Housing finance major, Housing Development Finance Company (HDFC) is aiming to achieve 20% growth in annual loan book in the upcoming years, said chief executive of the company.

According to Keki Mistry, who is also the vice chairman of the company, increase in home loans is expected in coming times owing to the rise in income in the middle class borrower segment coupled with minimal penetration in the home loan segment in India.

In competition with HDFC in the housing finance domain are top lenders like State Bank of India and ICICI Bank.

"Housing is still affordable in India. The penetration level of mortgages ... is very low at 9 percent of GDP and in most Asian markets this ratio is over 20 percent. In the UK and U.S. it is over 80 percent," Mistry said.

"So, we continue to believe that we will grow at an average rate of around 20 percent for a long, long time to come."