CHAPTER - I

INTRODUCTION
Housing is a primary human need next in importance only to food and
clothing. A first priority for a youngster who begins life is therefore to
plan for a house. This takes precedence over other household
expenditure and creature needs. Housing, however, is a major
expenditure and cannot be funded out of a family's normal monthly
income or savings. The prospective homeowner must look for a loan
substantial in size and so structured that he can repay it over a longer
period of time, in many cases almost one's entire working life.

Loan is offered to a borrower to purchase or build a new house on the

basis of his/her eligibility and the bank's lending rules. One of the
important basic human needs is shelter. House is the ultimate dream
of every middle class family. Government gave encouragement for
house finance subsidiaries by offering number of tax concessions
to individuals. With the overall encouragement
given to this sector, a number of players entered in housing finance.

One of the most important benefits of taking a home loan is the

interest rate that is allowed on the home loan. Fixed and variable
interest rate options are also available for home loans. Many financiers
also offer home improvement loans at the same interest rate as they
offer the home loans.
TITLE OF THE STUDY:

The present study is titled as “A PROJECT REPORT ON ICICI HOME LOANS”.

OBJECTIVE OF THE STUDY:

The following are the objective of the present study:

1. The main objective of doing this project is to study the corporate culture.

2. To analyze Indian home loan market and its growing trends.

3. To analyze various methods of operating a home loan.

4. To gain knowledge about various home loan products.

5. To know various rates available while providing home loan.

 CHAPTER - II

COMPANY PROFILE
ICICI Bank Limited (the Bank), incorporated on January 5, 1994, is a banking
company. The Bank is engaged in providing a range of banking and financial
services, including commercial banking, retail banking, project and corporate
finance, working capital finance, insurance, venture capital and private equity,
investment banking, broking and treasury products and services.

The Bank's business segments are Retail banking, Wholesale banking, Treasury,
Other banking, Life insurance, General insurance and Others. The Retail banking
segment includes exposures, which satisfy the criteria of orientation, product,
granularity and low value of individual exposures for retail exposures laid down in
Basel Committee on Banking Supervision document International Convergence of
Capital Measurement and Capital Standards.

Wholesale Banking includes all advances to trusts, partnership firms, companies

and statutory bodies, which are not included under Retail Banking. Treasury
includes the entire investment and derivative portfolio of the Bank. Other banking
includes leasing operations and other items not attributable to any particular
business segment of the Bank. Life insurance represents results of ICICI Prudential
Life Insurance Company Limited. General insurance represents results of ICICI
Lombard General Insurance Company Limited.

Others includes ICICI Home Finance Company Limited, ICICI Venture Funds
Management Company Limited, ICICI International Limited, ICICI Securities
Primary Dealership Limited, ICICI Securities Limited, ICICI Securities Holdings Inc.,
ICICI Securities Inc., ICICI Prudential Asset Management Company Limited, ICICI
Prudential Trust Limited, ICICI Investment Management Company Limited, ICICI
Trusteeship Services Limited and ICICI Prudential Pension Funds Management
Company Limited.

The Bank has a network of approximately 18,210 branches and automated teller
machines (ATMs). The Bank's mVisa service allows customers to scan a Quick
Response (QR) Code at merchant outlets and make a payment. Its Eazypay
enables customers of all banks to pay merchants online without any registration.
Voice Biometric enables the Bank to recognize its customers' voices over the
phone, allowing them to access their accounts.

Its iLoans application allows customers to track and access all their loan-related
details. Its Money2World is an online outward remittance service for resident
Indians. The Bank has approximately 110 Touch Banking branches across over 30
cities. The Bank has opened over 20 million Basic Savings Bank Deposit Accounts
(BSBDA) through its branch and Business Correspondent (BC) network.

The Bank offers a suite of banking products and solutions to Small and Medium
Enterprises (SMEs) for meeting their business and growth requirements. The Bank
also offers supply chain financing solutions and small-ticket funding to the
channel partners of large corporates. The Wholesale Banking Group (WBG)
provides customized solutions to corporate clients by analyzing their specific
business and financial needs.

It provides an array of financial solutions for working capital finance, export

finance, trade, transaction and commercial banking, foreign exchange and
derivative products and rupee, as well as foreign currency term loans. The
Commercial Banking Group manages banking transactions, trade based
requirements and cash management needs of corporate customers. Its treasury
operations comprise the Asset Liability Management Group, Markets Group and
Proprietary Trading Group. The Asset Liability Management Group actively
manages the Bank's liquidity and securities portfolio held for compliance with
statutory and regulatory requirements.

The Markets Group offers foreign exchange and derivative solutions to clients.
The Proprietary Trading Group manages trading positions within the approved
risk limits. The Bank's international banking is focused on providing end-to end
solutions for the international banking requirements of its Indian corporate
clients and leveraging economic corridors between India and the rest of the
world.
CHAPTER - III

RESEARCH
METHODOLGY
In today’s scenario market conditions are ever changing and unforeseen. In
banking world these conditions depends upon the government policy, national
stock market and international stock market.

Though there are many loans schemes provided by bank but the public cannot
avail it due to following reasons:

 Although people require loan for their needs, but being procedure very
long n tiring they usually drop the idea of taking loan.

 Being the formalities quite complicated and time consuming, hence the
time in which people require loan, passes.
 OBJECTIVES AND SCOPE OF THE PROJECT

The objective behind choosing this topic is to know about the various loans and
advances provided by banks for individual or business concerns that help them to
cater their needs and to establish new industries or compete the present market
conditions respectively

Today’s generation want to fulfil their every need. They live in the present, so, to
fulfil their every need they avail loans n advances from the financial institutions.
So it is very important to know about the present scenario of prevailing loan
schemes in the bank.
I want to make my career in banking sector, as it is a very booming industry and
have attracted me the most. So this project will help me knowing more about
Banking Industry.

DATA COLLECTION

Following in order to complete project report a study of various loan

schemes of Punjab National Bank, methodology has been adopted.

The very first step I have taken is that I have collected all the data which
are required for study, after that I have extracted the things out of
information, which are needed for my project.

There are two main types of data collection i.e.

1. Primary Data.

2. Secondary data.
Primary Data:
It means collection of information for the first time. In order to collect
such type of information constructed and information is collected from
the respondent. In my project report study of housing loan schemes
primary data is collected by interviewing the bank staff.

Secondary data:

Secondary data are information, which has already been collected by

others. In order to carry out my project successfully I have relied on the
secondary data already available.

The section 5 (b) of the Banking Regulation Act 1949 defines Banking as,"
Accepting for the purpose of lending or investment of deposits of money from
the public, repayable on demand or otherwise and withdraw able by cheque ,
draft or otherwise."A "home loan" is a credit to a consumer for the purchase
or transformation of the priva te immovable pro perty he owns
or aims to a cquir e secured either by a mor tgage on immovable
property or by a surety commonly used in a Member State for that
purpose."A home loan requires you to pledge your home as the lender's
security for repayment of your loan. The lender agrees to hold the title
or deed to your property until you have paid back your loan plus
interest.
 In simple words a home loan is a fund or the loan which the buyer has
taken from any financial institution or b a n k t o p u r c h a s e a n e w
h o m e a t a n a g r e e d r a t e o f i n t e r e s t specified during the contract.
Home loa n is the finance borrowed from a bank or financial
institution to buy or mo dify a resi dential real esta te pro perty. Any
Resident or Non-resident individual who is planning to buy a house in India can
apply for a Home loan. If you have decided to buy a proper ty i n the near
futur e yo u can ev en apply for a loan before you select your property.

SCHEMES OF HOME LOANS:

Home loans for construction of new house / flat,

purchase of old house/ flat, etc:

Initially, lenders approved a home loan for family/own

residenceo n l y . A f t e r g a i n i n g e x p e r i e n c e a n d m o r e i m p o r t a n t l y
to bec o m p e t i t i v e , l e n d e r s n o w a p p r o v e l o a n s e v e n w
h e n t h e a ppli ca nt has more than one ho use or fla t/apar tment.

Today there is no general restriction on the number of houses owned b y

an individual. The only stipulation is that the home loan
funds should not be used for commercial purposes.

Home extension loan:

These loans are given for expanding or extending an existing home.
These are some o f the i nsta nces fo r which you co ul d take an
Extension Loan.

•To construct an additional room or floor by getting additional FSI granted.

•Using grills or sliding windows to enclose the balcony.

•Construction of a garden or garage in the building vicinity.

Home improvement loan:

H o m e i m p r o v e m e n t l o a n s f o r r e p a i r s / r e n o v a t i o n i n c l u d i n g wa
terproof, plumbing, compound wall, digging of well/tube-well, flooring/tiling,
additions like built-in cupboards /shelves, internal
repairs including replacing doors/windows, etc. A loan for
purchase o f h o u s e h o l d f u r n i t u r e i n c l u d i n g s p a c e - s a v i n g
furniture (kitchen racks, cupboards, etc) may also be sanctioned as a home
improvement loan.

Home loan for purchase of housing site:

Here ag ain, i nitia lly ma ny ba nks di d not approve s uch loans.

However, market forces have now made this a universal feature o f t h e h o m e
l o a n m a r k e t . H o w e v e r , c a r e h a s b e e n t a k e n i n structuring the
schemes for avoiding financing for purchase of land for speculative lation
purposes.

Home Equity Loans:

A home equity loan (sometimes abbreviated HEL) is a type of loan in

which the borrower us es the equi ty in their home a s collateral.
These loans are s ometimes useful to help fina nce major home repairs,
medical bills or college education. A home equi ty loa n creates a lien
against the borro wer's house, and reduces actual home equity.
Rate of Interest
:The lender decides the rate of interest chargeable on the
homeloan, taking the following into consideration:
1.Cost of funds:
The cost of funds is different for each lender, depending uponthe mix of
liabilities, liability-raising costs (based on the image of t h e b a n k i n t h e m a r k e t )
a n d w i t h d i f f e r e n t c o s t s i n d i f f e r e n t maturity buckets.
2.Tenor of the loan:
Generally, banks have borrowed funds with maturities up to 5years, and some
capital fund surpluses, which may be availablefor allocation to home loan assets.
3.Capital allocation costs:
Banks are required to allocate capital based on the risk weightof each class of
asset taken on to the balance sheet.
4.Costs of administering the specific scheme.
5.Swap costs, other funding costs

6.Profit margin7.Tenure of the loan is an important factor

i n p r i c i n g the loan8.Special considerations like group lending, which
maybring down the administration or monitoring costs.9 . C o m p e t i t i o n :
The lender may have to levy interest at market rates, even if his cost plus
margin is higher than competition.
SECURITY:
1 ) A s i m p l e r e g i s t e r e d m o r t g a g e o r e q u i t a b l e m o r t g a g e o n the property
acquired out of the loan is taken as security. Thisis the primary security for the
loan.2 ) I n c a s e o f f l a t s o f a g r o u p h o u s i n g s o c i e t y ,
t r i p a r i l i t e agreement shall be entered into.3 ) I n c a s e o f j o i n t l y o w n e d
properties, it should be ensuredt h a t a l l t h e c o -
o w n e r s a n d c o - A p p l i c a n t s e x e c u t e t h e documents.
STEPS INVOLVED IN GETTING HOME LOAN:
STEP 1:Submit an Application form along with relevant documents:
T h e f i n a n c e c o m p a n y w i l l p r o c e s s c u s t o m e r ’ s a p p l i c a t i o n t o check
the loan eligibility based on the persons income andp e r s o n a l p r o f i l e . U s u a l l y a n
up front (non –refundable fee) of a b o u t 0 . 5 -
1 % o f t h e l o a n a m o u n t m u s t b e p a i d b e f o r e processing
begins.
STEP 2:
Verification of the property and supporting documents:(Usually takes 5-7 working
days after Step1)A company representative may visit the property as well as
ther e s i d e n c e t o v a r y i n f o r m a t i o n s u b m i t t e d i n t h e p e r s
o n s application form. Further, a property valuation maybe carriedout by the
company to determine the maximum amount they arewilling to lend you. Any
references submitted by the person inthe Application Form may also be
contacted. The person maybe personally interviewed and any further
clarifications in thedocuments submitted maybe sought.
Step:3Sanction of the loan:(Usually on the 7th working days after Step 1A sanction
letter is issued which the customer will have to sign.T h i s l e t t e r wi l l c o n t a i n t h e
a m o u n t a n d t h e t e r m s o f t h e l o a n . Some companies specify the period for which
the loan sanction i s v a l i d . T h e p e r s o n w i l l h a v e t o p a y
a Commitment fee

(normally 1% of the unutilized loan amount) if you do not drawon the entire
sanctioned amount before that period.
STEP 4:
Submission of the original Property documents and signingthe
loanAgreement(Usually on the 8-10th working days after Step 1)T h e c u s t o m e r
w i l l b e r e q u i r e d t o l e a v e t h e t i t l e d e e d o f t h e property with the
company as a security for the loan. He will berequired to go to the company’s office to
execute the legal loanpapers.
STEP 5:
Disbursal of the Loan Cheque(Usually on the 10 –15 working days after Step 1)The
person can draw the loan in parts depending on the stageo f c o n s t r u c t i o n o f
t h e b u i l d i n g . U n t i l s u c h t i m e t h a t t h e e n t i r e sanctioned amount is NOT drawn,
you will pay a simple intereston the Actual Amount drawn (without any principal
repayments).T h e E M I p a y m e n t s w i l l c o m m e n c e o n l y a f t e r t
h e e n t i r e Sanctioned Loan Amount is drawn.
EQUATED MONTHLY INSTALLMENTS (EMI):
The monthly repayment by the applicant is related to his cash
11

flow. There is an element of interest and of principal in

t h e monthly payments. The interest payable over the period of theloan is
calculated and added to the loan amount to arrive at thetotal payable amount .this
amount, divide by the total number
of m o n t h l y i n s t a l l m e n t s i s c a l l e d e q u a t e d m o n t h l y i n s t a l l m e n t (EMI
).
CHARGES IN HOME LOAN:
Acquiring a Home Loan doesn’t only involve the cost of
homel o a n i n t e r e s t r a t e s b u t i t a l s o i n c l u d e s o t h e r c h a r g e s & f e e
accompanying at various stages of taking the Home loan.
Youm u s t c o n s i d e r a l l t h e s e c h a r g e s w h i l e c o m p a r i n g t h e c o s t stru
cture across banks. Following is the detailed fee structureincurred by banks at
different loan stages:
• Processing Charge:
It is a fee payable at the time of submitting the loan applicationto the bank which is
normally non-refundable. The fee rangesbetween 0.5 per cent and 1 per cent of
the loan amount.
• Administrative Fee:
It is a fee incurred by banks at the time of loan sanction; thereare few banks
who have removed this fee so you must check itwith all the banks.
• Prepayment Penalties:
12

W h e n t h e b o r r o w e r p r e - p a y s t h e l o a n b e f o r e t h e l o a n t e n u r e , banks
charge a penalty which usually varies between 1 per centand 2 per cent of the pre-paid
amount.
• Legal Charges:
Banks also incur some charges from the customer for legal andtechnical verification of
the property.
• Delayed payment Charges:
When there is a delay in the payment of your EMI,
b a n k s c h a r g e a l a t e p a ym e n t f e e f r o m t h e b o r r o we r wh i c h
n o r m a l l y ranges from 2% to 3% of the EMI.
• Cheque bounce charges:
Banks charge between Rs. 250 and Rs. 500 for every bouncedcheque towards the
loan payment because of lack of funds inyour account.
POINTS CONSIDERED BY BANK WHILE GRANTING HOMELOAN:
The borrower’s eligibility of getting a home loan depend
uponh i s / h e r r e p a y m e n t c a p a c i t y & t h e b a n k s e s t a b l i s h t
his
13

repayment capacity by considering various factors such income,spouse's income, age,

number of dependants qualifications
,a s s e t s , l i a b i l i t i e s , s t a b i l i t y a n d c o n t i n u i t y o f o c c u p a t i o n a n d savings
history.
IMPORTANT POINTERS IN HOME LOAN:• Increase your Loan eligibility• Credit
History:
Your chances of getting a home loan are increased if you havea good credit
history which is known by banks by checking theb o r r o we r ’ s C i b i l s c o r e .
N o w i t i s ve r y h a r d t o g e t a l o a n f r o m another bank when you already have a
bad debt with one bank.
• Clubbing of income:
Your eligibility to take a home loan will augment when you clubyour income with your
spouse’s income, bank in this case willcalculate your eligibility on the basis of
the clubbed income of both the applicants. You can club incomes of spouse,
children& parents staying with you and having regular income.
• Enhance your loan tenure:
Longer is the loan tenure, lower will be the EMIs which further i n c r e a s e s
the repayment capacity of the borrower & in turn
14

enhances the loan eligibility.

• Step-up Loan:
I n t h i s t y p e o f l o a n E M I ' s r e m a i n l o w i n t h e b e g i n n i n g & incr
ease gradually as and when the borrower’s spending power increases. Therefore
lower EMI's in the initial years
enhancest h e b o r r o w e r ’ s a b i l i t y t o p a y & f u r t h e r i n c r e a s e s t h
e l o a n eligibility
• Increase the down payment:
Y o u m u s t k n o w t h a t i n a h o m e l o a n b a n k f i n a n c e s o n l y 8 5 t o 90% for the
property & the rest amount has to be funded by theborrower. You should increase
the down payment if you
havem o r e t h a n r e q u i r e d a m o u n t w h i c h w i l l m i t i g a t e y o u r d e
b t considerably.
TAX BENEFITS IN HOME LOAN:

Past record:
The home loan borrower enjoys Tax Benefits on both Interestp a i d & t h e
P r i n c i p a l r e - p a i d . U n d e r S e c t i o n 2 4 ( d ) o f I n c o m e Tax, the deduction of
interest payable on the home loan is up toa maximum of Rs. 1, 50,000.

U n d e r S e c t i o n 8 0 ( c ) o f I n c o m e T a x, P r i n c i p a l a m o u n t f o r t h e
15

r e p a ym e n t o f l o a n a l o n g w i t h o t h e r s a v i n g s & i n ve s t m e n t s i s eligible for

tax deduction up to aMaximum limit of Rs. 1, 00,000.
Recent changes:
According to the new policy changes of the direct tax code billintroduced in
the parliament in the month of august 2010 onlyu p t o R s 1 . 5 l a k h d e d u c t i o n
i s a l l o we d o n t h e i n t e r e s t p a i d o n t h e h o u s i n g l o a n a n d t h e r e i s n o
d e d u c t i o n a va i l a b l e o n t h e principal amount. So if your equated monthly
installment is Rs1.50 lakh, comprising interest and principal outgo of RS
75000each, you can avail deduction of only the interest.
16
Suggestions regarding HRD in banks: The staff of SBI and
ICICI bank has to be courteous and polite. The banks
required hiring right kind of people, with adequate
knowledge of banking especially at banks call centers.
Training programmes should be devised for all staff
including call centre and Staff of Direct Sales Associates
or Associates of these banks. More importance should be
given to upgrade product knowledge and communication
skills in such training programmes. There is a need for
banking staff to have training in the areas of technology
and interactive skills. The marketing personnel selected by
direct sales associates of ICICI bank and SBI should be
more qualified, in terms of education, product knowledge,
communication skills etc. In the bank the customer ahs his
first introduction with bank at front desk. The person who
is presenting the services to the customers is identified
with the services offered so the banker or the professional
who is offering the banking services to the customers
should be good in his appearance, his attitude which
should be appealing to the customers. Proper dress code,
perfect surroundings, attractive interiors, ambience and
courteous staff at the counters are must to attract the
customers. The personnel at front desk also need to be
developed to deliver service quality. The bank should
attract best talent and retain that talent by right kind of
policies in respect of salary, incentives, etc. Develop
service oriented internal processes.

LIMITATIONS OF THE STUDY The study involves field

study of customers of ICICI bank and Customers of SBI to
find out about the satisfaction from the services of above
bank and the reason for dissatisfaction. For this purpose
the questionnaire was administered to the customers of
ICICI bank and SBI Bank. One limitation of this study
comes from the fact that the field study was conducted
only in Bombay. A more extended geographical sample
may show greater differences among perception. The area
of study is of branches located in Bombay. An ideal effort
would have been study of nationwide survey converging
the customers of ICICI bank and SBI. But since this was
individual attempt to study the satisfaction level among the
customers of ICICI bank and SBI. It was not viable to carry
out nationwide survey of customers because of time, cost
and other resources constraints. Consequently it had to be
limited to sample account holders and bank branches of
ICICI bank and SBI in Bombay. It is noticed that the banks
under study are more active in urban and metropolitan
markets. Efforts have been made to collect significant data
and information from all possible way and sources, there
had been some dithering on the part of the official of the
recognized organization and institutions in giving out their
experiences and providing required data. Similar
restrictions were observed on the part of the officials of the
recognized organization and institutions in giving out their
experiences and providing required data. Similar
restrictions were observed on the part of the customers
while giving information relating to satisfaction, cost,
income, and aspects. Their personal inhibition and short
memory were observed to be the shortcomings, as they
could not give or information. Another limitation of this
study comes from the fact that the Indian financial market
could not be termed as a mature market in terms of
acceptance of electronic banking as compared with other
western countries. There is chance for easy generalization
because of this fact. The research tool applied for
comparing satisfaction could improve by adding more
variable capturing non financial banking services and the
profile of customers.

The study concludes to be valuable to ICICI bank and SBI

as it is based on the opinion of customers and bank
employees (marketing staff). It is useful for other private
sector and Public sector banks also in formulating their
policies regarding launch of new banking product, in order
to reach the level of success achieved by these two
banks. It also point out reasons for dissatisfaction among
bank customers and provide meaningful solution to their
problems. The study conducted will help the private Sector
Banks and Public Sector Banks in addressing the
marketing problems and difficulties faced by these banks
while marketing their services to customers. The study
also helps in solving the problems faced by the customers
and the effective implementation of marketing strategies of
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