Investor Presentaiton

89% Steady as it goes: Mortgage an enabler, not inducer of demand ✓ Conservative Central Bank, low risk mortgage market: LTV < 85%, no teaser rates ✓ Rate cycle seem to have peaked; pivot likely in 2HFY24 ✓ Strong performance of mortgages through all parts of the cycle - Intense competition for safe haven mortgage assets leading to plentiful availability ✓ A floating rate product; rate cycle well understood by homebuyers. Interest rate change modifies tenure, not EMI ✓ Salary growth of 8-10% enables mortgage repayment in 7-8 years 11% India 18% 20% China Thailand Mortgage as % of GDP 34% Malaysia 39% 44% 45% 52% Japan Singapore Germany USA 68% UK Low penetration of mortgage provides significant room for growth Housing sales driven by fundamental need and nominal price growth, not by mortgage inducement LODHA Source: HDFC Limited, IMF; BUILDING A BETTER LIFE 50 Netherlands

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