Raj k. Singh Final Project

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Final Project Report

On

Performance Of HDFC Home Loan

______________________________________________________

(In partial fulfillment of Post Graduate Deploma In Management )

With special reference to

Housing Development Finance Corporation Ltd

(HDFC)

By:

Rajkumar Singh

MBF-09182009-2011

APEEJAY SCHOOL OF MANAGEMENT

GREATER NOIDA

Raj Kumar Singh


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______________________UTTAR PRADESH_________________

CONTENTS

S.No. Chapter Particulars

1. Certificate

2. Acknowledgement

3. Preface

4. Executive Summary

5. Introduction

6. Business objective

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7. Research Methodology

8. Structure of HDFC Home Loan

9. Repayment terms

10. How HDFC decide the loan amount

11. Rate of interest

12. Benefits provided by HDFC

13. How to apply home loan

14. Supporting documents

15. Tax Benefit on the loan

16. Concept of EMI and Pre-EMI

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17. Comparison of Financial Institution

18. SWOT Analysis

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17. Recommendation

18. Bibliography

19. Annexure - Questionnaire

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ACKNOWLEDGMENT

The project would not have been completed without the mention of those, who have

spared their valuable time and shared their experience in making this project successful.

I would like to convey my sincere thanks to AIT School of Management, for providing

me this opportunity to carry out analysis of one of its ambitious projects. I would also like

to thank the management and the staff of Apeejay Institute for their guidance and co-

operation which they had extended over the entire duration of my project.

I shall be thankful to Dr. I,A. Khan, Assistant faculty of Finance, for their guidance and

gracious support in accomplishing this final project successfully.

Finally, I would not have been to finish my report with the support of my father Shri

Ramesh Chandra. I thank him from the core of my heart.

A special thanks to my friends for their unending support & encouragement.

Date: Raj Kumar Singh

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PREFACE

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Preface

It is a matter of great satisfaction and privilege for us to place before the esteemed readers.

This report aimed at analytical study of other financial institution dealing in home loan

scheme with home loans scheme of Housing Development Finance Corporation limited.

A commitment to the community and a commitment to the economic growth are called as

housing. Home ownership demands an increase in personal financial commitment, and is

in return, a collective commitment to personal financial security.

HDFC offers loans for buying homes, for constructing home or for repairing or renewing

the home. HDFC provides loan for purchasing, the land from approved agencies. Thus

customer can construct a hoe of his/her own choice.

A customer can even own a single-family bungalow or row house. HDFC focuses on

providing good services and thus has no substitute in the banking world. The system

delivery process and the interaction occur with in the company or across the world

through cyber cafes. Trust and transparency are two important assets in the housing

harvesting technology.

Most of the B-Schools realized the importance of practical knowledge imparted in HDFC

and thus mid-module/ final projects that are in corporate in the syllabus are being

conducted in the HDFC

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EXECUTIVE SUMMARY

Housing is one of the basic human needs of the society. It is closely linked with process of

overall socio-economic development of a country. India, being a highly populated country,

there is a great need and scopes for the development of housing sector, unfortunately for

some reason or the other, the housing sector in India has remained underdeveloped in the

past, however, it is hoped that there would be improvement in the near future.

The housing finance industry can be broadly classified into two categories namely formal

(organized) and informal (unorganized) sector. The formal sector, which companies of

various public and private sector institution, normally finances around 85 percent of the

total funds required in the housing industry. On the other hand, informal sector comprising

of household savings, disposal of existing property, borrowing from friends, relatives and

money lenders, etc., meets around 15 percent funds requirement of this industry.

This report aimed at analytical study of Home loan scheme of Housing Finance

Development Corporation limited.

This project report is a concrete form of knowledge, it emphasizes on Learning by

Doing.

In brief I have tried to make a comparative study of home loan schemes. The financial

institutions covered are as follow

1. ) HDFC

2.) ICICI

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3.) Union Bank of India

4.) Corporation Bank

I have given the major focus on the following issues:

Maximum amount of loan

Interest rate on home loan

Procedure and documentation

Maximum repayment period

Relief and benefits

Selling the loans

I have done study on the above points and tried to find out that how the bank decide the

eligibility criteria for any person and how they deviate from other norms in the case of

large project or to fulfill their targets. I have collected the primary data from the branches

of some banks.

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The basic objective behind this project is to get a practical knowledge about the Home

loans, how it moves, how it rotates for a particular project.

I have done a thorough study from login to disbursement of proposal so that a common

person can understand and take decision easily.

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Objective

andRationale

of the Project

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RESEARCH METHODOLOGY:

The study of housing finance companies is not an easy job. For such study a considerable

amount of secondary data was required, personal interview with the main HFCs

managers were done. These interviews were the great source of knowledge. Much

information like HFCs organization background and overview was collected through

internet and official websites of the companies. Other things like eligibility for taking

loan, amount of loan, duration of loan, interest rate, EMI and other related forms and

conditions were given in the companys brochures. Necessary information regarding

housing finance as things to be noted before taking loan and benefits of housing loan,

calculating EMI and pre EMI were collected through Internet, In this report both type of

data primary and secondary are used.

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DATA COLLECTION :

Collection of data was done with the help of personal interview, with the managers and

counselors and other staff members of main HFCs. But the answers of many question

were in the company literature and brochures of the schemes and related particulars.

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INTRODUCTION

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INTRODUCTION

helter is a basic human need. Secured ownership of a house can raise the

welfare of the household. But housing development has

been slow in India because housing is a large investment,

it required long term finance. Housing is the basic human needs of

the society. It is closely linked with process of overall socio-

economic development of a country. India, being a highly populated country, there is a

great need and scopes for the development of housing sector, unfortunately for some

reason or the other, the housing sector in India has remained underdeveloped in the past,

however, it is hoped that there would be improvement in the near future.

S

Housing Finance is a growing industry. There is a substantial gap between demand and

supply and is persisting for a very long period. According to an

estimate by the National Building Organization, the cumulative

shortage of total dwelling houses in the country by the end of 1991

was 31 millions. This future estimates organization that the demand of

houses will be around 4.5 million units, leaving a gap of one million housing units

annually. Hence, based upon this estimate the cumulative shortage of housing may reach

to 41 million units by the end of the century.

Presently, funds require per house dwelling shelter are so high that the individual savings

is not adequate to meet the expenditure of house building. As a result, there is great

demand for external housing finance.

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Housing was given due priority in 1998 When a National policy was announced. The

policy reflected the thrust that housing was not merely consumption expenditure but also a

productive investment which would provide economic activity in the country beside this;

the policy also envisaged that an impetus given to housing would stimulate economic

development through certain of substantial employment opportunity. Consequently, the

institute mechanism for housing was strengthened by the establishment

of National Housing Bank (NHB) by the reserve Bank of India.

The setting of the National Housing Bank marked the new era

in housing finance as a new fund-based financial service in

the country. A large number of financial institutions /

companies in the public, private and the joint sector entered in

this field. For example, Life Insurance Corporation of India and General Insurance

Corporation came with various schemes for financing the housing unit. In 1970, Housing

And Urban Development Corporation (HUDCO), a wholly government owner enterprise,

was setup with the objective of housing and urban development as well as infrastructure

development. After that in 1977, another corporation named Housing Development

Finance Corporation (HDFC) was set up in Pvt. Sector.

To strengthen the finance in this sector, an apex level institution named National Housing

Bank was set up in 1998 under the separate Housing Bank Act 1987. Various nationalized

and other banks also set up housing finance companies as their subsidiaries such as Canfin

Homes Ltd., GIC Grih Vitta Ltd., LIC Housing Finance Ltd., PNB housing Finance Ltd.,

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SBI Home Finance Ltd., etc. today there are more than 350 companies operating in the

organized sector, out of which the National Housing Bank for refinance recognizes 22.

The housing finance industry can be broadly classified into two

categories namely formal (organized) and informal (unorganized)

sector. The formal sector, which companies of various public and

private sector institution, normally finances around 50 percent of

the total funds required in the housing industry. On the other hand,

informal sector comprising of household savings, disposal of existing property, borrowing

from friends, relatives and money lenders, etc., meets around 50 percent funds

requirement of this industry.

The housing sector plays an important role in the economic development of the country.

Every rupee invested in housing adds 78 paise to the GDP. Over 269 industries are

directly or indirectly dependent on the housing sector. There is an estimated shortage of

20 million housing units in the country with an estimated investment requirement of over

Rs 1500 billion. In this context it is important to note that that the organized housing

finance industry barely accounts for 30% of the home loans disbursed in the country.

HOME LOANS IN INDIA - PRESENT SCENARIO

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In the last few years, housing loan scenario in India has changed drastically. It has taken a

front seat and people are looking forward to owning their own houses. It is no more a

dream that required lifetime saving and a difficult decision to make. Today the new home

purchase loan is much easily available and is much cheaper than what was available

earlier. Banks are now everywhere and the schemes are implemented even in villages and

smaller towns. The housing loans are popular there too, however, the activity of building

flats is little slow. It would not be wrong to say that there has been

a boom in the home loan market and with this boom; there is also

a boom in the number of home loan mortgage brokers in India.

The main reason for this boom in home loan market is the change

in government policies. It is our governments motivation that the

home loan interest rates in India have fallen considerably. Lot

many banks are offering home loans and this is available at low EMIs (Equated monthly

Instalments). High EMIs are now a thing of past. Today lending rate is in the range of 9%

to 13.25 %.

Again, there are different types of home loans available

today. The interest rate available is also of two different

types. One is the fixed rate loan and the other is the floating

rate loan. In the fixed rate loan, whatever interest is fixed on the start of loan is carried on

for the complete period. However, in the other one, the interest rate is not fixed and as the

interest rate goes up or low the effect is directly transferred to the person who is taking the

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loan. In the last few years the floating interest rate has been a favourite among most of the

people taking home loans.

There is also a trend to opt for home construction loan. This loan is available to those who

want to design their homes according to their requirement and taste. In other words, this

loan is meant for those who themselves want to construct their new home.

As shared earlier, taking a loan is not a difficult task. However, before taking a loan, one

must realize that the relationship with the bank will be for a longer period usually 15 to 20

years so one must ensure faith and integrity in bank. Apart from low rate of interest, the

bank should also provide some value added services. The other thing is to look into is the

property that is to be brought. Making sure that the builder has all sanctions and facility to

build a good building is very important.

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PROFILE

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HOUSING FINANCE SECTOR:

Against the milieu of rapid urbanisation and a changing socio-economic scenario, the

demand for housing has grown explosively. The importance of the housing sector in the

economy can be illustrated by a few key statistics. According to the National Building

Organization (NBO), the total demand for housing is estimated at 2 millions units per year

and the total housing shortfall is estimated to be 19.4 million units, of which 12.76 million

units is from rural areas and 6.64 million units from urban areas. The housing industry is

the second largest employment generator in the country. It is estimated that the budgeted 2

million units would lead to the creation of an additional 10 million man-years of direct

employment and another 15 million man-years of indirect employment.

Having identified housing as a priority area in the ninth Five Year Plan (1997-2002), the

National Housing Policy has envisaged an investment target of Rs. 1,500 billion for this

sector. In order to achieve this investment target, the Government needs to make low cost

funds easily available and enforce legal and regulatory reforms.

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BACKGROUND:

HDFC Bankone amongst the firsts of the new generation, tech-savvy commercial

banks ofIndia, was set up in August 1994 after theReserve Bank of India allowed setting

up of Banks in the private sector. The Bank was promoted by the Housing Development

Finance Corporation Limited, a premier housing finance company (set up in 1977) of

India. HDFC Bank began operations in 1995 with a simple mission to be a World-class

Indian Bank. Currently (2011), HDFC Bank has over 800 branches located in over 350

cities of India, and all branches of the bank are linked on an online real-time basis. The

bank offers many innovative products & services to individuals, corporate, trusts,

governments, partnerships, financial institutions, mutual funds and insurance companies.

The bank also has over 1800 ATMs. In the next few months the number of branches and

ATMs should go up substantially.

The authorised capital of HDFC Bank is Rs.550 crore (Rs.5.5 billion). The

paid-up capital is Rs.457.74 crore (Rs.4.7 billion). Net Profit for the year

ended January 27, 2011, is Rs 1,088 crore (Rs 10.88 billion) compared to

Rs 870.8 crore (Rs 8.7 billion) last year.

The HDFC Group holds 22.1% of the bank's equity and about 19.4% of

the equity is held by the ADS Depository (in respect of the bank's American

Depository Shares (ADS) Issue). Roughly 31.3% of the equity isheld by Foreign

Institutional Investors (FIIs) and the bank has about 190,000

shareholders.

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BUSINESS OBJECTIVES:

The primary objective ofHDFC is to enhance residential housing stock in the country

through the provision of housing finance in a systematic and professional manner, and to

promote home ownership. Another objective is to increase the flow of resources to the

housing sector by integrating the housing finance sector with the overall domestic

financial markets.

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ORGANISATIONAL GOALS:

HDFCsmain goals are as follows:

Develop close relationship with individual households.

Maintain its position as the premier housing finance institution in the country.

Transform ideas into viable and creative solutions.

Provide consistently high returns to shareholders.

To grow through diversification by leveraging off the existing client base.

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ORGANISATION AND MANAGEMENT:

HDFCis a professionally managed organization with a board of directors consisting of

eminent persons who represent various including finance, taxation, construction and urban

policy and development. The board primarily focuses on strategy formulation, policy and

control, designed to deliver increasing value to shareholders.

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VISION AND MISSION OF THE ORGANIZATION:

1. Vision of HDFC

To enhance residential housing stock in the country through the provision of housing in a

systematic and professional manner, and to promote home ownership.

To increase the flow of resources to the housing sector by integrating the housing finance

sector with the overall domestic financial markets.

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2. Mission of HDFC

Develop close relationships with individual households.

Maintain its position as the premier housing finance institution in the

country.

Transform ideas into viable and creative solutions.

Provide consistently high returns to shareholders.

To grow through diversification by leveraging off the existing client

base.

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BOARD OF DIRECTORS:

Mr. DS Parekh - Chairman

Mr. Chander mohan Vasudev Non Executive Chairman

Mr. Harish Engineer - Executive Director

Mr. Adity Puri Managing Director

Mr. Ashim Samanta - Director

Mr. Bobby Parikh Additional Director

Mr. Pandit Palande - Director

Mr. Renu Karnad Additional Director

Mr. Sanjay Dongre Company Secretary

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PRODUCTS OF HDFC:

Home loan

Home improvement loan

Home extension loan

Short term bridging loan

Land purchase loan

Loans to professional for Non-Residential Premises loan

Home equity loans

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BENEFIT FOR THE CUSTOMER:

With an HDFC Home Loan, you can bring to live the house of your dreams. You

could built a self-contained flat in an existing or proposed co- operative society, in an

apartment owners association or even an independent single- family or multi-family

bungalow or row house as well as a house that you like anywhere in India HDFC Home

Loans are easy to arrange and can be customized according to your needs and repayment

capability.

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AWARDS AND ACCOLADES:

Mr. Deepak Parekh, chairman, HDFC Ltd. Conferred with the prestigious

Padma Bhushan award.

HDFC receives award for The best presented Accounts of the Institute of

Chartered Accountants of India for 2004-05.

HDFC Ranked as Indias Third Best Managed Company by FinanceAsia-

2005.

Mr. Deepak Parekh awarded the Hall of Fame award by outlook money

magazine.

HDFC receives the Dream Home award for the best Housing Finance

Company for 2004 from outlook Money magazine.

Awards galore by HDFC at the 44 th ABCI Awards.

5th Best Company to work for India, ranked by Business Today in

November 2004.

Economic Times Corporate Citizen of the year Award, November 2004.

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Rated by Deutsche Bank as one of the top 5 banks/Financial Institutions in

Asia in October 2004.

Ranked among the Top 20 companies to deliver healthiest returns to

shareholders, Outlook Money Magazine-September 2004.

1

st

Prize at the New York Festivals Gold Midas Awards for Environmental

Communication Ad in August 2004.

Features in the Forbes list of Top 20 Leading Indian Companies in May

2004.

One of the Top 10 Investor Friendly Companies, ranked by Business Today

in March 2004.

HDFC Ranked No.3 Indias Best Managed Companies by Finance Asia.

Clean Sweep by HDFC at the 43rd ABCI Awards.

National Award for Excellence in Corporate Governance by the Institute of

Company Secretaries of India.

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2nd Best Company for Corporate Governance in India by The Asset

magazine.

The Economic Times Lifetime Achievement Award 2003. (For Mr.

Deepak Parekh Chairman, HDFC Ltd.)

One of the top Ten - Most Admired Companies in India 2003 by Business

Barons.

One of the Top Ten Most Admired CEOs in India 2003 by Business

Barons (For Mr. Deepak Parekh).

Indias Second Best Managed Company 2003 by Finance Asia.

Indias Biggest Wealth Creator in the banking and financial services by the

fourth Business Today Stern Steward Survey.

One of the Top Ten Most Respected Companies in India by Business

world.

Best Managed Financial Institution in Indias by fox Pitt Survey.

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Structure of HDFC Home Loan:

HDFC Home Loans has a well developed formal structure.

The structure is as follows:

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THECHIRMAN

MANGING DIRECTOR DIRECTOR EXECUTIVE

BRANCHMANAGER

SENIORMANAGER

MANAGER

ASSISTANT

OFFICERS

TRAINEES

BRANCHMANAGER

SENIORMANAGER

MANAGER

ASSISTANT

OFFICERS

TRAINEES

BRANCHMANAGER

SENIOR

MANAGER

ASSISTANT

OFFICERS

TRAINEES

BRANCH

MANAGER

SENIORMANAGER

MANAGER

ASSISTANT

OFFICERS

TRAINEES


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DETAIL STUDY

OF HDFC

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HOUSING DEVELOPMENT

FINANCE CORPORATION (HDFC)

HDFC offer the loan for buying, constructing, extending, or renovation and home equity

loan. HDFC also finance for land purchase from approval agencies to enable you to

construct a home of your choice. Your can buy a self- contained flat in an existing or

proposed co-operative society in an apartment, owners association or even an independent

single family or multifamily bungalow or house. HDFC also provide the farcicality of

refinance of your house, if you have already start the construction.

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MAXIMUM A PERSON CAN BORROW:

Land 85% of the project cost

Construction 85% of the project cost

Commercial 85% of the project cost

Renovation 85% of the project cost

Purchase house 85% of the project cost

LAP 60% of the property value

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LOAN AMOUNT:

HDFC finances up to a maximum of 85% of the cost of the property inclusive of

agreement value, stamp duty and registration charges. HDFC's Home Improvement Loan

facilitates internal and external repairs and other structural improvements. HDFC finances

up to 85% of the cost of renovation (100% for existing customers). For Land Purchase

Loan, HDFC finances up to 85% of the cost of the land.

PROCESS OF SANCTIONING OF LOAN AMOUNT:

Enquires made by the customer.

Submission of identification no. (File no.) by the document are found to be

satisfactory.

The file than undergoes a through legal and technical check-up.

Sanctioning of loan after all formalities has been completed.

Legal documents are to be submitted and fulfil legal requirements.

Final disbursement of cheque.

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LOAN REPAYMENT TERMS:

The repayment options are flexible and customized to suit the individual needs of the

customers. While repaying the loan amount customers can choose from Fixed Rateof

Interest or Floating Interest Rate.

In case ofhome loans to purchase (fresh/resale) or construct houses. The

maximum period of repayment for home improvement loan is 15 years or

retirement age, whichever is earlier. For home extension maximum term is 20 years

subject to your retirement age.

There are multiple payment options like-

Step-Up Repayment Facility.

Helps young executives take a much bigger loan today based on an increase in their future

income, this helps executives buy a bigger home today!

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Flexible Loan Instalments plan.

Often customers, parents and their children, wish to purchase properties together. The

parent is nearing retirement and their children have just started working. This option helps

such customers combine the incomes and take a long term home loan where in the

instalments reduces upon retirement of the earning parent.

Tranche Based EMI and,

Customers purchasing an under construction property need to pay interest (on the loan

amount drawn based on level of construction) till the property is ready. To help customer

save this interest, we have introduced a special facility of Tranche Based EMI. Customers

can fix the instalments they wish to pay till the time the property is ready for possession.

The minimum amount payable is the interest on the loan amount drawn. Anything over

and above the interest paid by the customer goes towards Principal repayment . The

customer benefits by starting EMI and hence repays the loan faster.

Accelerated Repayment Scheme.

Accelerated Repayment Scheme offers you a great opportunity to repay the loan faster by

increasing the EMI. Whenever you get an increment, increase in your disposable income

or have lump sum funds for loan prepayment, you can benefit by

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1. Increase in EMI means faster loan repayment

2. Saving of interest because of faster loan repayment

3. You can invest lump sum funds rather than use it for loan prepayment. The return from

the investments also gives you the comfort of paying the increased EMI.

Automated repayment of Home loan EMI

The customer can give standing instructions to replay your Home Loan EMIs directly

from your HDFC Bank Savings Account which does away with the cumbersome process

of procuring, signing and tracking post- dated cheques. While repaying the loan amount

customers can choose from Fixed Rate of Interest or Floating Interest Rate.

TYPES OF HOME LOAN:

A person seeking investments for house or a property opts for Home Loans for a variety

of purposes ranging from construction to renovation. The Housing Finance Companies

(HFCs) now offer individuals with various alternatives to choose from while buying a

home loan. And the availability of Home Loans offered is as varied as their requirements.

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1. Home Purchase Loans:

This is the basic home loan for the purchase of a new home.

2, Home Construction Loans:

This loan is available for the construction of a new home on a said property. The

documents that are required in such a case are slightly different from the ones you submit

for a normal Housing Loan. If you have purchased this plot within a period of one year

before you started construction of your house, most HFCs will include the land cost as a

component, to value the total cost of the property. In cases where the period from the date

of purchase of land to the date of application has exceeded a year, the land cost will not be

included in the total cost of property while calculating eligibility.

3. Home Improvement Loans:

These loans are given for implementing repair works and renovations in a home that has

already been purchased, for external works like structural repairs, waterproofing or

internal work like tiling and flooring, plumbing, electrical work, painting, etc. One can

avail of such a loan facility of a home improvement loan, after obtaining the requisite

approvals from the relevant building authority.

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4. Home Extension Loans:

An extension loan is one which helps you to meet the expenses of any alteration to the

existing building like extension/ modification of an existing home; for example addition

of an extra room etc. One can avail of such a loan facility of a home extension loan, after

obtaining the requisite approvals from the relevant municipal corporation.

5. Home Conversion Loans:

This is available for those who have financed the present home with a home loan and

wish to purchase and move to another home for which some extra funds are required.

Through a home conversion loan, the existing loan is transferred to the new home

including the extra amount required, eliminating the need for pre-payment of the previous

loan.

6. Land Purchase Loans:

This loan is available for purchase of land for both home construction or investment

purposes.

7. Stamp Duty Loans:

This loan is sanctioned to pay the stamp duty amount that needs to be paid on the

purchase of property.

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8. Bridge Loans:

Bridge Loans are designed for people who wish to sell the existing home and purchase

another. The bridge loan helps finance the new home, until a buyer is found for the old

home.

9. Balance Transfer Loans:

Balance Transfer is the transfer of the balance of an existing home loan that you availed

at a higher rate of interest (ROI) to either the same HFC or another HFC at the current

ROI a lower rate of interest.

10. Refinance Loans:

Refinance loans are taken in case when a loan for your house from a HFI at a particular

ROI you have taken drops over the years and you stand to lose. In such cases you may opt

to swap your loan. This could be done from either the same HFI or another HFI at the

current rates of interest, which is lower.

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11. Loans to NRIs:

This is tailored for the requirements ofNon-Resident Indians who wish to build or buy a

home or property in India. The HFCs offer attractive housing finance plans for NRI

investors with suitable repayment options.

HOW HDFC DECIDES THE LOAN AMOUNT:

The repayment capacity as determined by HDFC will help to decide how much we can

borrow. Repayment capacity takes into consideration factors such as

Income of the customer.

Age of the customer

Qualification of the customer

Number of dependents

Spouses income

Assets of the customer

Liabilities of the customer

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Stability

Continuity of occupation

Saving history

And, of course, HDFC main concern is to make sure that you can comfortably repay the

amount you borrow.

CAN AN INDIVIDUAL APPLY FOR A LOAN TO REPAY A HOUSING

LOAN OF ANOTHER BANK/HOUSING FINANCE COMPANY:

Yes, an individual can avail of HDFC home loan to repay a loan of his employer or

another bank/housing finance company.

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APPLICANT AND CO-APPLICANT TO THE LOAN:

Home Loans can be applied for either individually or jointly. Proposed owners of the

property will have to be co-applicants. However, the

Co-applicants need not be co- owners.

RATE OF INTEREST THEY ARE CHARGING (FLOATED):

Salaried person : 11.25%

Business man : 11.50%

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RATE OF INTEREST THEY ARE CHARGING (FIXED):

HOME LOAN : 13.25%

Retail prime lending rate: 15.50 % (1st March 2011)

For Resident Indians, in the fixed rate category, HDFC offers loans at the rate of 13.25%.

In the floating/adjustable rate category, loans are given at a rate of 11 -11.25%

ADJUSTABLE RATE HOME LOAN:

Loan under Adjustable Rate is linked to HDFC's Retail Prime Lending Rate (RPLR). The

interest rate on the loan will be revised every three months from the date of first

disbursement, if there is a change in RPLR, the interest rate on the loan will change.

However, the EMI on the home loan disbursed will not change. If the interest rate

increases, the interest component in an EMI will increase and the principal component

will reduce resulting in an extension of term of the loan, and vice versa when the interest

rate decreases.

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FEES AND OTHER CHARGES:

A processing and administration fees is 0.5% on loan amount is to be payable along with

the submission of application form.

For the pre-payment, charges are 2% for early redemption on fixed rate home loan

scheme. However under the adjustable rate scheme 2% will be charge only in case of

commercial refinance.

OTHER BENEFIT PROVIDED BY HDFC:

HDFC offer various repayment options like

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1. Set up repayment facility:

The objective of SURF is to provide the customer with a repayment schedule, which is

linked to his expected growth in income. It also helps a customer get a larger amount of

loan as compared to the loan under the normal housing loan. The customer can avail of a

higher amount of loan and pay lower EMIs in the initial years. Subsequently, the

repayment is accelerated proportionately with the assumed increase in his income.

The EMIs will be increased in stages

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2. Balloon payment plan:

Balloon Payment is an enhancement tool, which helps in increasing the loan eligibility of

the customer without increasing the EMI by assigning securities like National Savings

Certificate (NSC), LIC policies etc to HDFC. The present value of the maturity amount of

assigned securities is combined with the loan amount to arrive at the enhanced loan

eligibility. Under this facility, the EMI is calculated on the net loan amount (i.e. total loan

less the present value of the maturity value of the securities).

3. Flexible installment plan:

This product offers a customized solution to suit the needs of customers whose repayment

capacity is likely to alter during the term of the loan. The loan is structured in such a way

that the EMI is higher during the initial years and subsequently decreases in the latter part

proportionate to the reduced income of the customer.

5. Variable loan scheme:

Customer has a choice to pay some part of loan under fixed rate option and rest of

adjustable rate scheme.

HDFC also provide the facility to increase the EMI amount to accelerate the repayment of

the loan.

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6. Land Purchase Loan:

Be it land for a dream house, or just an investment for the future, HDFC Land Purchase

Loan is a convenient loan facility to purchase land. HDFC finances up to 70% of the cost

of the land (Conditions Apply). Repayment of the loan can be done over a maximum

period of 10 years.

7. Home Improvement Loan:

HIL facilitates internal and external repairs and other structural improvements like

painting, waterproofing, plumbing and electric works, tiling and flooring, grills and

aluminium windows. HDFC finances up to 85% of the cost of renovation (100% for

existing customers.

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HOW DIFFERENT IS AN HDFC HOME LOAN:

Widest range of flexible home loan products.

Counselling and advisory services for acquiring property.

Special Schemes for group.

Balance Transfer Facility.

Options to switch between schemes.

Network of over 200 outlets and over 28 years of experience.

Special rates for HDFC customers (past and present) on all new loans.

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HOW TO APPLY FOR HOME LOAN:

WE CAN CHOOSE ANY OF THE FOLLOWING WAY TO GET THE

HOME LOAN:

1. HDFC office locator

We have over 200 offices with flexible timings keeping in mind your work timings. The

offices are conveniently located at a place closer to you.

2. Call the HDFC home line in your city

Sales representatives will reach out for assistance.

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3. SMS HDFC HOME to 6767.

4. Apply online.

SUPPORTING DOCUMENTS WHICH SHOULD BE SUBMITTED

ALONG WITH AN APPLICANT:

FOR ALL APPLICANTS:

Duly completed application form along with the photograph and signature of all

applicants.

Photocopies updated bank statement or photocopy of bank pass book (duly

completed) of all the applicants for the last six months of both the operating and

the salaried documents.

Proof of the age and residence. Documents have to be submitted for the same are

Passport orDriving License orElection Identity Card orPan Card

Copy of approved drawing of proposed construction / purchase/ extinction /

property papers.

Agreement for sale deed detailed cost estimate from architect for the property to

be purchased / construction / renovation.

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If a customer have been in his present employment / business for less than a year

mention on a separate sheet details of occupation for previous 5 years giving

position held, reasons for change and period of the same.

Applicant processing by cheque marked payees account only drawn on a bank

in city where HDFC has an officer or by DD (payable at par to HDFC).

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FINANCIAL DOCUMENTS:

IF YOU ARE SALARIED INDIVIDUAL

Employer certificate (Suggest format enclosed).

Latest form 16/ IT return as applicable.

Latest salary slip / certificate showing all deductions, retirement age and loan

details, if any.

Employers profile.

If persons job is transferable permanent address where correspondence relating to

the application can be mailed.

Identity and Residence Proof.

Last 6 months bank statements.

Processing fee cheque.

Detailed cost estimate from architect/engineer for the property to be extended.

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IF YOU ARE SELF- EMPLOYED PROFESSIOANLS

Balance sheet, profit and loss account of the business profession as well as copies

of individual income tax return for last three years.

A note which highlight the nature of an individual business / profession, form of

organization, clients, suppliers etc.

Copy of an individual tax challans for the last three years.

Copy of advance tax challans.

Updated photo copy of pass book and saving of last 12 months.

Application form with photograph.


Education Qualifications Certificate and Proof of business existence.


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IF YOU ARESELF- EMPLOYEED BUSINESSMAN

Application form with photograph


Education Qualifications Certificate and Proof of business existence.

Business profile.

Last 3 years Income Tax returns.

(self and business)

Last 3 years Profit /Loss and Balance Sheet.

Last 6 months bank statements.

(self and business)


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HOW DOES ONE GET THE TAX BENEFIT ON THE LOAN

There is eligibility for certain tax benefits on principal and interest components of a

housing loan under the Income Tax Act, 1961. Moreover, you can get added tax benefits

under Sec 24b on repayment of principal amount. Moreover, you can get added tax

benefits under Sec 80 C on repayment of principal amount up to Rs. 1, 00,000 p.a. that

can further reduce your tax liability by about Rs. 30,000 p.a.

DOES THE PROPERTY HAVE TO BE INSURED

Yes, it is compulsory to get property insured.

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WHAT IS THE BASIS OF INTEREST RATE CALCULATION?

Home loans interest rate in India is usually calculated either on monthly reducing oryearly reducing balance. In the Monthly reducing system, the principal on which you pay

interest reduces every month as you pay your EMI. While in the Annual Reducing system

the principal is reduced at the end of the year, thus continuing to pay interest on a certain

portion of the principal which you have actually paid back to the lender thus making EMI

for the monthly reducing system effectively lesser than the second system of calculating

interest. HDFC charges interest at monthly rests.

WHAT IS PRE EMI?

Pre EMI is the amount of loan paid in simple interest as agreed upon with the HFC for a

property that's yet under construction. The HFC makes the disbursement in parts as per

the stage of construction of your property. Once the property is ready for possession and

the possession letter is produced to the HFC, the final disbursement is made. You start

paying your EMI from the month following which the full disbursement is made.

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WHAT IS MEANT BY AN EMI (EQUATED MONLTHY

INSTALMENT)?

An EMI refers to the fixed sum of money that you will be paying to the housing finance

company every month against a loan amount borrowed for a fixed period of time. An EMI

has two components, the principal component and the interest component. . The amount

of the EMI depends on the quantum of loan, interest rate applicable and the term of the

loan. The loan carrying the lower EMI for the same tenure is the cheaper option.

HOW MANY DISBURSEMENTS IN CASE OF CONSTRUCTION

CASE:

Maximum 3 Disbursements.

Disbursement time is 3 to 5 days.

(In the case of builders the payment is depend on progress of work not in period of time)

WHAT IS MAXIMUM PERIOD IN WHICH A CUSTOMER CAN

REPAY THE LOAN?

A customer can repay the loan over a maximum period of 20 years. Repayment will not

ordinarily extend beyond his age of retirement or on his reaching 60 years of age, which

ever is earlier. However, HDFC will endeavor to determine the repayment period to suit a

customers convenience.

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OTHER INFORMATION REGARDING HDFC:

HDFC does not have any DSC. But it has many direct selling teams which provide

enough business.

Customer can apply from anywhere from India.

The service of HDFC is very fast. They suits that they can give first disbursement

within 36 hours.

WILL HDFC ASSIST TO SELECT ACCOMMODATION OF

CUSTOMERS CHOICE?

Yes, HDFC help to customers to select accommodation of their choice in selected cities in

India. And help to contact with various contractor / property service groups.

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HOW THE ADJUSTMENTS IN THE INSTALLMENTS ARE MADE:

Under the monthly rest opinion, interest is calculated on monthly basis and under the

annual rest option; interest is calculated on annual basis.

HOW THE HDFC DEAL WITH CONTRACTOR:

In the case of builder the agreement of sale between builder and customer must be

registered within 4 months, then agreement will be valid and loan will be disbursed.

HEAD OFFICE : MUMBAI

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COMPARISION OF

DIFFERENT FINANCIAL

INSTITUTIONS

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HDFC:

S.No PARTICULAR HDFC

1 Facility offering Home Loan

2 Rate of interest (floated) 11-11.25%

3 Rate of interest (fixed) 13.25%

4 Maximum loan amount Not certain5 Margin of land 25

6 Margin of construction 15

7 Processing charges 0.5%

8 Prepayment charges 2%

9 Repayment period 20 years

10 Disburse of instalment and time 3-5 working days

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ICICI:

S.No PARTICULAR ICICI


2 Rate of interest (floated) 9.50%

3 Rate of interest (fixed) 16%

4 Maximum loan amount 2 crore

5 Margin of land 85%

6 Margin of construction 85%

7 Processing charges 0.5%

8 Prepayment charges 2%

9 Repayment period 25 yrs

10 Disburse of instalment and time 2 working days

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Union Bank of India:

S.No PARTICULAR Union Bank of India


2 Rate of interest (floated) 10.5%

3 Rate of interest (fixed) 11.5%

4 Maximum loan amount 1 crore



7 Processing charges Nil

8 Prepayment charges Nil


10 Disburse of instalment and time 1 day

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Corporation Bank:

S.No PARTICULAR Corporation Bank


2 Rate of interest (floated) 10.75% - 12%

3 Rate of interest (fixed) 12.75% -13.25%

4 Maximum loan amount Above 75 lakhs



7 Processing charges 0-5%

8 Prepayment charges Nil


10 Disburse of instalment and time 1 day

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ANALYSIS

The analysis has shown that HDFCs brand name has helped it fetch many home loans

customers. Its motto has been mass banking and so the customers reach the bank for its

brand equity and trust. The bank has shown its performance in recent past years.

The growth in this particular segment can be seen from above diagram. The comparison

has been made on the basis of institutions providing home loans. Banks form quite a good

part of the whole housing finance industry.

The comparison between various banks was made on the basis of maximum loan amount

being provided, maximum time limit, interest rates, etc.

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M a x im u m L o a n A

01

23

HDFC

ICICI

Union

Bankof

India

Corporat

ionbank

B an k

Amount(inRs.

crores)

Ma xim um Am

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HDFC has no maximum amount fixed for home loan in comparison to other banks where

ICICI on the other hand, is providing maximum amount up to Rs. 2 crores. For HDFC it

depends on the creditworthiness of the customer which plays an important role in deciding

whether to grant loan or not.

In te re s t R

0

5

1 0

1 5

H D F C IC IC I U n io n b a n k

o f Ind ia

C o rpo ra t ion

B an k

B a n

InterestRates(in

%)

S e rie

S e rie

* Series 1 is floated interest rate

* Series 2 is fixed interest rate

The interest rtes are also comparable between these banks. They all have got two different

types of interest rates Fixed and Floating Interest Rates. The interest rates are moving

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not much far off from each other. The interest rate is most important factor for a customer

in making a decision for taking up the loan or not.

Process ing cha r

0123456

HD

FC

IC

ICI

UnionBan

k

ofIndia

Corporatio

n

bank

Ba n k

Percentage

P r o c e s s in g c h a r

Also the processing charges have to be low for an individual to get a home loan. The

processing charges for home loans in HDFC are quite low as compared to that of

Corporation Bank. For an individual to be able to fetch a good home loan, the processing

fee has to be quite low and so HDFC has gained popularity.

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R epa ym ent P

05

1 01 52 02 53 0

HDFC

ICICI

UnionBank

ofIndia

Corporation

Bank

B an k

Years R ep aym en t P e

Repayment period at HDFC is quite long which makes an individual relaxed for a long

time and privilege to pay loan amount in instalments over the years. As compared to

Corporation Bank its low but an appropriate time as per the norms set by RBI. It is

standing just on the line specified by the RBI.

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M a r g in o f

05 0

1 0 0

H D F C IC IC I U n i o n B a n k o f

In d ia

C o rp o ra t io n

b a n k

B a n

Percentage

M a rg in o f

Margin of land & construction is quite low at HDFC as compared to other banks in this

segment.

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Margin of Construction

0

1020

3040

5060

7080

90

HDFC ICICI Union Bank

of India

Corporation

Bank

Banks

Perce

ntag

Series1

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Prepaym ent C har

00.5

11.52

2.5

HDFC

Union

Bankof

India

Bank

Percentag

e

Prep aym ent C har

Prepayment charges are there at HDFC. However, there are no prepayment charges in

Union Bank of India and Corporation Bank. And repayment charges stand at same level

for HDFC and ICICI.

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Disburse of Installment and Ti

0123456

HDFC

ICICI

Union

Bankof

India

Corporation

bank

Bank

Days Disburse of

Installment and Ti

Disbursement of Instalment is spread over 5 days at HDFC as compared to Corporation

Bank where only disbursement is spread over 1 day. This happens to be an advantage of

HDFC over its competitors making it popular among public.

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Customer Satisfaction Survey:

A survey was conducted in which customers were questioned regarding services of these

for banks and the attracting features of the bank driving the customers. The customers are

integral part of any bank or any organization because without customers an organization

would not work and hence rise the question to survey the customers for satisfaction and

any suggestions they would like to recommend to the bank/organization. Any research is

incomplete without customers survey. Following are the findings based on this survey.

No. of Customers who had

applied for loan Before

yes

no

It was found that most of the customers brought in by me had not applied for the loan

before in any other bank and had no idea of cheap services being provided at HDFC.

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Spread of

repayments

over largeperiod, ie, 20

years

Higher grace

period (5days)

Low Rate ofInterest

Larger

Amount(as there is no

fixed limit)

Benefits of

Home Loan atHDFC

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Attracting Features of the Bank

brand

name

service

network

The survey also made it clear that most of the customers get attracted towards the bank for

its brand name, second stands its service and then network. Most of the people think that

any bank having a good brand name would not compromise on its services as it will affect

its goodwill and perspective customers. Hence most of the customers demanded loan from

particular bank due to its brand name.

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Nature of Staff

very friendly somewhatfriendly

neither friendlynor unfriendly

somewhatunfriendly

very unfriend

It has also been found that the staffs at HDFC is quite well versed in its work of attracting

customers through behaviour. Most of the customers find that the staff is quite friendly

while others find that they are neither friendly nor unfriendly and conduct their work

professionally with required diligence and sincerity.

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Satisfaction Level

yes

no

The analysis has also proved that most of the customers are satisfied with the services

being provided by the bank, as there is still awareness needed to be spread among

customers regarding home loans and its procedure.

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Ranks given to various banks by different Income Groups

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

HDFC Corporation Bank ICICI Union Bank of India

Banks

Ranks

below 50,000 51,000-70,000 70,000 and above

The customers of different income groups have ranked their opinion regarding these four

banks. 4 being the highest and 1 being the lowest, on the basis of their convenience,

services of the bank, interest rates and amount. HDFC has received the top priority by

most of the customers whereas Corporation Bank was ranked minimal.

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SWOTANALYSIS

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SWOT ANALYSIS

Strength:

Brand name and goodwill of company.

With over 200 offices- HDFC is able to provide home loans over 2400 locations

in India.

Most differentiated product line:- HDFC is an organisation offers the most

differentiated product line. HDFC not only offers housing loans but also offer loans

that meet all housing needs of an individual. Such as Home improvement loan, Home

extension loan etc.

Weakness:

Time consuming procedure.

Slow promotion to employee.

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Opportunity:

Wide acceptance of company name among people.

Can penetrate more market due to poor service of other players.

Threats:

Intense competition among different home loan provider.

Entrance of competitor with new schemes.

Uncertain interest rates.

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RECOMMENDATIONS

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RECOMMENDATIONS:

1. HDFC do not have any Direct selling centres as compared to other private banks, which

is helpful for smart business.

2. HDFC should also try to increase their Direct selling teams and provide them proper

training, because sometimes executives could not reach when customer required and feel

helpless to satisfy the customer.

3. HDFC should also provide after retirement loan facility. Because it will give strong

position to HDFC in front of private as well as Government Banks.

4. HDFC should also organize some kind of Bonanza like Loan Mela, where customers

can get information regarding every product at single window. This kind of promotional

scheme is helpful to attract the customers and increase the business.

5. As it is seen that there are no deviation in HDFC we recommend that there should be

some flexibility in maximum loan amount and in other formalities according to case.

6. Number of home loan branches in Utter Pradesh should be increased for convenience of

customers and to cover more area.

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BIBLIOGRAPHY

BIBILIOGRAPHY

Following are certain references made during the course of my project:

Information about various product and service obtained from HDFC home loan

department.

Primary information gathered through related Banks and their franchisees, and some other

information is:

www.hdfc.com

www.icici.com

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ICICI Learning Matrix

www.google.com

ANNEXURE

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QUESTIONNAIRE

Objective:

To know the popularity of the bank

To know its competitive strength over other banks

To have an idea of perspective customers

Set of Questions:

1. Have you applied for any loan before?

a) Yes

b) No

2. What are the benefits sought by you for home loan?

a) Larger Amount b) Low rate of interest

c) Higher grace period d) Timely Statements

e) Spreading of repayment over large no. of instalments.

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3. What factors you considered while going in for home loan decision?

(Please rank them from 1 to 3)

a) Brand Name

b) Service

c) Network

4. Which one of these gives you the loan at minimum rate of interest?

Banks Personal loan Auto loan House loan

HDFC

ICICI

UNION BANK OF

INDIA

CORPORATION

BANK

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5. Please give your view about the staff of bank?

a) Very friendly

b) Somewhat friendly

c) Neither friendly nor unfriendly

d) Somewhat unfriendly

e) Very unfriendly

6. Are you satisfied with your bank?

(If no then specify)

a) Yes

b) No

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7. Rate your satisfaction level on the following specify parameters regarding the service

offered by the bank

VerySatisfied

SomewhatSatisfied

NeitherSatisfied

nor

Dissatisfied

SomewhatDissatisfied

VeryDissatisfied

Overall

Satisfaction

Level

Number of

BranchesNumber of

ATM

Banking

Hours

Bank Staff

(courteous,

qualified)

Efficiency

in handling

daily

transaction

Statement

reach in

time

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STUDENT DECLARATION

I Hereby Declare That The Final Project Entitled HDFC HOME

LOANS submitted in partial fulfillment of 'POST GRADUATE

DIPLOMA IN MANAGEMENT' is of my original work and not

submitted for the award of any other Degree, Diploma,

Fellowship or other similar TITLE or PRIZE.

RAJ KUMAR SINGH