INSTITUTIONAL FRAMEWORK FOR HOUSING FINANCE : HOUSING FINANCE COMPANIES

3.1 The total number of HFCs in the mailing list of the National Housing Bank as on 31st March, 1999 was 368 as against 387 in the preceding year. Of these, NHB has received data from 100 HFCs under its system of off-site supervision in terms of the Housing Finance Companies (NHB) Directions, 1989. For the purpose of analysis, data submitted by these 100 HFCs, are grouped into three categories as follows :

A. HFCs approved for refinance assistance from NHB : 29
B. HFCs having NOF Rs.50.00 lakhs and above (excluding A above) : 30
C. HFCs having NOF less than Rs.50 lakhs : 41

3.2 During the year 1998-99, 3 more HFCs, namely, Corpbank Homes Ltd., Happy Home Profin Ltd. and Maharshi Housing Development Finance Corporation Ltd. were included in the list of HFCs which are approved for refinance assistance from NHB and the number of HFCs approved for refinance facility as on 30th June, 1999 stood at 29. As the financial year of most of the HFCs is from April-March, all the financial data given in this chapter is as on 31st March, 1999.

Table 3.1: Broad financial information of HFCs- As on 31st March, 1999

(Rs. in Crore)
Category of the HFC Paid up capital Free Reserves NOF Public Deposits O/S Housing Loans O/S
A] HFCs approved for refinance assistance from NHB 1128.57 3126.89 4121.80(3548.87) 6088.95(5876.19) 24975.10(20325.46)
B] HFCs having NOF Rs. 50.00 lakhs and above excluding HFCs approved for refinance assistance 81.94 17.97 95.17(145.30) 47.77(88.56) 98.69(113.67)
C] Other HFCs 6.27 0.58 4.40(7.64) 14.50(18.83) 10.01(10.76)
Total 1216.78 3145.44 4221.37(3701.81) 6151.22(5983.58) 25083.80(20449.89)
Source: Annual statutory returns [Data provisional]

Figures in parenthesis are corresponding figures for the last year i.e. as on 31.3.1998.

3.3 From the above table, it may be observed that during the year the NOF of approved HFCs which constitute the major part of the housing finance sector increased to Rs. 4121.80 crore as on 31st March, 1999 in respect of 29 HFCs from Rs. 3548.87 crore as on 31.03.1998 in respect of 26 HFCs. The NOF of HFCs having NOF of more than Rs 50 lakhs however, decreased from the earlier level of Rs. 145.30 crore as on 31st March, 1998 to Rs. 95.17 crore as on 31st March, 1999. On an overall basis the NOF of the HFCs increased from Rs. 3701.81 crore as on 31st March, 1998 to Rs. 4221.37 crore as on 31st March, 1999.

3.4 The above table also indicates that HFCs which are approved for the purpose of refinance assistance from NHB are playing a major role in the housing finance sector as they represent 99.42% of the housing loans outstanding as on 31st March, 1999. It also indicates that the public deposits outstanding as on 31st March, 1999 is Rs. 6151.22 crore as against Rs. 5983.58 crore as on 31st March, 1998 indicating an increase of 2.8%. The outstanding housing loans have also increased to Rs. 24975.10 crore as on 31st March, 1999 from the earlier level of Rs.20325.46 crore as on 31st March, 1998 registering a growth of 22.88%.

3.5 The amount of housing loans sanctioned and disbursed by the HFCs approved by NHB for its refinance facility, have showed steady growth over the last three years, as under :
Table 3.2: Housing loans sanctioned and disbursed by approved HFCs
(Rs. in Crore)
1996-97 1997-98 1998-99
Sanctioned 5546.02 8155.99 10445.24
Disbursed 4627.74 5767.55 7454.27

The steady growth of sanction as well as disbursement of housing loans over the years clearly indicates the positive impact of various facilitating fiscal and monetary measures and budgetary support provided to the housing sector in recent years.

Spread of Branch Network of Approved HFCs
3.6 As on June 30, 1999 there were 29 HFCs approved for refinance assistance from NHB having 482 branches all over the country . The state-wise spread of these 482 HFC branches is given below :

Table 3. 3 State-wise Branch Network of Approved HFCs as on June 30,1999

Name of the State/UT No. of Branches
Andaman & Nicobar 1
Andhra Pradesh 50
Arunachal Pradesh 0
Assam 10
Bihar 10
Chandigarh 8
Dadra& Nagar Haveli 1
Daman & Diu 0
Delhi 17
Goa 5
Gujarat 39
Haryana 5
Himachal Pradesh 2
Jammu & Kashmir 1
Karnataka 65
Kerala 29
Lakshadweep 0
Madhya Pradesh 23
Maharashtra 80
Manipur 1
Meghalaya 1
Mizoram 0
Nagaland 0
Orissa 11
Pondicherry 3
Punjab 6
Rajasthan 20
Sikkim 1
Tamil Nadu 44
Tripura 1
Uttar Pradesh 31
West Bengal 17
TOTAL 482

Outstanding public deposits with all reporting HFCs
3.7 The outstanding public deposits with 100 reporting HFCs stood at Rs. 6151.22 crore as on 31st March 1999 as against the previous year’s figures of Rs. 5983.58 crore.

HFCs approved for financial assistance from NHB
3.7.1The outstanding public deposits with HFCs approved for financial assistance from NHB, stood at Rs. 6088.95 crore as on 31st March, 1999 as compared to Rs. 5876.19 crore as on 31st March, 1998.

HFCs having NOF Rs.50.00 lakhs and above
3.7.2 The outstanding public deposits with HFCs having NOF of Rs. 50 lakhs and above, stood at Rs 47.77 crore as on 31st March, 1999 as against Rs. 88.56 crore as on 31st March 1998. The HFCs in this category, experienced a first time decline in the public deposits in the year 1998-99, after enjoying a continued growth for the last 5 years. This was largely due to the fact that many companies in this category became ineligible to accept public deposits due to non-compliance to the minimum credit rating prescribed.

Other HFCs
3.7.3 The outstanding public deposits with other HFCs stood at Rs. 14.50 crore as on 31st March, 1999 as against Rs.18.83 crore as on 31st March 1998 .

Table 3.4: Outstanding Public deposits of HFCs
( Rs. in Crore)
Category of the HFC Outstanding public deposits as on 31st March
1997 1998 1999
No.of A/cs Amt. No.of A/cs Amt. No.of A/cs Amt.
A] HFC approved for NHB Refinance 1363392 4355.55 1540887 5876.19 1622399 6088.95
B] HFCs having NOF Rs. 50.00 lakhs and above excluding approved HFCs 72103 80.41 70698 88.56 33391 47.77
C] Other HFCs 296624 69.74 62863 18.83 56217 14.50
Total 1732119 4505.70 1674448 5983.58 1712007 6151.22

The classification of public deposits as per size, maturity and interest rate for different categories of HFCs is given below:

3.8 Size-wise classification
Table 3.5 : Outstanding Public deposits of all HFCs – Size-wise classification
(Rs. in crore)
Size-wise Public deposits Outstanding amount of public deposits as on 31st March
1997 % 1998 % 1999 %
Upto Rs.5,000 160.40 3.6 53.36 0.89 128.73 2.09
Rs.5,001to Rs.10,000 434.96 9.6 184.38 3.08 431.27 7.01
Rs.10,001 to Rs.25,000 733.99 16.3 390.54 6.53 905.74 14.72
Rs.25,001 to Rs.50,000 583.61 12.9 340.59 5.69 1087.84 17.69
Rs.50,001 to Rs.1,00,000 579.49 12.9 261.89 4.38 971.15 15.79
Over Rs.1,00,000 2013.25 44.7 4752.82 79.43 2626.49 42.70
TOTAL 4505.70 100.00 5983.58 100.00 6151.22 100.00
It is observed that the share of public deposits in the size of Rs.1,00,000 and above which accounted for more than 79% of the total deposits in 1998 fell sharply to less than 43% as at the end of March,1999. This decrease has been off-set by the increase in the outstanding deposits of other categories.

3.8.1 HFCs approved for financial assistance from NHB
The outstanding public deposits of the HFCs approved for refinance facility represents 98.99% of the public deposits. As such the pattern of public deposits of these HFCs has become the pattern for all HFCs.
Table 3.6 : Outstanding public deposits with HFCs approved by NHB – size-wise classification as on 31st March (Rs. in crore)
Size-wise Public deposits Outstanding amount of public deposits as on 31st March
1997 1998 1999
No. of A/Cs Amount No. of A/Cs Amount No. of A/Cs Amount
Upto Rs.5,000 300883 127.17(2.92) 105786 42.91(0.73) 276242 122.46(2.01)
Rs.5,001 to Rs.10,000 442473 404.13(9.28) 1070423 167.03(2.84) 445493 420.39(6.91)
Rs.10,001 to Rs.25,000 383801 684.14(15.71) 191315 349.25(5.95) 475340 885.56(14.54)
Rs.25,001 to Rs.50,000 135826 571.55(13.13) 82821 329.25(5.60) 261470 1078.88(17.72)
Rs.50,001 to Rs.1,00,000 69897 573.78(13.16) 37409 254.47(4.33) 121680 965.77(15.86)
Over Rs.1,00,000 30512 1994.78(45.80) 953133 4733.28(80.55) 42174 2615.89(42.96)
TOTAL 1363392 4355.55 1540887 5876.19 1622399 6088.95
figures in parenthesis indicate % share

HFCs having NOF of Rs.50.00 lakhs and above

3.7.2 Unlike the trend observed in the distribution of outstanding public deposits with approved HFCs, the maximum amount of public deposits outstanding with these HFCs pertains to the category of public deposits of Rs 10,001 to Rs. 25000, despite the fact that the share of this category in the total outstanding deposits came down sharply from 47.74% as at the end of March,1998 to 33.47% as at the end of March,1999. The %age share of deposits in the size up to Rs.5,000 and over Rs.1,00,000 also witnessed marginal decline during the year.The trend in mobiisation of public deposits remained more or less the same as the previous year.

Table 3.7 : Public deposits with HFCs having NOF of Rs.50 lakhs and above – Size wise classification as on 31st March
(Rs. in crore)
Outstanding amount of public deposits as on 31st March
Size-wise public deposits 1997 1998 1999
No. of A/cs Amount No. of A/cs Amount No. of A/cs Amount
Upto Rs.5,000 33554 10.29(12.80) 27694 5.36(6.05) 10122 2.74(5.74)
Rs.5,001 to Rs.10,000 14013 11.59(14.41) 15365 12.88(14.54) 10694 8.28(17.33)
Rs.10,001 to Rs.25,000 22437 31.91(39.68) 24072 36.08(40.74) 9978 15.99(33.47)
Rs.25,001 to Rs.50,000 1338 5.36(6.67) 2415 9.39(10.60) 1827 7.00(14.65)
Rs.50,001 to Rs.1,00,000 503 3.90(4.85) 825 6.13(6.93) 554 3.98(8.33)
Over Rs.1,00,000 258 17.36(21.59) 327 18.72(21.14) 216 9.78(20.47)
TOTAL 72103 80.41 70698 88.56 33391 47.77
figures in parenthesis indicate % share

Other HFCs
3.8.3 For this category of HFCs the concentration of public deposits was highest in the size-group of Rs.10,001 to Rs.25,000 as on March 31, 1999. However, a positive trend is observed among the depositors towards the public deposits of relatively small denomination. It is, however, observed that as a whole the amount of outstanding public deposits has decreased in the first three slabs. In this context, it is mentioned that there are 41 reporting HFCs in this category out of which only 28 HFCs had outstanding public deposits as on 31st March, 1999. The outstanding public deposits with these HFCs are also expected to decrease in the coming year as HFCs having NOF below Rs. 25 lakhs are no longer eligible to accept public deposits.

Table 3.8 : Public deposits with other HFCs – Size wise classification as on 31st March
(Rs. in crore)
Outstanding amount of public deposits as on 31st March
Size-wise public deposits 1997 1998 1999
No. of A/cs Amount No. of A/cs Amount No. of A/cs Amount
Upto Rs.5,000 205945 22.94(32.89) 48321 5.10(27.07) 47776 3.54(24.41)
Rs.5,001 to Rs.10,000 61478 19.23(27.58) 10043 4.46(23.70) 4773 2.59(17.86)
Rs.10,001 to Rs.25,000 22689 17.47(25.05) 3418 5.21(27.67) 2773 4.19(28.89)
Rs.25,001 to Rs.50,000 3911 6.61(9.48) 830 1.95(10.34) 642 1.98(13.66)
Rs.50,001 to Rs.1,00,000 2477 2.17(3.11) 201 1.29(6.85) 198 1.39(9.59)
Over Rs.1,00,000 124 1.32(1.89) 50 0.82(4.37) 55 0.81(5.59)
TOTAL 296624 69.74 62863 18.83 56217 14.50
figures in parenthesis indicate % share

The above analysis clearly indicates that the trend to rely on relatively big depositors is much more pronounced in case of HFCs approved by NHB for refinance vis-à-vis the other ones. Therefore, it is presumed that a substantial increase in the resource base can be achieved by the approved companies if they strive to exploit the huge potential of the relatively small depositors as well.

3.9 Maturity period-wise Classification
An analysis of maturity period wise classification of public deposits indicates the depositors’ preference for public deposits having maturity period between 12 months to less than 24 months. As much as 50.31 % of the public deposits outstanding with the HFCs cluster around this slab.

Table 3.9 Outstanding Public deposits of all HFCs-Classification based on maturity period
(Rs. in crore)
Outstanding amount of public deposits as on 31st March
Maturity period-wise public deposits 1997 1998 1999
Amount % Amount % Amount %
Within 6 months* 44.75 0.99 31.44 0.53 6.69 0.11
6 months to less than 12 months 137.56 3.05 84.53 1.41 539.69 8.77
12 months to less than 24 months 998.54 22.16 1615.35 27.00 3094.58 50.31
24 months to less than 48 months 2068.5 45.91 2684.37 44.86 1191.08 19.36
48 months to less than 60 months 453.84 10.07 464.59 7.76 449.86 7.31
60 months 578.33 12.84 709.70 11.86 558.30 9.08
Above 60 months to less than 84 months 105.06 2.34 216.43 3.62 172.63 2.81
84 months 114.62 2.54 174.37 2.91 138.39 2.25
Above 84 months 4.43 0.10 2.80 0.05 0.00 0.00
TOTAL 4505.70 100.00 5983.58 100.00 6151.22 100.00
* Includes deposits from share holders, deposits guaranteed by the Directors, security deposits from the agents, unclaimed deposits etc.

There is an increasing trend in public deposits with a maturity period of 12 months to less than 24 months which has increased from 22.16 % as at the end of March,1997 to 50.31 % as at the end of March,1999. Considering the fact that the housing loans are long-term in nature and 78.55 % of the public deposits mobilised are having a maturity period of less than 4 years, the HFCs are expected to have a strong asset-liability management system in place to avoid any potential risk of asset-liability mismatch in the short run.

3.9.1 HFCs approved for refinance assistance from NHB

In the year 1997-98, maturity period wise the largest component of outstanding public deposits was in the slab of 24 months to 48 months for this category of HFCs, which have decreased from Rs.2644.69 crore as on 31st March 1998 to Rs. 1163.28 crore as on 31st March, 1999. The amount of public deposits having maturity period of 12 months to less than 24 months have, however, increased from Rs. 1565.62 crore on 31st March, 1998 to Rs. 3078.66 crore as on 31st March, 1999 representing a growth of 96.64 % over the previous year. Subsequently, the maximum cluster of deposits is now in the slab of 12 months to less than 24 months which accounts for 50.56 % of total deposits. This is indicative of the fact that in view of the uncertainties in the movement of interest rates, public are averse to keeping their savings in deposits for a longer period.

Table 3.10 : Outstanding public deposits with HFCs approved by NHB – classification based on maturity period as on 31st March
(Rs. in Crore)
Outstanding amount of public deposits as on 31st March
Maturity period-wise public deposits 1997 1998 1999
No.of A/cs Amt No.of A/cs Amt No.of A/cs Amt
Within 6 months* 3068 83.49(1.92) 36 31.41(0.53) 2345 6.65(0.11)
6 months to less than 12 months* 4079 105.91(2.43) 546 80.85(1.38) 96894 539.14(8.85)
12 months to less than 24 months 185062 947.44(21.75) 211026 1565.62(26.64) 635548 3078.66(50.56)
24 months to less than 48 months 531156 1987.02(45.62) 647766 2644.69(45.01) 447880 1163.28(19.10)
48 months to less than 60 months 278144 447.86(10.28) 280665 462.20(7.87) 116620 446.14(7.33)
60 months 219097 569.55(13.08) 214087 702.79(11.96) 232554 550.51(9.04)
Above 60 months to less than 84 months 74024 103.96(2.39) 104418 214.41(3.65) 19772 169.65(2.79)
84 months 68726 106.01(2.43) 82310 171.46(2.92) 70786 134.92(2.22)
Above 84 months 36 4.31(0.10) 33 2.76(0.04) 0.00 0.00(0.00)
TOTAL 1363392 4355.55 1540887 5876.19 1622399 6088.95
· Includes deposits from share holders, deposits guaranteed by the Directors, security deposits from the agents, unclaimed deposits etc.
· figures in parenthesis indicate % share

HFCs having NOF of Rs.50.00 lakhs and above

3.9.2 As per the general trend that was observed in the last two years, the amount of public deposits in the slab of 12 months to less than 24 months represented the highest for any category. The same has now undergone a change as 47.52 % of the public deposits outstanding as on 31st March, 1999 was for the category of 24 months to less than 48 months. This is probably due to the higher rate of interest being offered by HFCs as compared to the interest rates being offered by approved HFCs.

Table 3.11 : Outstanding public deposits with HFCs with NOF of Rs.50 lakhs and above – classification based on maturity period as on 31st March
(Rs. in crore)
Outstanding amount of public deposits as on 31st March
Maturity period-wise public deposits 1997 1998 1999
No.of A/cs Amt No.of A/cs Amt No.of A/cs Amt
Within 6 months* 69 0.22(0.27) 66 0.02(0.01) 62 0.01(0.02)
6 months to less than 12 months* 369 1.55(1.93) 12 3.59(4.06) 93 0.10(0.21)
12 months to less than 24 months 27691 46.32(57.60) 29255 43.42(49.03) 10187 11.25(23.55)
24 months to less than 48 months 20009 16.91(21.03) 30512 32.50(36.70) 11047 22.70(47.52)
48 months to less than 60 months 3405 2.97(3.69) 1646 0.93(1.05) 2187 3.02(6.32)
60 months 3830 3.90(4.85) 5521 4.96(5.60) 4988 6.61(13.84)
Above 60 months to less than 84 months 79 0.07(0.09) 845 0.83(0.94) 1975 1.74(3.64)
84 months 16651 8.47(10.54) 2841 2.31(2.61) 2852 2.34(4.90)
Above 84 months 0 0.00(0.00) 0 0.00(0.00) 0 0.00(0.00)
TOTAL 72103 80.41 70698 88.56 33391 47.77
· Includes deposits from share holders, deposits guaranteed by the Directors, security deposits from the agents, unclaimed deposits etc.
· figures in parenthesis indicate % share

Other HFCs

3.9.3 The public deposits in this category has shown a decreasing trend as most of the HFCs belonging to this category have become ineligible to accept public deposits. As on 31st March 1999 the amount of outstanding public deposits has been maximum in the slab of 24 months to less than 48 months.

Table 3.12 : Public deposits with other HFCs – maturity period-wise classification as on 31st March
(Rs. in crore)
Outstanding amount of public deposits as on 31st March
Maturity period-wise public deposits 1997 1998 1999
No.of A/cs Amt No.of A/cs Amt No.of A/cs Amt
Within 6 months* 47 0.03(0.04) 39 0.02(0.12) 8242 0.04(0.28)
6 months to less than 12 months* 95 0.10(0.14) 284 0.09(0.48) 1521 0.44(3.03)
12 months to less than 24 months 12971 4.78(6.85) 18708 6.30(33.48) 9203 4.68(32.28)
24 months to less than 48 months 247979 55.66(79.81) 30908 7.18(38.12) 19631 5.10(35.17)
48 months to less than 60 months 9420 3.01(4.32) 1703 1.46(7.75) 2523 0.70(4.83)
60 months 23285 4.87(6.98) 7884 1.95(10.37) 3610 1.18(8.14)
Above 60 months to less than 84 months 1420 1.03(1.49) 2616 1.19(6.31) 1255 1.24(8.55)
84 months 1207 0.14(0.20) 695 0.60(3.18) 10232 1.12(7.72)
Above 84 months 200 0.12(0.17) 26 0.04(0.19) 0.00 0.00(0.00)
TOTAL 296624 69.74 62863 18.83 56217 14.50

* Includes deposits from share holders, deposits guaranteed by the Directors, security deposits from the agents, unclaimed deposits etc.
figures in parenthesis indicate % share
3.10 Interest rate-wise Classification

Keeping in pace with the declining trend in the interest rates observed in the financial sector, the maximum amount of outstanding public deposits ceased to cluster around the highest interest slab of above 14% as was the general trend prevalent for the last two years. An overview of the interest rates offered by the HFC shows that the maximum concentration of public deposits is now in the interest rate slab of 11% to below 13% which accounts for 42.02 % of total public deposits outstanding on 31st March, 1999.

Table 3.13 : Outstanding Public deposits of all HFCs- classification based on interest rates
(Rs. in crore)
Interest rate -wise Outstanding amount of public deposits as on 31st March
public deposits(per annum) 1997 1998 1999
Amount % Amount % Amount %
Below 6% 2.79 0.06 4.10 0.07 3.95 0.06
6% to below 9% 31.53 0.70 3.72 0.06 10.13 0.17
9 % to below 11% 118.15 2.62 443.17 7.41 391.07 6.36
11% to below 13% 220.04 4.88 1484.82 24.81 2584.85 42.02
13% to below 14% 682.83 15.16 859.58 14.37 869.86 14.14
At 14%% 958.62 21.28 1122.85 18.77 744.94 12.11
Above 14% 2491.74 55.30 2065.34 34.51 1546.42 25.14
TOTAL 4505.70 100.00 5983.58 100.00 6151.22 100.00

Another noticeable feature of the above analysis is a spurt in public deposits bearing interest rate of 11% to below 13%. While on 31st March, 1997 it constituted merely 4.88% of the total public deposits outstanding, as on 31st March, 1998 this type of public deposits accounted for 24.81% which continued to grow to reach the %age figure of 42.02 % as on 31st March, 1999.

3.10.1 HFCs approved for financial assistance from NHB

Approximately,36.98% of the public deposits mobilised by the HFCs fall in the category of public deposits bearing interest rate of 14% or more in the year 1998-99. It may however, be observed that the number of depositors in these categories are declining. Simultaneously, the number of depositors have increased for the first four slabs. This may be due to the entry of small investors entry into the housing finance sector. However, this can partly be attributed to the growing competition in the housing finance sector compelling HFCs to mobilise funds at a lower interest rate.

Table 3.14 : Outstanding public deposits with HFCs approved by NHB – classification based on interest rates as on 31st March
(Rs. in crore)
Interest rate -wise Outstanding amount of public deposits as on 31st March
public deposits(per annum) 1997 1998 1999
No. of A/cs Amount No. of A/cs Amount No. of A/cs Amount
Below 6% 0 0.00(0.00) 0 0.00(0.00) 531 2.28(0.04)
6% to below 9% 1554 1.45(0.03) 4935 2.80(0.05) 16176 10.08(0.17)
9 % to below 11% 4749 113.14(2.60) 43010 441.68(7.52) 91524 389.06(6.38)
11% to below 13% 71341 199.37(4.58) 226848 1479.18(25.17) 492662 2580.34(42.38)
13% to below 14% 174992 677.85(15.56) 197244 848.07(14.43) 195643 855.17(14.05)
At 14%% 306232 938.72(21.55) 276767 1102.00(18.75) 185448 728.95(11.97)
Above 14% 804524 2425.02(55.68) 792083 2002.46(34.08) 640415 1523.07(25.01)
TOTAL 1363392 4355.55 1540887 5876.19 1622399 6088.95
figures in parenthesis indicate % share

3.10.2 HFCs having NOF of Rs.50.00 lakhs and above

The table below shows that the HFCs having NOF of more than Rs. 50 lakhs and above are mainly relying on the high cost funds. One healthy sign may be noticed from the above table is that the %age of public deposits bearing interest rate more than 14% has decreased substantially over the past one year and in fact has come down to almost half of the earlier %age with the amount of public deposits outstanding in this category having decreased by 68.72% during the past one year, i.e. from Rs. 56.27 crore in 1997-98 to Rs.17.60 crore in 1998-99. This also partly indicates the effort by the HFCs to repay the high cost bearing public deposits.

Table 3.15 : Outstanding public deposits with HFCs with NOF Rs.50.00 lakhs and above – classification based on interest rates as on 31st March

(Rs. in crore)
Interest rate -wise Outstanding amount of public deposits as on 31st March
public deposits(per annum) 1997 1998 1999
No. of A/cs Amount No. of A/cs Amount No. of A/cs Amount

Below 6% 9335 2.55(3.17) 9850 2.57(2.91) 212 0.02(0.04)
6% to below 9% 383 0.06(0.07) 4181 0.73(0.82) 0 0.00(0.00)
9 % to below 11% 4900 1.00(1.24) 5034 0.80(0.91) 2838 1.11(2.32)
11% to below 13% 925 0.19(0.24) 2688 2.02(2.28) 2502 2.79(5.84)
13% to below 14% 165 2.08(2.59) 6526 10.13(11.43) 7700 13.99(29.29)
At 14%% 18675 14.07(17.50) 10996 16.04(18.11) 6735 12.26(25.66)
Above 14% 37720 60.46(75.19) 31423 56.27(63.54) 13404 17.60(36.84)
TOTAL 72103 80.41 70698 88.56 33391 47.77
figures in parenthesis indicate % share

3.10.3 Other HFCs

There has been a decline of almost 23 % in the public deposits outstanding in this category of HFCs as on 31st March, 1999 as compared to the public deposits outstanding as on 31st March, 1998. However, public deposits bearing an interest rate of 14% and more still constitutes 65.58% of the outstanding public deposits.

Table 3.16 : Outstanding public deposits with other HFCs -interest rate-wise classification as on 31st March
Amt. (In Rs. crore)
Interest rate -wise Outstanding amount of public deposits as on 31st March
public deposits(per annum) 1997 1998 1999
No. of A/cs Amount No. of A/cs Amount No. of A/cs Amount
Below 6% 5361 0.24(0.34) 16231 1.52(8.08) 16231 1.65(11.38)
6% to below 9% 115825 30.02(43.05) 753 0.19(1.00) 1503 0.04(0.28)
9 % to below 11% 20351 4.02(5.77) 3034 0.69(3.66) 20655 0.88(6.07)
11% to below 13% 123780 20.47(29.35) 21662 3.62(19.22) 9001 1.72(11.86)
13% to below 14% 12452 2.89(4.14) 4157 1.38(7.33) 1745 0.70(4.83)
At 14% 12359 5.84(8.37) 11721 4.82(25.58) 2950 3.75(25.86)
Above 14% 6496 6.26(8.98) 5305 6.61(35.13) 4132 5.76(39.72)
TOTAL 296624 69.74 62863 18.83 56217 14.50
figures in parenthesis indicate % share

3.11 Borrowings of HFCs

A. HFCs approved for financial assistance from NHB

3.11.1 The outstanding borrowings of HFCs from other sources viz., term loans from banks, allotment of debentures, loan assistance from LIC, GIC and its subsidiaries,[HDFC/HUDCO: Asian Development Bank, KFW Lines of Credit, OECF etc.] stood at Rs.13388.79 crore as on 31st March, 1999 as compared to Rs.15389.99 crore as on 31st March, 1998.

B. Other HFCs

3.11.2 The amount of borrowings decreased from Rs. 32.43 crore as at the end of March 1998 to Rs.16.89 crore as on 31st March, 1999.

3.12 Outstanding Housing Loans

A. HFCs approved for financial assistance from NHB
3.12.1 The outstanding housing loans of these HFCs stood at Rs. 24975.10 crore as on 31st March, 1999 as compared to Rs. 20325.46 crore as on 31st March 1998 .

B. HFCs with NOF of Rs.50.00 lakhs and above
3.12.2 The amount of outstanding housing loans in respect of this segment of HFCs stood at Rs. 98.69 crore as on 31 st March, 1999 as compared to Rs. 113.67 crore as on 31st March 1998.

C. Other HFCs
The outstanding amount of housing loans stood at Rs.10.01 crore as on 31st March 1999 compared to Rs. 10.76 crore as on 31st March, 1998.

3.13 Investments
A. HFCs approved for financial assistance from NHB

3.13.1 The outstanding investments of this segment of HFCs have increased to Rs. 4060.03 crore on 31st March, 1999 from the level of Rs. 2717.34 crore as on 31st March 1998 showing a quantum jump of 49.41 %.

B. HFCs with NOF of Rs.50.00 lakhs and above
3.13.2 The outstanding investments of these of HFCs stood at Rs. 16.49 crore as on 31st March, 1999 as compared to Rs. 26.00 crore as on 31st March 1998 .