Some extraordinary journeys can be started at any age. At the age of 66, with a simple question of “Why can’t Indians have a home of their own with housing finance in the earlier years of their lives? Why should they have to wait till the end of their working careers?” Hasmukh Thakordas Parekh also known as HT Parekh started HDFC as a housing finance provider in 1977. Mr Parekh’s story is not an ordinary one. His journey is an inspiration for so many Indians. His story starts from the chawls of Mumbai. He worked part-time and completed his graduation in economics from Mumbai. Upon completing his further studies from the UK, Mr.Parekh returned to Mumbai and started his career with a stock broking firm and a lecturer in a college. Later, in 1956, Mr Parekh joined newly set up financial institution ICICI as Deputy General Manager. At the age when most people think of retirement, Mr Parekh had a dream of providing Indians with their dream homes. After retiring from ICICI, he made a stunning comeback with a pioneering idea of financing the home dreams of India’s middle-class. HDFC under Mr Parekh became the first of its kind in the country. He set up HDFC, without any financial assistance from the Government of India. A year after starting HDFC, they disbursed the first home loan in 1978. Few years later in 1984, HDFC was approving annual loans in excess of Rs 100 crore. Mr Parekh is also behind building several other organizations, like, GRUH Finance, Hindustan Oil Exploration Company Limited, and many non-profit organizations. The irony is, Mr Parekh who provided homes to millions, himself didn’t own a home of his own during his whole lifetime. This mirrors his selflessness. He lived his own life in a typical middle-class home, away from the limelight.
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