A Comparative Study on Factors Influencing Housing Loan

Borrowers of Public and Private Sector Banks

Every human being aspires of his own house to live in. After food and clothing,
housing is the third most important human requirement. On an average a person
spends almost two-thirds of his life in a house which his sanctuary in his old age.
Adequate housing is therefore a fundamental need of human beings and an essential
pre-requisite for physical, intellectual and mental development.
Blessed are those who live in their own house and fortunate are those who have the
money to buy one. But all are not privileged to buy a house of their own. For many
such less privileged, buying a house has become possible in modern times through
housing loans.
hough shelter was enshrined as Fundamental !ight in the constitution, housing did
not get the attention, it deserved. his was perhaps due to the fact that at that time
nobody e"pected the problem of housing to assume the present gigantic proportions.
#roper housing, even at a lower scale, has never $ept pace with the minimum
requirements of the people. he housing bac$log has been compounded by the high
rate of population growth. %nadequate housing facilities have &ed to the rapid growth
of slums and unauthori'ed settlements, poor quality of services, spiraling land prices
and increasing costs of construction. %n rural areas the situation is even more
alarming. he (overnment and some public sector underta$ings have been trying to
tac$le the problem but their efforts do not touch even the fringe of the problem. he
)entral and *tate (overnments cannot solve this problem.
*o the +ife %nsurance )orporation of %ndia and ,ousing *ocieties entered the field of
housing loans for their customers. oday there are -./ housing finance companies
registered with the registrar of )ompanies, of these 01 have been approved by the
2ational ,ousing Ban$ for financial assistance. he housing finance industry has
been growing at the rate of nearly -.3 for the last two years.
Over the last - years commercial ban$ s and private sector ban$s have been playing
an important role in housing Finance. All commercial ban$s and private sector ban$s
are now emerging as lenders in the segment, ta$ing a view of initiatives in the form
of opening dedicated outfits 4 cells to cater to the ever-increasing demand for
.housing loans, offering competitive interest rates with fi"ed4variable options, waiver
of processing fee, free additional attractive pac$ages and fle"ibilities in housing loon
schemes.
(enerally the traditional trend of the form 5,ousing +oans6 or. 5,ousing Finance6
means finance for buying or modifying a property. he various housing loan plans
offered by commercial ban$s and private sector ban$s could be classified as under.
7. ,ouse #urchase +oan
0. ,ome E"tension +oan
-. ,ouse %mprovement +oan
8. +and #urchase +oan
.. +oan to 2!%s
,ence, 5,ousing Finance6 may be defined as the financial resources for an
individual or a group of persons used especially for the purpose of housing.
A study of the housing loan schemes offered by public sector ban$s and private
sector ban$s would pave the way for ta$ing certain policy decisions for improving
these housing loan schemes.
SA!"!# $F H! P%$BL!"
%n recent times, ban$s vie with one another in organi'ing loan melas with prior
arrangement with the ultimate aim of reaching new heights in the area of disbursal of
loans. %n the falling interest rate scenario it is quite understandable that every ban$ in
its pursuit of capturing the mar$et is e"ploring all avenues to offer a competitive rate
lo bring more and more customers in its fold. he home loan segment has received
much impetus and is balanced for stupendous growth. he recent budget offers
welcome initiatives toward infrastructure development.
%n the liberali'ed economy both private and public sector ban$s are entering retail
ban$ing in the mar$et. %n developed countries such as the 9.*. and the 9.:. the
credit parameters of a borrower are readily available and hence, a scoring model is
used to decide the credit worthiness of the borrower. %n %ndia, since data is not so
readily available on the credit behavior of a borrower, loan underwriting standards
have evolved $eeping in mind the current environment.
%n the midst of the information e"plosion, borrowers sometimes find it difficult to
decide on the right lender.
%t is a common phenomenon that people want to live in their own houses. #eople try
to fund their finance through borrowing from their provident fund or their employer
or friends and relatives or selling other personal assets.
he present study is an attempt to evaluate the housing finance provided by public
sector and private sector ban$s.
%!&I!' $F LI!%A(%!
:.+. *rinivasan ;0///< in his thesis entitled 5A #ro=ect on ,ousing Finance-,ow *B%
can establish leadership6, has concluded that simplification of the documentation
process, careful and friendly approach systems and procedures, good customer
service and non insistence in collateral securities are the most important variables in
the mar$eting of housing loan schemes by ban$s
7
.
>eepall *ingh ;0//7< in his study entitled 5)onsumer Behaviour and Ban$ing !etail
#roducts an Analysis stresses that the borrower?s attitude is an important factor for
the improvement of housing loan schemes
0
.
!.!. :rishna and @.*. :rishna Aoorthy ;7111< stress in their article entitled 5rend
and #olicy %ssues of ,ousing Finance in %ndia6, that simplified procedures and
speedy sanction of housing loans will give a boost to the construction of houses
-
.
!a=esh :umai *ood ;0//-< in his article entitled 5,ousing +oan #ortfolio of A*)Bs
- (rowth >rivers Associated !is$ and Aitigation *trategies6, has concluded that
ban$s should review the housing loan portfolio at periodical intervals for capturing
new mar$ets and to avoid ris$ in the housing loan schemes
8
.
$B)!CI&!S $F H! S(*+
he main ob=ectives of this study areB
7. o study the socio-economic profile of those who ta$e housing loans.
0. o study the various factors which influence the people who ta$e housing
loans for availing of such loans from public sector and private sector ban$s
and
-. o offer suggestions for the improvement of housing loan schemes in public
and private sector ban$s.
SC$P! $F H! S(*+
he study has been underta$en mainly to highlight the features of housing loan
offered by public and private sector ban$s. All $inds of such borrowers li$e
Businessmen, #rofessionals, (overnment Employees, #rivate Employees and *elf-
Employed #eople have been included in this study. %t has been underta$en from the
standpoint of borrowers, and ban$ers are e"cluded from the study. Only individual
borrowers have been ta$en and others are e"cluded from the study
SA"PL! *!SI,#
he study is based on the sampling method. he areas of *outh >elhi are included in
the study. A sample of 7// borrowers representing various types such as
Businessmen, (overnment Employees, Employees of #rivate Enterprises,
#rofessional #eople and *elf-employed #eople are selected by applying a convenient
sampling method.
ABL! -. Sample Housing Loan borrowers selected for t/e study
Sl0 #o Category
of
individual
borrowers
Public Sector Banks Private Sector Banks
#o0 of
%espondents
Percentage
1
#o0 of
%espondents
Percentage
1
7. Business 77 00 8 C
0. #rofessional D 78 E 70
-. Agriculture 7/ 0/ 7/ 0/
8. *elf
employment
D 78 7E -0
.. (overnment
employment
. 7/ 8 C
E #rivate
employment
7/ 0/ 7/ 0/
otal 23 -33 23 -33
,!$,%APHICAL A%!A $F H! S(*+
he study covers the areas of >elhi.
"!H$*$L$,+ A#* $$L F$% *AA C$LL!CI$#
Both public sector and private sector ban$s were selected for this study. he data
from the borrowers relating to the housing loan schemes of the ban$s were collected
with the help of an interview schedule. he interview schedule was translated into the
vernacular language. he borrowers who understand English were given the
questionnaire in English *tatistical tools li$e percentage and (A!!E?* !an$ing
Aethod were used for this analysis.
FI!L* '$%4 A#* C$LL!CI$# $F *AA
he present study is an empirical research based on the survey method. %t involves
the collection of primary data from the borrowers from public and private sector
ban$s. *ome of the secondary data were collected from articles in the %BA Bulletin,
the !B% Bulletin and pamphlets produced by some ban$s.
*(A P%$C!SSI#,
After the completion of the interview schedules a thorough chec$-up of the data was
made. he missing data was collected immediately. he data was processed with the
help of some statistical tools li$e percentage analysis and (arrettFs !an$ing Aethod.
"!AS(%!"!# $F &A%IABL!S
he researcher has identified ten factors to measure the attitude of borrowers towards
the housing loan schemes. hese variables are measured by the researcher with the
help of (arrett?s !an$ing Aethod. he following are the ten factors identified by the
researcher.
7. !ate of %nterest
0. !epayment Aethod
-. Free %ncentives
...
8. #rocessing )harges
.. )ustomer *ervice
E. Guic$ >isposal of +oan Applications
D. *ervice )harges
C. Friendly behaviour of the *taff
1. +esser Formalities
7/. 2earer to borrowers residence
F%A"!'$%4 $F A#AL+SIS
First, the relationship with the socio-economic factor and the loans provided by
ban$s are analy'ed with the help of percentage analysis.
*econd, the various factors which influence the borrowers to approach the ban$s are
analy'ed with the help of (arrett?s !an$ing able.
FAC$%S I#FL(!#CI#, H$(SI#, L$A# B$%%$'!%S
According to the modern ban$ mar$eting concept the customer is the $ing. For any
product to stand in the mar$et it should satisfy the customer. he demand for a
particular product changes from time to time. At present customers ;,ousing loan
borrowers< e"pect more from the ban$s. he basic mechanism in the ban$ing
industry is providing borrower satisfaction. %t seems to be the mass customi'ation of
the services not only in terms of product deliverables but also in terms of distribution
channels.
here are a number of factors which influence the borrowers of housing finance in
selecting the ban$. he borrower?s attitude analysis is an important technique in
studying the housing loan schemes of the ban$s.
he importance given to a factor by a person may not be the same as in the case of
another. *ome of them are satisfied with one aspect but dissatisfied with the other
aspects of the scheme. hus, it is a difficult tas$ to identify single factor which
influences the borrowers. %t was found mat factors such as the rate of interest, the
quic$ disposal of loan application, lesser formalities in advancing housing loans, the
processing charges, the repayment method, free incentives, customer services, nearer
to resident e and friendly behaviour of employees influence the borrowers in
choosing the ban$s.
FAC$% 'IS! A#AL+SIS $F P(BLIC S!C$% BA#4S
ABL! 5. Factors influencing t/e Borrowers in Public Sector Banks
S0
#o0
%ank
Factors
#o0 of %espondents otal
I II III I& & &I &II &III I6 6
7 +ow rate of
%nterest
-. 7/ . H H H H H H H ./
0 Guic$
disposal of
loan
application
. 7. 0 - 7/ . . . H H ./
- +esser
formalities
H 1 0 H 8 . 7/ . . 7/ ./
8 Free
%ncentives
H H H 0 8 E - 7/ 7. 7/ ./
. +ow service
charges
7/ - 8 E D - D 8 E H ./
E Friendly
behaviour of
field staff
8 C 8 8 E - D - 8 D ./
D (ood
customer
service
H C C 8 8 8 8 8 8 7/ ./
C +ow waiver
of processing
0. 7. 7/ H H H H H H H ./
fee
1 )onvenient
!epayment
method
7C 7. 70 . H H H H H H ./
7/ 2earer to
!esidence
H H H H - D E 8 7/ 0/ ./
FAC$% 'IS! A#AL+SIS $F P%I&A! S!C$% BA#4S
ABL! 7. Factors influencing t/e Borrowers in Private Sector Banks
S0
#o0
%ank
Factors
#o0 of %espondents otal
I II III I& & &I &II &III I6 6
7 +ow rate of
%nterest
0. C C 1 H H H H H H ./
0 Guic$
disposal of
loan
application
00 7/ C C 0 H H H H H ./
- +esser
formalities
H H H - D E D E 7E . ./
8 Free
%ncentives
H H H H E 8 8 C C 0/ ./
. +ow service
charges
7. C D 8 E . . H H H ./
E Friendly
behaviour of
field staff
H H H . 70 7/ C . E 8 ./
D (ood
customer
service
H 0 7 7 0 7/ C E 1 77 ./
C +ow waiver
of processing
fee
H H H H H 7/ 7/ 7. 7. H ./
1 )onvenient
!epayment
method
0/ 7E 0 - 8 0 H l 0 H ./
7/ 2earer to
!esidence
0 - . 7 0 . - 8 D 7C ./
%t was felt that the ran$ing of the influencing factors would be reasonable. ,ence,
(arrett?s !an$ing technique was used. !an$s have been calculated with the formula
given by him and also with (arrett?s !an$ing able
(arrett?s Formula
#ercent #osition I
( )
j
ij
N
R . . / 7//
!
i=
I !an$ given for the i
th
variable by =
th
respondents
2
=
I 2umber of variable ran$ed by the =
th
respondent
By using this formula the result obtained was compared with, (arrett?s !an$ing
able and the scores were given.
he total scores of each item were added and ran$s were given according to the total
value.
,A%%! %A#4I#, F$( P(BLIC S!C$% BA#4S
ABL! 8. ,arrett9s %anking able for Public Sector Banks
Sl0
#o0
Factors Public Sector Banks
otal Scores "ea n Score %ank
7. +ow rate of %nterest. -1// DC.// %
0. Guic$ disposal of loan
application
018D .C.18 %@
-. +esser formalities 71C1 -1.DC @%%%
8. Free %ncentives 7D.. -..7 %J
.. +ow service charges 0DC7 ...E0 @
E. Friendly behaviour of field staff 0.77 ./.00 @%
D. (ood customer service 0-8E 8E.10 @%%
C. +ow waiver of processing fee -D.. D../7 %%
1. )onvenient !epayment method -.11 D7.1C %%%
7/. 2earer to !esidence 7.C7 -7.E0 J
able 8 shows that in the case of the public sector ban$s the low rate of interest was
ran$ed first, low waiver of processing charges was ran$ed second, convenient
repayment method ran$ed as third, quic$ disposal of loan applications ran$ed as
fourth, low service charges ran$ed as fifth, friendly behaviour as si"th, good
customer service ran$ed as seventh, +esser formalities ran$ed as eighth and free
incentives, nearer lo residence were ran$ed ninth and tenth respectively.
,ence it is clear the rate of interest offered by the public sector ban$s is an important
factor .influencing the borrowers in approac/ing the ban$s
,A%%! %A#4I#, F$% P%I&A! S!C$% BA#4S
ABL! :. ,arrett9s %anking able for Private Sector Banks
Sl0
#o0
Factors Public Sector Banks
otal Scores "ean Score %ank
7. +ow rate of interest -E.0 D-./8 %
0.
Guic$ disposal of loan
application
-.1E D7.10 %%
-. +esser formalities 71-7 -C.E0 @%
8. Free %ncentives 7.1C -7./E J
.. +ow service charges -0.7 E../0 %@
E. Friendly behaviour of field
staff
0717 8-.C0 @
D. (ood customer service 7C1. -D.1 %J
C. +ow waiver of processing
fee
717. -C.- @%%%
1. )onvenient !epayment
method
-8C- E1.EE %%%
7/. 2earer to !esidence 71-/ -C.E @%%
able . shows that in the case of private sector ban$s the low rate of interest ran$ed
as first, quic$ disposal of loan application ran$ed as second, convenient repayment
method ran$ed as third, low service charges ran$ed as fourth, friendly behaviour of
staff ran$ed fifth., +esser formalities ran$ed si"th, nearer to residence ran$ed as
seventh, +ow waiver of processing fees ran$ed eighth, and good customer services
and free incentives ran$ed as ninth and tenth respectively.
,ence it is clear that the rate of interest to be levied by the private sector ban$s is an
important factor influencing the borrowers in approaching the ban$s.
S$(%C!S $F I#F$%"AI$# AB$( H$(SI#, L$A# SCH!"!
he housing loan scheme awareness among the respondents was evaluated through
various sources which persuade them in their borrowing.
ABL! :. Sources of Information on Housing Loan Sc/eme
Sl0
#o0
Sources of
Information
Public Sector Banks Private Sector Banks
#o0 of
%espondents
Percentage
1
#o0 of
%espondents
Percentage
1
7. 2ewspaper E 70 D 78
0. .@. 70 08 7/ 0/
-. Banners 7 0 / /
8. !adio . 7/ 8 C
.. *taff Aembers 0 8 - E
E. Friends 0- 8E 07 80
D. Other *ources 7 0 . 7/
otal 23 -33 23 - 33
From the above able it is seen that out of the ./ respondents E;703< from the public
sector came to $now about housing loan schemes through 2ewspapers, 70 ;083<
through .@., 7 ;03< through Banners, . ;7/3< through !adio, 0 ;83< through their
colleagues, 0- ;8E3< through friends, and l ;03< got to $now through other sources.
From the able it is informed that out of ./ respondents of the private sector D ;783<
borrowers came to $now about housing loan schemes through 2ewspapers, 7/ ;0/3<
through .@., 8 ;C3< through !adio, -;E3< through their colleagues, 07 ;803<
through friends, and . ;7/3< through other sources.
L$A# A&AIL!* I# $H!% I#SI(I$#S
ABL! ;. Availing of Loans in ot/er Institution
Sl0
#o0
Availing of
Loans in
ot/er
Institution
Public Sector Banks Private Sector Banks
#o0 of
%espondents
Percentage
1
#o0 of
%espondents
Percentage
1
7 Kes 70 083 77 003
0 2o -C DE3 -1 DC3
otal 23 -33 23 -33
able D shows that out of ./ respondents in public sector ban$s, 70 ;083< have
availed housing loans from other institutions, -C ;DE3< have not availed the housing
loans from other institutions.
able D shows that out of ./ respondents in private sector ban$s 77 ;003< have
availed housing loans from other institutions, -1 ;DC3< have not.
A'A%!#!SS $F %A! $F I#!%!S
A7L! <. Awareness of rate of Interest of ot/er institutions
Sl0
#o0
Awareness of
%ate of
Interest
Public Sector Banks Private Sector Banks0
#o of
%espondents
Percentage
1
#o0 of
%espondents
Percentage
1
7 Kes 78 0/3 0E .03
0 2o -/ D03 08 8C3
otal 23 -33 23 -33
able C shows that out of ./ respondents in public sector ban$s, 78 ;0C3< $now the
rate of interest in other institutions, -E ;D03< don?t $now it.
able C shows that out of ./ respondents in private sector ban$sL 0E ;.03< $now the
rate of interest in other institutions, 08 ;8C3< donFt $now it.
$&!%ALL $PI$# $# H$(SI#, L$A# SCH!"!S $F H! BA#4S
able 1 shows that out of ./ respondents in public sector ban$s 0/;8/3< borrowers
opined that the wor$ing housing loan schemes-is very good,.0. ;./3< felt that it is
good and . ;7/3< opined the schemes are functioning moderately.
ABL! =. $pinion about Housing Loan Sc/emes of t/e Banks
Sl0
#o0
$pinion of t/e
Borrowers
Public Sector Banks Private Sector Banks0
#o of
%espondents
Percentage
1
#o0 of
%espondents
Percentage
1
7. @ery (ood 0/ 8/3 7. -/3-
0. (ood 0. ./3 0. ./3
-. Aoderate . 7/3 7/ 0/3
8. #oor H H H H
.. @ery #oor H H H H
otal 23 -33 23 -33
able 1 shows that out of ./ respondents in the private sector ban$s 7. ;-/3<
borrowers opined that the housing loan schemes are functioning very well, 0. ;./3<
borrowers characteri'ed their wor$ing as good and 7/ ;0/3< opined the schemes are
functioning moderately.
S(""A%+ $F FI#PI#,S
Profile of Housing Loan Borrowers
his study shows that -/3 of the sample borrowers are in the age group of -/--.
years and only 0/3 are above 8/ years of age in public sector ban$s. 8C3 of the
sample borrowers are in the age group of -/--. years and only 0/3 are above 8/
years of age in private sector ban$s.
his study also shows in both the ban$s 883 of the borrowers are salaried
individuals.
he ban$s provided loans to businessmen, professional people, agriculturists, and
self employed people. ;.E3<
his study shows that the ban$s lend to people who have more than 7/ years
e"perience in their field. ;E/3 in public sector ban$s, -03 in private sector ban$s<.
he annual income statistics show that 0/3 of the borrowers earn between 0,//,/// -
0,./,///4-
%n terms of educational qualifications, a si'able proportion of the borrowers are
graduates ;8E3 in public sector ban$s, -E3 in private sector ban$s<
he composition of the sample shows that the ma=ority of the borrowers are married
and have --8 members in their families ;D/3 in public sector and 8/3 in private
sector<
Findings of Factor Analysis
here is no difference in the rate of interest between public sector ban$s and private
sector ban$s.
here is no difference in the repayment methods in public and private sector ban$s.
here is a difference in following the formalities at the time of lending between the
public and private sector ban$s.
here is a difference in offering incentives lo the borrowers at time of lending in
public and private sector ban$s.
here is a difference in service charges of public and private sector bun$s.
here is a difference in processing charges of public and private sector ban$s. here
is a difference in treating the customers in both the ban$s.
his study shows that 003 of the borrowers came to $now about housing loan
schemes through friends, 0E3 came to $now through .@. and 2ewspapers, 03
through banners and pamphlets.
S(,,!SI$#S
7. #eople who are opt for home loans loo$ for courtesy as the main feature.
raditionally ban$ers and financiers have been too proud of their position as
lenders. *o the ,eld staff helps the borrowers in filling up the application form
and with other matters. All the advertisements should be focused on the pace of
e"ecution in addition to the courteous behaviour evinced by the employees of the
service provider.
0. he ban$ should review the housing loan portfolio at periodical intervals for
capturing the new mar$et to avoid ris$ and for updating their schemes.
-. :eeping in view of mar$et situation, the ban$ may follow setup repayment, flip
repayment, and Balloon repayment method for the convenience of the borrowers
in future.
8. Branches can obtain suitable banners and print the banners in an attractive way
and display them in the ban$ing hall for the benefit of the customers.
.. Branches can arrange customersF meetings lo populari'e these lending schemes.
E. he ban$s can thin$ of appointing mar$eting agents for housing loans as is being
done by financial institutions. At the ape" level a lot of publicity can be given on
the advantages of ban$ loans.
D. Opening a *pecial ,ousing Branch and posting field officers for housing finance
in intensive areas with a view to tap the business potential and to serve the
clientele on a continuous basis may be helpful.
C. Attractive incentives are to be given to borrowers.
1. All employees should be familiar with the details of the housing loan schemes of
their ban$s.
7/. %ncentive and recognition should be given to ban$s and employees doing special
wor$ in this field.
77. he system of charging a reduced rate of interest based on the credit rating of the
borrowers may be introduced in housing loan schemes.
70. All information regarding housing loans should be available on the website of the
ban$s in an interactive mode.
7-. +oan application forms should be simplified.
C$#CL(SI$#
here is vital scope for housing promotion in %ndia. Ban$s can play a vital rule in
promoting house building in villages. Ban$s need to introduce more dynamic and
innovative housing loan schemes and also need to focus on mass customi'ation
versus mass mar$et.
%!F!%!#C!S
7. :.+. *rinivasan, A Project on Housing finance How SBI can Establish
Leadership SBI! S"# Pera$bur
0. >eepall *ingh, )onsumer Behaviour % Ban$ing !etail #roducts an Analysis.
Ban&ing 'inance (a) *++,
-. !.!. :rishna and @.*. :rishna Aoorthy, rend and #olicy %ssues of ,ousing
Finance in %ndia. Southern Econo$ist! April , % ,-! ,...
8. !a=esh :umar *ood M ,ousing +oan #ortfolio of A*)B- (rowth >rivers
Associated !is$s and mitigation strategies - IBA Bulletin! /une*++0
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#ewspapers
Business +ine
he Nee$- Ho$e Loans $ar&eting it wor& for )ou Aarch 0C, 0//8.
he Nee$- A: that )ou want to &now about Housing 'inance Aay 0., 0//-.
2ittin #alany, Housing 'inance Huge :ntapped Potential! he ,indu - Sur6e) of
Indian Industr) *++;