Innovative Journal of Business and Management 2 : 5 September October (2013) 123 - 127.

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INNOVATIVE JOURNAL OF BUSINESS AND MANAGEMENT

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A STUDY ON COMPREHENSIVE PROBLEMS OF HDFC & SBI HOME LOAN TAKERS IN

ANDHRA PRADESH STATE
S.Tarakeswara Rao
Dept. of Commerce & Mgt. Studies, Dr.B.R.Ambedkar University, Srikakulam 532458, Andhra Pradesh State
ARTICLE INFO

ABSTRACT

Corresponding Author:
S.Tarakeswara Rao
Dept. of Commerce & Mgt. Studies,
Dr.B.R.Ambedkar University,
Srikakulam 532458
Andhra Pradesh State

The urban poor, with their low incomes, uncertain employment and low
assets, have been side-lined by commercial banks who do not find them
bankable. In order to rectify this situation, there is a need for a supportive
role on the part of the government and commercial banks and a
streamlining developmental role on the part of community based
financial initiatives. The Indian housing finance sector has failed to
promote housing development across the country. In its desire to stabilize
itself mainly in the major urban areas, the housing finance has largely
neglected issues of the housing sector in rural and lessdeveloped
regions. Further, the financial housing needs of a large segment of the
population are not being addressed. They continue to rely on informal
sources for housing finance. This paper describes and analyses the
perceptions and problems of home loan takers in Andhra Pradesh State. It
offers policy options to make the housing finance more effective in
addressing the hitherto neglected segment, the rural and lessdeveloped
region.

Key words: Commercial Banks,

Housing Finance, HDFC, SBI, Home
loan.

2013, IJBM, All Right Reserved

INTRODUCTION
Housing finance is a relatively new concept in India
comparing to other financial services that are widely
available in the country since a long year back. However,
the speedy development in housing and various housing
activities have understandably led to the growth of Indian
housing finance market. As a result, a number of players
have barged into the market. It was in the year 1970 when
Housing and Urban Development Corporation (HUDCO)
was established to finance various housing and urban
infrastructure
activities.
However,
the
Housing
Development Finance Corporation (HDFC) was the India's
first private sector housing finance company came into
existence in 1977. Since then, the housing finance in India
has been flying high. It's expected to grow at a growth rate
of 36% in the coming years.
HOUSING SECTOR
Housing Sector refers to the entire construction
activity, it has maximum propensity to generate income
and demand for materials, equipments and services. In
fact, housing provides necessary impetus to the economy
as a whole. Small initiatives in housing will propel
multiplier effects in the economy through a chain of linkage
effects. For every one crore rupees of investment in
housing, nearly 290 industries in the building material
sector get activated besides the core manufacturing sector
constituting cement, steel and bricks etc. It has been
estimated that out of every Rs. 100 spent on housing Rs.

11.40 is returned back to the national exchequer by way of

stamp duty, registration and taxes.
Housing Sector has seen exceptional changes in the
last 15 years, both globally and nationally. In the last few
years, the housing sector in India has witnessed a spurt in
demand not just for residential property but also for
commercial property. This rise in demand may be
attributed to the large and growing middle class population
of 300 million people. The Technology and business
Process Outsourcing have correspondent to growing
demand for shopping malls, multiplexes, food outlets, office
spaces ad business centers etc.
HOUSING FINANCE
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 people, buying a house has become possible in
modern times through Housing Finance. The term Housing
Loan or Housing Finance means fianc for
construing/purchasing or modifying a property. The
various Hosing Loans offered by Housing Finance
institutions (HFIs) are for house Purchase, house extension,
house improvement and land purchase. Hence, Housing
Finance means the financial resources for an individual or
group of persons used especially for the purpose of
housing.
HOUSING FINANCE IN INDIA

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Rao/A Study on Comprehensive Problems of HDFC & SBI Home Loan Takers in Andhra Pradesh State
Home-buyers in India were traditionally debt
averse and opted for external funding only as a last resort.
Consequently, formal external funding of house
construction/purchase has accounted for a relatively small
proportion of housing finance in the three decades after
independence and this business activity had formally began
in India in the 1970s.
Construction/purchasing of a house needs a large
investment, it requires long-term finance. In India, the
main source of credit that flows into house construction is
both formal and the informal sectors. The formal sector
includes budgetary allocation of Central and State
Government, assistance from the Financial Institutions,
agencies and corporations like Life Insurance Corporation
(LIC) and General Insurance Corporation (GIC) etc., the
latter, it refers to finance from money lenders, household
savings, disposal of existing property and borrowings from
friends and relatives.
Since independence, the institutional framework
for housing finance was in the form of insurance companies
like LIC and GIC. Then in 1970, the Government set up the
HUDCO as a 100 per cent, Government owned enterprise
with the objective of housing and urban development as
well as infrastructure development. The housing policy of
HUDCO was designed to allocate 55 per cent of its housing
finance to the low income and weaker sections of society.
Housing Development Finance Corporation (HDFC):
HDFC was incorporated in 1977 with the primary
objective of meeting a social need that of promoting home
ownership by providing long-term finance to households
for their housing HDFC was guided by its core objectivehousing for all, though the development of the Housing
Finance Sector in India. It is viewed as an innovative
institution and a market leader in the housing finance
sector in India. The World Bank considers HDFC, as a
model Private Sector Finance Company in developing
countries and a provider of technical assistance for new
and existing institutions in India and Abroad.
State Bank of India (SBI):
The State Bank of India, the countrys oldest bank
and a premier in terms of balance sheet size, number of
branches, market capitalization and profits. It is the two
hundred year old Public Sector Bank. It is the bank having
very wide product mix, such as Project fianc, Home loans,
Auto loans, Car loans, Education loans, Loans to Small
Medium Enterprises, Government business, Rural and Agri
business, Corporate Business etc. SBI is moving ahead with
cutting-edge technology and innovative new banking
models, to expand its rural banking base, looking at the
vast untapped potential in the hinterland and proposes to
cover 100,000 villages in the next two years. It is the only
the India bank to feature in the Fortune 500 list.
Need for the Study:
Today due to inflation in the economy, there is rise
in the price of all commodities. Due to this an ordinary
individual is not able to save sufficiently to meet the high
cost requirement of house construction or purchase. He
has to essentially depend upon of the Financial Institutions
(FIs) for borrowing money for the purpose of house
constructions or purchase. The proposed study will bring
out the various sources of finance for house
construction/purchase and a detailed study about the types
of home loans, loan procedure and documents required for
home loan sanction from the FIs. There is a need to
examine the housing policies, Government and RBI

initiatives in order to appreciate the liquidity in the

housing finance sector.
Objectives of the Study:
1. To examine the Housing Policy frame work in India.
2. To analyze the trends and progress in Housing Finance
in India.
3. To study the operational performance of HDFC and SBI
with regard to providing housing finance to individuals.
4. To assess the perceptions and problems of home loan
takers in the State of Andhra Pradesh.
Hypotheses of the Study:
i) Whether the concerted efforts made by the government,
in the form of policy frame work are helpful to the home
loan borrowers.
ii) Whether the selection of the housing financial
institution is influenced by the operational factors.
iii) Whether the home loans are taken by the borrowers of
all income groups to avail the tax benefits.
Scope of the Study:
In view of the objectives set for the research, the
study examines the efforts made by the government in the
form of policies are helpful to home loan borrowers. The
study mainly concerned with the evaluation of operational
performance of HDFC and SBI with regard to providing
housing finance to individual borrowers and to examine
the operational factors which influenced them in the
selection of the Housing Financial Institution.
Sources of the Data:
For the purpose of the study, two sources of data
have been collected.
1. Primary Data:
A broad questionnaire was administered to the
individual home loan borrowers of HDFC and SBI to know
their perceptions i.e. factors influencing the selection of the
HFI, opinion regarding the rate of interest on home loan,
time taken in processing the loan, procedural formalities,
security for getting the loan and difficulties faced by
borrowers, in addition to this, personal interviews with the
officers and branch managers of HDFC & SBI were held to
fill the gaps in the data.
2. Secondary Data:
To explain the housing policy changes and to
analyze the trends and progress in the housing finance in
India, the secondary data were used. The was collected
from the annual reports of the NHB, Drafts of National
Housing and Habitat Policies, published by Ministry of
Urban Development and Poverty Alleviation, Government
of India, RBI Bulletins, Union Budgets of India, Ministry of
Finance, Government of India and Survey Reports on
Indian Housing Finance, published by Federation of Indian
Chambers of Commerce and Industry etc.
Methodology of the Study:
The major lenders of housing finance to
individuals are considered for the study, namely HDFC and
SBI, representing Housing Finance Company and Public
Sector Bank respectively. Further, to study perceptions and
problems of home loan borrowers, respondents have been
selected randomly. That is respondents have been selected
from the list of the borrowers/customers provided by the
various branches of HDFC and SBI of Hyderabad,
Vijayawada and Visakhapatnam in the state of Andhra
Pradesh for the present study. The sample includes 300
respondents consisting 150 respondents from HDFC and
150 respondents from SBI, representing various
occupational groups such as Businessmen, Employees,

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Rao/A Study on Comprehensive Problems of HDFC & SBI Home Loan Takers in Andhra Pradesh State
Professional and Self employed people. The care has been
taken to include the respondents who are availing tax
benefits through their home loans.
Limitations of the Study:
Housing Finance Sector growth is influenced by
various factors such the prices of land, steel, cement, labor
cost, savings, inflation rate, etc., the impact of these factors
was not taken for the present study. The other limitations
are:
1.
Only individual loan schemes offered by
the FIs had been studied. Thus, the study neither
covers the corporate loan schemes offered by the
FIs nor the corporate customers.
2.
Only operational performance of the HFIs
under review was studied and the evaluation of
the institutions had been done on the basis of their
figures from the annual reports at all India level.
3.
Since the data was obtained from more
than one source, there may be discrepancies
between one resource and another about the same
variable.
Perceptions and Problems of home loan takers in
Andhra Pradesh State:
Purpose of borrowings loan:
HFIs offer various home loan products to its
clientele that include loan for land purchase, for house
construction, house purchase, house improvement etc.
Table 1: Shows Purpose of home loan
Purpose
HDFC
Land purchase
8(5.3)
House purchase
89(59.3)
House construction
38(25.3)
House modification
10(6.7)
Other purposes
5(3.3)
Total
150

SBI
1(0.7)
79(52.7)
51(34)
14(9.3)
5(3.3)
150

Total
9(3)
168(56)
89(29.7)
24(8)
10(3.3)
300

It can be observed from Table 1, that highest

proportion of respondents of HDFC 59.33 per cent and
52.67 per cent respondents of SBI had taken home loans for
purchase of house. For construction of house 29.67 per
cent and 34 per cent had taken belonging to HDFC and SBI
respectively.
Tenure of home loans:
Tenure of the loan depends upon borrowers age, type of
the loan, earning capacity etc.
Table 2: Shows Tenure of home loan
Years
HDFC
5-10
30(20)
10-15
45(30)
15-20
55(36.7)
Above 20
20(13.3)
Total
150

SBI
39(26)
55(36.7)
44(29.3)
12(8)
150

Total
69(23)
100(33.3)
99(33)
32(10.7)
300

Many Indian loan takers are loan averse and

though they avail the loan for 15-20 years period, many repay the full amount, on an average, in seven to eight years.
It is evident from Table.2, that 36.67 per cent of
respondents with reference to HDFC took the loan for the
period of 15-20 years. Similar number of respondents of
SBI took the loan for period of 10-15 years. 26 per cent of
SBI respondents had taken loan for 5-10 years which is the
shortest period.
And 13.33 per cent of the HDFC
respondents have taken loan for the period of above 20
years.
Type of interest rate:
Keeping in mind the competition among HFIs, they
are offering fixed and floating rate of interest to their
customers. In case of fixed rate system, interest on the loan
remains the same for the entire lending period. No interest
rate risk is involved as there is no change in interest rates.

The thumb rule is that fixed rates are beneficial when

interest rates are increasing. A recent development in
housing finance is that a few premier institutions are no
longer offering fixed interest rates on home loans with
tenures exceeding 210 years. Besides, in many cases the
lenders fixed interest rates would be reset at the end of
every two years on the basis of the ten prevailing market
rates. When the rate of interest charged varies with the
Prime Lending Rate (PLR), i.e., if the PLR increases, the
interest rate charged on a loan increases and vice versa is
said to be the floating rate of interest. Here, the interest
rate risk is high. The thumb rule is that, floating interest
rates are beneficial when PLR is falling and costly when
rates move up.
Table.3: Shows Type of interest opted by borrowers
Type
HDFC
SBI
Total
Fixed rate
49(32.7)
47(31.3)
96(32)
Floating
101(67.3)
103(68.7)
204(68)
rate
Total
150
150
300

It can be observed form the table.3 that, 67.33 per

cent of HDFC and 68.67 per cent of SBI opted for floating
rate of interest as present economy is featured by falling
rate regime.
Opinion regarding rate of interest charged by the HDFC
& SBI:
To examine the opinion regarding the rate interest
charged by the HFIs, the borrowers were asked to indicate
their opinion on five-point scale.
Table.4: Opinion regarding
SBI
Opinion
HDFC
Very high
10(6.7)
High
53(35.3)
Moderate
70(46.6)
Low
15(10)
Very low
02(1.3)
Total
150

rate of interest charged by the HDFC &

SBI
6(4)
25(16.7)
70(46.7)
39(26)
10(6.6)
150

Total
16(5.3)
78(26)
140(46.7)
54(18)
12(4)
300

Table.4, depicts that 32.66 per cent of SBI

respondents felt that the interest rate charged it is low and
very low. Whereas 31.33 per cent of HDFCs respondents
opined that it is charging very high and high rate of
interest. And 46.67 per cent respondents of both the HFIs
expressed their opinion that the interest rate is moderate.
SBI, a Public Sector Bank, is able to raise funds at a
lower rate of interest and offering home loans at lower
rates and it is acting as a major influencing factor in
choosing SBI by the borrowers.
Processing Time:
All the institutions take few days to process the
application and to sanction the loan. Table.5 presents the
processing time taken by HDFC and SBI.
Table.5: Shows Time taken in processing the loan
Days
Less than 7
7-15
15-21
Above 21
Total

HDFC
65(43.3)
46(30.7)
27(18)
12(8)
150

SBI
22(14.7)
24(16)
28(18.7)
76(50.7)
150

Total
8729)
70(23.3)
55(18.3)
88(29.3)
300

It can be concluded from the table.5 that, 43.33 per

cent and 30.66 per cent of HDFCs respondents specified
that processing time was less than 7 days and 7-15 days.
Whereas 50.66 per cent of SBIs respondents claimed that
the processing time was above 21 days. It was obvious that
the loan processing of HDFC is much lesser than that of SBI,
as it follows decentralization system is processing. As a
factor it was ranked as second by the respondents of HDFC.
The chi-square test was applied to test the hypothesis that
the processing time varies according the institution.

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Rao/A Study on Comprehensive Problems of HDFC & SBI Home Loan Takers in Andhra Pradesh State
H0: There is no significant difference between the
institutions with regard to time taken for processing the
loan, as against.
H1: There is significant difference between the institutions
with regard to time taken for processing the loan.
From the data, the calculated Chi-square test
statistic value 73.85 and the critical value at 5% level of
significance for 3 degrees of freedom is 7.81. Since,
calculated value is greater than the critical value. H0 is
rejected. It can be concluded that there is significant
difference between the institutions with regard to time
taken for processing/sanctioning the loan.
Repayment schedule:
The loan is repaid in the form of installments. SBI
offers the option of payment in the form of EMI only, where
as HDFC offers various flexible repayment options like Step
up Repayment Facility. Flexible Loan Installment Plan,
Balloon Payment Plan and Structured Repayment Plan etc.
Thus, these flexible repayment options given to the
borrower, provides freedom to structure the repayment
schedule to suit the individual needs.
Table.6: Shows Repayment schedule of the loan
Repayment
HDFC
SBI
Total
Schedule
EMI
136(90.7)
150(100)
286(95.3)
Others
14(9.3)
NIL(-)
14(4.7)
Total
150
150
300

It can be observed from the table.6 that, majority

of the respondents of both HDFC and SBI opted for EMI.
Very less percentage of respondents i.e. 9.33 per cent of
HDFC opted for other methods of repayment.
Opinion regarding procedural formalities:
All the institutions sanction the loan after
customers abide certain formalities, which differ from
institution to institution. Respondents were asked to
indicate their opinion on five-point scale and table.7 shows
the opinion regarding procedural formalities towards
HDFC and SBI.
Table.7: Shows Opinion regarding procedural formalities
Days
HDFC
SBI
Total
Very personable
56(37.6)
26(17.7)
82(27.3)
Reasonable
70(46.7)
50(33.3)
12(40)
Un reasonable
22(14.7)
55(36.7)
77(25.7)
Very unreasonable
2(1.3)
19(12.7)
21(7)
Total
150
150
300

The table.7 reveals that, 37.33 per cent and 46.66

per cent of the respondents of HDFC claimed that
procedural formalities are very reasonable and reasonable
respectively, which is really noticeable with regard to SBI,
36.66 and 12.66 per cent specified that procedural
formalities are un-reasonable and very unreasonable. This
is the issue which has to be taken care by SBI.
Security provided for getting loan:
All the customers have to mortgage the property
purchase/constructed as security, in addition to various
other securities.
Table.8: Shows Security for obtaining Home Loan
Type of Security
HDFC
SBI
Mortgage
50(33.3)
46(30.7
Mortgage & Guarantee
50(33.3)
55(30)
LIC Policy
47(31.3)
53(35.3)
Collateral
3(2)
6(4)
Total
150
150

Total
96(32)
95(31.7)
100(33.3)
9(3)
300

It can be seen from the table.8 that, there is equal

response for various types of securities provided for
getting loan. The Chi-square test was applied to test the
hypothesis that the institutions vary in terms of security to
be provided for getting loan.

H0: There is no significant difference between the

institutions with regard to the kind of security advanced to
the institution, as against
H1: There is significant difference between the institutions
with regard to the kind of security advanced to the
institution.
From the data, the calculated Chi-square test
statistic value 1.12 and the critical value at 5% level of
significance for 2 degrees of freedom is 5.99. Since,
calculated value is less than the critical value therefore H0
is accepted. It can be concluded that there is no significant
difference between the institutions with regard to the kind
of security advanced to the institutions.
Awareness regarding recovery procedure followed by
the concerned HFI with regard to the default loans:
To know the awareness regarding the procedure
that is being followed by the HFI with regard to the default
loans, the respondents were asked about awareness and
results were shown in the table.9.
Table.9: Shows Awareness about default loans
Particulars
HDFC
SBI
Total
Yes
132(88)
122(81.3)
254(84.7)
No
18(12)
28(18.7)
46(15.7)
Total
150
150
300

It can be revealed from the table.9 that, awareness

level was high with regard to the respondents of both the
institutions. 88 per cent of the HDFCs respondents and
81.33 per cent of SBIs respondents were aware of the
concerned procedure. The Chi-square test was applied to
test the hypothesis that the awareness about recovery
procedure followed by the concerned HFI with reference to
the default loans.
H0: There is no significant difference between the
institutions with regard to the awareness about recovery
procedure followed by the concerned financial institution
with reference to the default loans, as against
H1: There is no significant difference between the
institutions with regard to the awareness about recovery
procedure followed by the concerned financial institution
with reference to the default loans.
From the data, the calculated Chi-square test
statistic value is 2.57 and the critical value at 5% level of
significance for I degree of freedom is 3.84. Since,
calculated value is less than the critical value therefore H0
is accepted. It can be concluded that there is no significant
difference between the institutions with regard to the
awareness about recovery procedure followed by the
concerned HFI with reference to the default loans.
Availing tax benefits on Home Loans:
The home loan borrower is eligible for certain tax
benefits of principal and interest components of a loan
under the Income Tax Act, 1961. The borrower can claim
these benefits, whether he borrows HDFC or SBI.
Table.10: Shows Availing tax benefits
Particulars
HDFC
SBI
Yes
138(92)
142(94.7)
No
12(8)
8(5.3)
Total
150
150

Total
280(93.3)
20(6.7)
300

Table.10, shows that 92.00 per cent and 94.66 per

cent of the respondents belonging to HDFC and SBI are
availing tax benefits.
H0; Income level and availing tax benefits availed by the
Home Loan borrowers are independents as against.
H1: Income level and availing tax benefits availed by the
Home Loan borrowers are independent.
From the data, the calculated Chi-square test
statistic value is 27.64 and the critical value at 5% level of

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Rao/A Study on Comprehensive Problems of HDFC & SBI Home Loan Takers in Andhra Pradesh State
significance for 3 degrees of freedom is 7.81. Since,
calculated value is greater than the critical value therefore
H0 is rejected. It can be concluded that there is an
association, all the borrowers are availing tax benefits
irrespective of their income levels, and they are using home
loans to reduce the tax burden.
Overall opinion on Home Loans of HDFC and SBI:
To know the satisfaction level of the customers
with regard to the overall functioning of the loan of two
HFIs under review, five-point scale has been used.
Table.11: Shows Overall perceptions on home loans of HDFC & SBI
Days
HDFC
SBI
Total
Very good
49(32.7)
14(9.3)
63(21)
Good
60(40)
39(26)
99 (33)
Moderate
29(19.3)
50(33.3)
79(26.3)
Poor
12(8)
40(26.7)
52(17.3)
Very Poor
NIL
7(4.7)
7(2.3)
Total
150
150
300

It can be concluded from the table.11 shows that, 32.66 per

cent and 40 per cent of HDFC are opined that overall
functioning is very good and good respectively, which is
noteworthy. 33.33 per cent of SBI respondents expressed
its functioning as moderate and 26.66 per cent specified as
poor.
Difficulties in loan Sanction:
The customers while taking the home loan from
FIs may face certain difficulties like a too lengthy
procedure, delay in processing & sanctioning of the loan,
lack of communication, no transparency, unco-operative
attitude of the staff members etc.
Table.12: Nature of difficulties faced by borrowers
Nature of
HDFC
SBI
difficulties
Formalities
23 (15.3)
47 (31.33)
Delay
18 (12)
61 (40.6)
Communication delay 8 (5.3)
27 (18)
No transparency
6 (4)
3 (25.3)
Others
9 (6)
10 (6.6)

It can be observed from the table.12 depicts that,

maximum proportion of the respondents of SBI faced the
difficulties with regard to formalities to be fulfilled.
Problems of the home loan borrowers
1. The home loan application/sanction procedure is too
lengthy.
2. HFIs are collecting high amount of processing,
administration, conversion fee and other charges like
prepayment penalty.
3. The change in the terms and conditions especially with
regard to interest rate changes are not being
communicated.
4. The reasons for rejecting the loan application are not
being informed.
5. Delay in loan processing/sanctioning time especially
with reference to SBI.
6. There is no transparency in lending practices.
SUGGESTIONS:
1. The loan application formalities should be simplified.
2. Most of the customers opined that institutions should
not charge any processing, administration, conversion
fee and other charges like prepayment penalty.
3. The customers also suggested that institutions should
provide online approval of applications.
4. The change in the terms and conditions especially with
regard to interest rate, the concerned customers should
be informed.

5. HFIs should inform the reason for rejecting the loan

application. This will help the applicants in rectifying
their mistakes.
6. To win confidence of the customer sand bring
transparency in all the transactions, it is necessary that
their loan accounts should be made available on the
Internet. HDFC is the way ahead in these criteria.
7. The customers of SBI suggested that the loan
processing/sanctioning time should be reduced further.
8. All employees, especially the front officers of SBI should
be familiar with the details of Housing Loan schemes of
their banks.
9. All information regarding Housing Loans should be
available on the websites of the HFIs in an interactive
mode.
10. There should be uniformity in loan sanction procedure,
interest rate structure among the various lenders.
CONCLUSION
Thus, the Housing Finance in India faced a number
of set-backs in decades, such as an unorganized market,
development
disparities
and
compartmentalized
development approach. There was not even a concerted
attempt to understand the housing problem let alone
promote it. Reforms introduced in the sector during the
1990s, however, have overturned the situation to a great
extent. The deigning of a shelter policy, the organization of
the housing finance market, the introduction of fiscal
incentives, increased public investment, legal reforms and
others initiatives have brought about a number of changes
in the housing finance. Home Loan providers should
continue to address the huge potential in the industry and
would maintain their focus on the individual loan segment.
A trend that has emerged over the years in the housing
finance is that the decreasing role of interest rates as a
competitive tool. Service and product innovations are the
key tools for success at present.
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4. Jay Sampath.2006, Tackling rising home loan rates,
Dalal Street, Vol XXVII, No.21, June-2006, pp 89-91
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