Housing Development Finance Corporation Ltd (HDFC) has said that about individual loan business improved in the second quarter, a sign that business is going back to pre-covid levels.

Loan disbursements during the September quarter were at 95 per cent of the level in the corresponding quarter last year, HDFC said in a notice to stock exchanges. Individual loan approvals grew 9 per cent year-on-year (y-o-y) while the number of loan applications received jumped by 12 per cent.

Individual loan business also saw a month-on-month uptick as disbursements at the end of June quarter were at 68 per cent level of the corresponding month in the previous year. The housing finance company said that September saw the highest recovery since the coronavirus outbreak. This is in contrast to the June quarter when HDFC’s lending operations were heavily affected with a 4.73 per cent y-o-y fall in standalone profit to Rs 3,051.52 crore. The retail business was also impacted during the June quarter.

Loans under moratorium 2 stood at 22.4 per cent of the total assets under management, compared to 27 per cent under moratorium 1. Individual loans under moratorium 2 stood at 16.6 per cent of the overall individual loans portfolio.

Last week, HDFC started a month-long property show, ‘India Homes Fair’, featuring over 350 projects from more than 175 developers located across 50 Indian cities targeted at non-resident Indians and persons of Indian origin based in London, Singapore, and West Asia.