The Union Budget has given a boost to housing; analysts expect growth in loan disbursals to pick up for HFCs in the coming quarters. Though the retail segment accounts for 32 per cent of HDFC's loan book, the 11 per cent growth in non-retail loans could suggest a pick-up in the segment's growth, which has languished in single-digits for a few quarters. Along with growth, the cost of funds, too, has remained stable for HDFC; it has not spiked despite the firm resorting to term loans, in the absence to clarity on fund-raising norms under the new Companies Act. The housing finance major's standalone net interest margin stood at 3.8 per cent and spread on loans at 2.29 per cent. HDFC has reported spreads of 2.99 per cent on non-retail loans in Q1 against 2.95 per cent in the previous quarter and 2.82 in the year-ago quarter. Both sequentially and y-o-y, HDFC's spreads in the non-retail segment have shown improvement against the 1.96 per cent spreads in retail.