary situation we have several options (Banks who lend home loans) to borrow home loans in the easiest way. The amount of time that he spent on designing the application form displayed his overarching concern for customer service.