Airo International Research Journal June, 2016 Volume VII, ISSN:2320-3714
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Airo International Research Journal June, 2016 Volume VII, ISSN:2320-3714
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COMPARATIVE STUDY OF HOUSING FINANCE OFFERED BY PUBLIC AND PRIVATE
SECTOR BANKS
Shivani Sharma
Abstract
This paper was an attempt to comparative analyzes the jousting finance offered by public and private
sector banks. Purchasing the house of your dreams is not an easy task. House loan means that you
buy a house on installments. Housing or shelter is the basic need of human being. This is accepted by
the civilized society. Housing is an enigma to the developing countries; it is simultaneously the
hardest problem to solve the social housing schemes. After 1990s all public sector banks were
struggling with NPA problem. The housing shortage is increasing day by day as a proportion to the
massive increase in population. Today, there are more than 350 housing finance companies
registered with the registrar of companies of these 29 have been approved by NHB for financial
assistance. The research examined the satisfaction level and problems faced by customers while
availing home loan. For this purpose we have taken four commercial banks in namely PNB, Central
Bank of India, HDFC Bank and ICICI Bank. It includes two public sector banks and two private
sector banks. In the research methodology a sample size of 100 respondents has been taken through
random sampling. For the study, researcher has collected both primary data as well as secondary
data. Finally the whole research was carried out in a systematic way to reach at exact result.
INTRODUCTION
Housing Finance is a broad topic, the concept
of which can vary across continents, regions
and countries, particularly in terms of the
areas it covers. Housing does not mean the
construction of a shelter only, a shelter to
protect way from the inclemency‟s of weather.
They channel human relationship and are an
integral part of the society. Attractive
packages and flexibilities in housing loan
Schemes. “Put simply, housing finance is what
allows for the production and consumption of
housing. It refers to the money we use to build
and maintain the nation‟s housing stock. But it
also refers to the money we need to pay for it,
in the form of rents, mortgage loans and
repayments.” Housing Finance brings
together complex and multi-sector issues that
are driven by constantly changing local
features, such as a country‟s legal environment
or culture, economic makeup, regulatory
environment, or political system.
The term “Housing Loans” or “Housing
Finance “means finance for buying or
modifying a property. Hence “Housing
Finance” maybe defined as the financial
resources for an individual or a group of
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persons used facially for the purpose of
housing.
HOUSE LOAN-
Home loans are loans you have access to,
depending on whether you want to buy or
build a house and can also be used to repair or
extend an existing house. Home Loans are an
attractive and popular means of buying a
dream house for most people. In India, the
demand for home loans has increased
manifold in the last decade. Every day
numerous people apply for home loans to own
a perfect abode for themselves. The fact that
home loans come with added advantage (like
tax benefits) is the icing on the cake.
DIFFERENT TYPES OF HOME LOANS
IN INDIA-
Home purchase loans:
These are the basic home loans for the
purchase of new home.
Home improvement loans:
These loans are given for implementation
repair works & renovation in a home that has
already been purchased by the client.
Home construction loans:
These are available for the construction of
new home.
Home extension loans:
These are given for expanding or extending
an existing home for e.g.: addition of an
extra room etc.
Home conversion loan:
This is for those who have financed the
present home with home loan & wish to
purchase& move to another home for which
some extra funds are required through home
on version loan ,existing loan is transferred
to the new home including the extra amount
required eliminating the pre payment of the
previous loan.
Land Purchase loans:
This loan is available for the purchasing of
land for both construction and investment
purpose. Almost all leading banks offer this
loan like ICICI Bank (Land Loan), Axis
bank (Loan for Land Purchase).
Bridge loan:
These are designed for those people who
wish to sell the existing home & purchase
another one. The bridge loan help finance the
new home, until a buyer is found for the old
home.
Refinance Loans:
These loans help you to pay off the debt you
have incurred from private sources such as
relatives and friends, for the purchase of
your present home.
HOUSING FINANCE INSTITUTIONS IN
INDIA
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At present housing finance market has a keen
competition, among the public sector housing
finance companies, private sector housing
companies and banks. Housing Finance is an
important element of housing policies
persuaded by‟ the Governments of developed
and developing countries of the world. In
India the flow of credit into the housing sector
comes from two sources that is formal and
informal sectors. According to Dr. Rangarajan
Committee Report in the year 1987, the formal
sector has been boom in the financial markets.
The major housing financial institutions
meeting housing finance in India are as
follows:
(i) Scheduled Commercial Banks:
The Indian Mortgage Market has been
growing at around 18 percent in the fiscal year
2010-11 owing to enabling factors such as a
stable operating environment, buoyant
property prices etc. The share of Banks can be
attributed to extensive network and broad
customer base, access testable low-cost funds
and other regulatory mandates.
(a) Public sector banks: SBI, PNB, Bank of
Baroda, Dena Bank, Bank of India. Allahabad
Bank, OBC etc.
(b)Private sector banks: HDFC, ICICI Bank,
Axis Bank, IDBI, ING Vysya Bank etc.
(c)Foreign Banks: Standard Charted Bank,
City Bank, HSBC etc.
(ii) Housing Finance Companies:
Housing Finance Companies (specialized
institutions lending for housing) registered
with the National Housing Bank are a major
component of the mortgage lending
institutions in India. HFCs are regulated and
supervised by National Housing Bank under
the provisions of the National Housing Bank
Act, 1987 and the directions and guidelines
issued there under from time to time. The
regulatory measures include prudential norms,
transparent and standardized accounting and
disclosure policies, fair practice code, asset
liability management and other risk
management practices etc. DHFL, HDFC
GRUH, India bulls Housing Finance,
Sundaram BNP Paribas etc.
(iii) Insurance companies:
Insurance companies are another form of
housing financing institution, LIC Housing
finance is another major player in housing
sector in India with about 8% of market share.
Promoted by Life Insurance Corporation of
India, LICHFL has an extensive distribution
network with a strong brand presence. Other
insurance companies providing housing
finance is GIC Housing
Finance, New India assurance, National
Insurance, ICICI Lombard , TATA AIG, Bajaj
Allianz etc.
(iv) Micro Finance Institutions:
Microfinance Institutions or Non-
Governmental Organizations who are present
locally and have a bottom participative
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approach are making various efforts to cater to
the housing finance needs of the low income
segments of the society. The MFIs work on
the model of SHGs linked with Banks. The
National Housing Bank has recognized the
penetration of Housing Micro Finance
Institutions as delivery mechanisms for
channelizing housing finance to the un-served
sections of society and accordingly developed
a suitable Housing Microfinance Programme
to cater to the needs of this section.
(v) Developmental Financial Institutions:
HUDCO, SIDBI, NA-BARD, Apex Housing
cooperative society, State Cooperative
agriculture and Rural Banks etc., Development
Finance Institutions (DFIs) have mainly
catered to the medium to long-term financing
requirements. Industrial Finance Corporation
of India (IFCI) was the first DFI which was
established to extend long-term finance to
industry. Industrial Investment Bank of India
(IIBI) Ltd, Export-Import Bank of India
(EXIM) and Tourism Finance Corporation of
India (TFCI) Ltd which provide long-term
finance to various sectors; and ii) refinance
institutions such as National Bank for
Agriculture and Rural Development
(NABARD), Small Industries Development
Bank of India (SIDBI) and National Housing
Bank (NHB) which pro-vide finance to
banking as well as non-banking financial
intermediaries.
For achieving the objectives, the researcher
has taken four commercial banks in namely
PNB, Central Bank of India, HDFC Bank and
ICICI Bank. It includes two public sector
banks and two private sector banks.
LITERATURE REVIEW
La cour Micheal (2006) examined the home
purchase mortgage product preferences of
LMI households. Objectives of his study were
to analysis the factors that determined their
choice of mortgage product. The role pricing
and product substitution play in this segment
of the market and to verify whether results
vary when loans are originated through
mortgage brokers. In this case regression
analysis has been used and results have shown
that high interest risk reduces loan value.
Singh and Sharma (2006), in their study on
Housing finance in India –LIC housing
finance limited examined the development of
housing finance in India. The study was based
on the case study of LIC Housing Finance
Limited. From time to time the government
introduces a number of loan schemes for the
development of housing finance system in
rural and urban areas. Half of the population
of India lives in slums and shabby shelters in
rural areas. As per the development of housing
finance the National Housing Policy (NHP),
was introduced in 1988 and the NHB was set
up in 1988 as an apex institution for housing
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finance and a wholly-owned subsidiary of
RBI.
B. Satish Kumar (2008), in his article on an
evaluation of the financial performance of
Indian private sector banks wrote Private
sector banks play an important role in
development of Indian economy. After
liberalization the banking industry underwent
major changes. The economic reforms totally
have changed the banking sector. RBI
permitted new banks to be started in the
private sector as per the recommendation of
Narsimha committee. The Indian banking
industry was dominated by public sector
banks. But now the situations have changed
new generation banks with used of technology
and professional management has gained a
reasonable position in the banking industry.
Kajal Choudhary and Monika Sharma
(June, 2011), in their study on Performance
of Indian Public Sector Banks and Private
Sector Banks: A Comparative Study,
mentioned that The economic reforms in India
started in early nineties, but their outcome is
visible now. Increased competition, new
information technologies and thereby
declining processing costs, the erosion of
product and geographic boundaries, and less
restrictive governmental regulations have all
played a major role for Public Sector Banks in
India to forcefully compete with Private and
Foreign Banks. This paper was an attempt to
analyze how efficiently Public and Private
sector banks have been managing and they
focuses on taking suitable & stringent
measures to get rid of NPA problem. They
also mentioned that bank staff involved in
sanctioning the advances should be trained
about the proper documentation and charge of
securities and motivated to take measures in
preventing advances turning into NPA. Public
banks must pay attention on their functioning
to compete private banks. Banks should be
well versed in proper selection of
borrower/project and in analyzing the financial
statement.
Dr. P.S. Ravindra (2013), in their study on
“Operational and Financial Performance
Evaluation of Housing” has evaluated the
operational performance of LIC Housing
finance Limited and HDFC. Top housing
finance companies such as HDFC, LIC
Housing Finance witnessed loan book growth
of 22-37 per cent during the year ended March
2012, thereby increasing their market share. It
was concluded that the success of the LICHFL
and HDFC in the housing finance industry is
in its marketing network. They have more
number of marketing personnel than the
regular office staff. Even though, these two
housing agencies are good in sanctioning loan
disbursal and delivery of service to the
customers, they have to modify and
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differentiate their services from other financial
companies, which assure maximum benefit to
the customers.
Dr. Anand Kumar (2016), in his research on
“Growth and Impact of Housing Finance
on Indian Economy” concluded that the
housing sector contributes directly to overall
production activities of the economy like job
growth, tax revenue, wages, and the benefits
of shelter and wealth accumulation for
households. The housing sector is very
important for both local and national
economy. The results show that there is
significant great relationship between Housing
finance sector and employment.
Dr. Amit S. Nanwani (2016), in his research
on “A Comparative Study of Home Loans
Offered by Public and Private Sector Banks
in Nagpur District” concluded that both
public sector and private sector banks truly
deserve to be the leading banks in home loan
sector. Mostly people prefers public sector
banks for home loans, especially because they
believe that it is more secure bank and interest
rate is lower. It was found that private sector
banks are very popular among the customers
these days. The satisfaction level that
customer have with these banks is very high in
comparison to public sector banks. Customer
are associated with banks for many services
that they require on regular basis and people
tend to prefer banks which provide better
facilities and convenient banking. From the
overall analysis it can be said that the
satisfaction level in relation to the services
provided by private sector banks are very high
as compared to public sector banks.
OBJECTIVES OF THE STUDY
1. To study and compare the home loan
schemes offered by the Public Sector Banks
i.e. PNB,
Central Bank of India and Private Sector
Banks i.e. ICICI, HDFC.
2. To study marketing strategies of public &
private sector banks in housing Finance.
3. To study the customer‟s response regarding
the housing loans facility of the selected
banks.
SCOPE OF THE STUDY
The scope of the study involved getting
knowledge about the house loan schemes
offered by the Public Sector Banks & Private
Sector Banks and, also assess the problems of
the customers which they face at the time of
obtaining home loans & along with that
analyze the satisfaction level of the customers
while they deal with bank whether it is a
Private Bank or a Public Bank. The major part
of the study focused on making comparative
evaluation of the house loan schemes offered
by both private sector banks and public sector
banks. The scope of the study is limited to
Karnal, Kurukshetra, and Ambala.
JUSTIFICATION OF THE STUDY
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Literature revealed that not much research
work has been done in the area of housing
finance provided by various types of bank
from the customer‟s point of view, So the
study has been undertaken in some of the
cities to know about the satisfaction level and
problems of the customers in availing housing
finance along with that the different schemes
offered by the public and private banks. The
approach of the study was to get a deep insight
into the industry through a study which would
include all the details about the housing
finance, how many customers are aware of
housing finance schemes offered, how they get
informed about these, how they perceived it as
an effect of the offered schemes on the
satisfaction level of the bank customers. So,
two Public sector banks i.e. Punjab National
Bank & Central Bank of India and two Private
sector banks i.e. ICICI Bank & HDFC Banks
have been selected so that a comparative
analysis can be undertaken.
RESEARCH METHODOLOGY
For the study I have collected both primary
data as well as secondary data. The primary
data has been collected through the responses
of the customers through structured
questionnaires to check the satisfaction level
of customers about the home loan schemes
and their providers. In secondary data, the
annual reports of RBI, commercial banks and
broachers of these banks, articles published in
magazines, journals and newspapers have
been studied.
Sources of Data Collection-Primary data
source as well as Secondary data source.
Sample Size
The research was conducted on the sample of
100 respondents. Professionals, Bank
employees & other category people i.e. people
seeking home loans were selected for the
survey.
Sample Area
Karnal, Kurukshetra & Ambala
SAMPLING TECHNIQUE
The selection of the respondents was done on
the basis of convenience sampling.
RESEARCH TOOLS
Tools of analysis:-Analytical techniques have
been used to obtain findings and arrange
information in a logical sequence from the
data collected. After tabulation of the data,
researcher used the following quantitative
techniques:
PERCENTAGE ANALYSIS-
The data that is obtained from the
questionnaire is analyzed through percentage
Analysis.
The results are shown on the percentage basis.
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GRAPHS- Graphical representations are used to show the
results in simple form.
DATA ANALYSIS AND INTERPRETATION
SCHEMES OFFERED BY PNB, CNTRAL BANK OF INDIA, HDFC and ICICI BANK-
TABLE - CRITERIA FOR AVAILING HOME LOAN FACILITY BY SELECTED BANKS
BASIS PNB CENTRAL
BANK OF
INDIA
ICICI HDFC
Eligibility Min. Age-21years
Max. Age-70 years
(65yr for
professional)
Min. Age-
18years
Max. Age-60
years
Min. Age-
21years
Max. Age-
65years (60
years for
salaried)
Min. Age- 24 years
Max. Age-65years
(60years for
salaried)
Maximum Loan
Amount
25 lakh-75 Lakh 20 Lakh-75
Lakh
Up to 10crore 5 Lakh-10Crore
Rate of Interest 8.65%-8.75%
Floating
8.50% Fixed 8.65%-8.80%
Floating
8.5%-9.20%
Floating
Lowest EMI Rs. 780/- per lakh Rs. 769/- per
lakh for 30
years
Rs.762/- per lakh Rs.769/- per lakh
for 30 years
Loan Tenure 30 Years or 70 years
of age, whichever is
earlier
30 Years 30 Years 1 Year to 30 Years
Penalty 2%for outstanding
loan amount
2% 2% 2% for outstanding
loan amount
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Processing Charges Upto Rs.300 lakh-
0.5%,Max.20,000/-
exclusive of service
tax
Above Rs. 300 lakh-
Rs. 50,000/-
exclusive of service
tax
Up to0.50% of
the loan
amount subject
to Maximum
Rs. 20,000
0.50%-1% of the
loan amount or
Rs. 2,000,
whichever is
higher +
applicable
Service tax &
Surcharge
Up to 0.50% of the
loan amount or Rs.
2,000, whichever is
maximum(plus
taxes as applicable)
SOURCE- Dr. Amit S. Nanwani “A COMPARATIVE STUDY OF HOME LOANS OFFERED BY
PUBLIC AND PRIVATE SECTOR BANKS IN NAGPUR DISTRICT”, (2016).
INTERPRETATION-
The above table shows that the minimum
eligibility criteria required for age in PNB &
ICICI is 21 years, for HDFC is 24 years and
the least one is offered by the Central Bank of
India i.e.18 years whereas the maximum age
required in ICICI, HDFC is 65 years and in
PNB 70 years and in Central Bank of India is
60 years. The maximum Loan amount offered
by the PNB and Central Bank of India is
75lakh and other banks i.e. for ICICI & HDFC
is 10 Crore and the minimum loan amount for
PNB & Central Bank of India is 25 lakh and
20 lakh whereas for HDFC is 5 lakh. Central
Bank of India offers the minimum Rate of
Interest i.e. 8.50% Fixed, PNB and ICICI
offers 8.65%-8.75% and 8.65-8.80% Floating
Rate of Interest respectively and HDFC offers
higher Rate of Interest with 8.50%-9.20%
floating. ICICI Bank offers Lowest EMI with
Rs.762/-per lakh, Central Bank of India and
HDFC both offers Rs.769/-per lakh for 30
years and PNB has the highest EMI with
Rs.780/- per lakh. The table of the selected
banks i.e. PNB, ICICI, HDFC, Central Bank
of India all offers highest Loan Tenure of
30years.All the selected banks in the above
table charges 2% of Penalty on outstanding
loan. PNB Processing Charges are 0.5% or
maximum of Rs.20,000 exclusive of service
tax on loan amount of Rs.300 Lakh and
Rs.50,000 exclusive of service tax is charged
on the loan amount above Rs.300. Central
Bank of India charges 0.5% of the loan
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amount or maximum of Rs.20,000. The
Processing Charges of ICICI and HDFC are
0.5% - 1%of the loan amount or Rs.2,000
whichever is highest and additional service tax
and surcharge is applicable.
CUSTOMER RESPONSE TOWARDS HOUSE LOAN FACILITY OF SELECTED BANKS
TABLE- bank preference
Bank Segments Frequency Percent
Public Sector Banks 60 60.0
Private Sector Banks 40 40.0
Total 100 100.0
SOURCE- Survey Result
Bank Segments
Interpretation: Table depicts that out of the
total respondent‟s i.e.100, 60% of the people
have their account in Public Sector Banks and
the remaining 40% of the people are having
their account in Private Sector Banks.
Public
Sector
Banks, 60
Private
Sector
Bnaks, 40
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Table: accounts of respondents in banks
Account Holding Bank Frequency Percentage
ICICI Bank 19 19.0
HDFC Bank 18 18.0
PNB 31 31.0
Central Bank of India 9 9.0
SBI 14 14.0
Syndicate Bank 2 2.0
Corporation Bank 2 2.0
IDBI 1 1.0
Axis 1 1.0
BOB 2 2.0
Bank of India 1 1.0
Total 100 100.0
SOURCE- Survey Result
Account Holding Bank
Interpretation: The Table depicts that out of
the total respondents i.e. 100, 31 are having
their accounts in PNB, following by ICICI
Bank & HDFC Bank with 19% and 18%
respectively. SBI is holding the accounts of
14% of the respondents and the rest of them
are having their account in Syndicate bank,
19 18
31
914
2 2 1 1 2 105
101520253035
Account Holding Bank Frequency
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Corporate Bank, IDBI, AXIS, BOB and Bank of India.
Table: Duration taken by your bank to sanction a home loan
Duration taken for
Sanctioning of Home Loan
Frequency Percentage
0-1 Month 29 29.0
0-2 Months 26 26.0
0-3 Months 29 29.0
More than 3 Months 16 16.0
Total 100 100.0
SOURCE- Survey Result
Duration taken for Sanctioning of Home Loan
Interpretation: Table graph depicts that most of the bank takes one to three months in sanctioning
the loan and only 16% are among those who take more than three months in sanctioning of Home
Loan.
Table: Politeness of Bank Employees towards their customers-
This table shows us the mean and standard deviation value of the banks.
05
1015202530
0-1 Month 0-2 Months
0-3 Months
More than 3 Months
DU
RA
TIO
N T
AK
EN
FREQUENCY
Duration taken for sanctioning of Home Loan
Frequency
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Group Statistics
N Mean Std.
Deviation
Minimum Maximum
Public Sector Banks 100 1.5500 .50000 1.00 2.00
.
Private Sector Banks 100 1.1800 .38612 1.00 2.00
IN PUBLIC SECTOR BANKS-
Politeness of Bank
Employees
Frequency Percentage
Yes 45 45.0
No 55 55.0
Total 100 100.0
SOURCE- Survey Result
Politeness of Employees of Public Sector Bank
IN PRIVATE SECTOR BANKS-
Politeness of Bank
Employees
Frequency Percentage
Yes 82 82.0
0 10 20 30 40 50 60
Yes
No
45
55
Frequency
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No 18
18.0
Total 100 100.0
SOURCE- Survey Result
Politeness of Employees of Private Sector Bank
Interpretation-Table 13.1 conveys that 45%
respondents say that employees of Public
Sector Banks are Polite to them and 55% say
they are not polite to them. Table 13.2
conveys that 82% respondents say the
employees of the Private Sector Banks are
polite and 18% say they are not.
CONCLUSION
In nutshell, we can conclude that both public
sector and private sector banks truly deserve to
be the leading banks in home loan sector. The
services offered by them are very competitive.
Mostly people prefers public sector banks (i.e.
most have select PNB as per my study) for
home loans, especially because they believe
that is more secure bank, interest rate is lower
and because of having low processing
charges. On the other hand the private sector
banks are coming daily in our country and the
preference of younger population is changing
because of services & facilities provided by
them. Private sector banks are very fast and
lots of time they make things easy for
borrower and also bends some rules for home
loans but on the other hand public sector
banks rules are very strict and stringent. The
documents needed for home loan by private
sector banks are also less as compared to
0 20 40 60 80 100
Yes
No
82
18
Frequency
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public sector banks. It was found that private
sector banks are very popular among the
customers these days. The satisfaction level
that customer have with these banks is very
high in comparison to public sector banks.
Customer are associated with banks for many
services that they require on regular basis and
people tend to prefer banks which provide
better facilities and convenient banking. From
the overall analysis it can be said that the
satisfaction level in relation to the services
provided by private sector banks are very high
as compared to public sector banks. Different
banks offer same product but their services
differentiate and the bank has gone for in this
direction. The customer can choose these
schemes which he feels is good for him and
have the capacity to repay it on that specified
time period.
SUGGESTIONS-
Banks should use easy / simple
procedure for the sanctioning of home
loans to the customers.
The banks need to improve on the
customer satisfaction level due to stiff
competition among the banks.
Banks employees who deal with
customers should have complete
knowledge about the home loans.
More personal attention should be
given to the customers and working
efficiency should be increased.
The bank should improve their
customer service. The services
provided by banks need to be
automated.
The loan passing process should be
quicker by public sector bank like a
private sector bank.
Rate of interest should be competitive
and free accident insurance cover for
home loan customers should be
provided.
Many booklets and attractive
advertisement should be provided to
the customer for awareness about
different housing loan schemes of
public sector banks like private sector
banks.
LIMITATIONS OF THE STUDY-
This research study was time bound
and only certain criteria were taken up
for study.
The survey has been conducted in
Haryana i.e. (Karnal, Ambala &
Kurukshetra) region only. It may not
reflect the public opinion at large and it
was not good enough for perfectly
knowing about the housing loan
schemes of Public &Private Sector
Banks.
Some of the respondents might have
been biased in their responses as it
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depends on their experience gained by
them during processing of such loans
and the results of the study may not be
the same for all the cities & at all
places.
The sample size has not been that
much large (54) which may reflect the
broader picture.
Due to limitation of time and broad
sector of Housing Finance Sector, the
Banks & sample are selected as per the
convenience of the researcher and the
preference is given to only top banks in
the banking industry.
References:
Books
Banking Theory and Practice, P.k.
Srivastav, Himalaya Publishing
House.
Indian Institute of Banking &Finance
(IIBF), Home Loan Counseling
(„Know Your Banking‟ Series),
Taxmann Publications Pvt.LTD. New
Delhi, 2007.
Research papers and Articles
Kajal Chaudhary and Monika Sharma,
“Performance of Indian Public
Sector Banks and Private Sector
Banks”, International Journal of
Innovation, Management and
Technology (2011).
Dr. Shiv Kumar Garg and Dr.
Gajendra Kumar, “Housing Finance
in India : A Comparative Study of
Public and Private Sector Banks”,
Journal of Commerce and Trade
(2014).
D.D. Naik, “You and Your Housing
Co-operative”New Delhi: The
National Co-operative Housing
Federation Ltd. (1976).
G.Gopikuttan, “Housing Boom in
Kerala – Causes and
Consequences”, Ph.D. thesis, Centre
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