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Banks, HFCs on hiring spree amid rising home loan demand: Report

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The demand for home loans has been steadily increasing with banks targeting customers from tier II and tier III cities with attractive interest rates .

Banks, HFCs on hiring spree amid rising home loan demand: Report
As demand for home loans grows, banks, housing finance companies (HFCs) and NBFCs are hiring in huge numbers. The hiring activity across loans departments in the finance sector has gone up by 20-25 percent, experts say.
“Hiring has gone up by 22-25 per cent by banks, NBFCs and HFCs. This is especially the case in the last three to four months, especially after the second wave of the pandemic. A small portion seasonal in nature but we expect it to be largely sustained for the next few years. The requirement for additional staff is equally in urban and rural markets,” said Amit Vadera, Vice President, Staffing, TeamLease Services told The Hindu BusinessLine.
For the loan departments in banks, HFCs, and NBFCs, recruitment has been focused on the sales front for smaller cities as financial institutions try to attract customers with lower interest rates. Amid pandemic restrictions and work-from-home models, more people have shown interest in buying their own homes or upgrading to a larger home.
With the home loan portfolio often been seen as a safe bet, since people are rarely willing to default on home loan payments, banks have felt comfortable in offering an interest rate of as low as 6.4 percent.
The finance sector is not the only one that has seen an uptick in hiring activity; the retail and IT sectors have seen hiring at multi-year highs. Hiring activity all over India grew over 40 percent. Both metro cities and tier II and tier III cities have gone on a hiring spree.
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