A Study on Risk Financing and Market Share of Banks in India

8/12/2019 A Study on Risk Financing and Market Share of Banks in India

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KIJECBM/APRIL-JUNE2014/VOL-1/ISSUE-2/A5 ISSN:2348-4969

KAAV INTERNATIONAL JOURNAL OF ECONOMICS , COMMERCE

&

BUSINESS MANAGEMENT

A STUDY ON RISKS AND MARKET SHARE OF HOUSING FINANCE BY

INDIAN BANKS (WITH SPECIAL REFERENCE TO HDFC AND SBI)

Mrs. Suksham Rani Aneja*1

Dr. Bhisham Kapoor2

1

Assistant Professor , IMS , Noida2Associate Professor , MMH College , Ghaziabad

ABSTRACT

Unique risks are posed by lending involving 10-30 year maturities as well as legal aspects of mortgage lending in

spite of the fact that all lending involves a variety of risks that must be allocated, managed, and priced. The

principal risks associated with financial intermediation are well known: credit, market, liquidity, foreign

currency, operations (or business), and political. There are various factors affecting the mortgage value including

house prices, interest rates, and the legal environment for enforcing the mortgage lien. In this paper, an attempt

is made to identify the major risks present in mortgage lending, review how these risks are taken and market

share is being captured by Public sector banks and Private sector banks

Keywords: Risk, Market Share, Housing Finance, Home Loan by SBI, Home Loan by HDFC


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Introduction

One of the most basic necessities of a living being is a place to live, which can be called own. But

everybody is not so privileged to have access to decent housing, particularly in a developing country like

India. Keeping this aspect in a key element of public policy in many countries has been to encourage

house ownership largely through fiscal incentives and better availability of housing finance. At the same

time, many innovations have been encouraged by the demand for housing finance, at times resulting in

financial crisis like the recent one. While development of housing finance in advanced countries has a

long history, the expansion of housing finance by the formal financial sector in India is of relatively a

recent origin. Besides one needs to keep in mind other factors continuously stimulating demand for

housing finance as well such as demand-supply gap, our favourable demography, increasing

urbanization and better growth prospects. The need of the hour is expansion of housing finance to a

wider section of the population with the necessary safeguards to preserve financial stability. Globally,

developments in housing markets and house prices have drawn considerable attention of both

academicians and policy makers circles in the aftermath of the global financial crisis.

Indian Home loan market in India is dominated by two players (State Bank of India & HDFC Ltd). State

bank of India has its largest network of branches and is quiet aggressive in pricing and distribution of

their home loans. HDFC ltd with its dedicated Home loan branches is close to SBI in terms of

disbursals etc. SBI home loan is known for its lowest rates and HDFC ltd for the best process to

disburse a loan. Borrower can make the decision on the basis of rate, convenience, loan amount

eligibility and property. To capture more and more market share an interest battle is going on between

the two leaders which is discussed here in the context of developing Indian economy considering State

Bank of India and HDFC as Case studies in this regard.

The whole paper is divided into five sections. In Section I present scenario of Housing Finance is

studied in the context of Indian Economy. In Section II overview of growth of Housing finance provided

by public and private sector banks is put forth. Section III explains the Risks with respect to Housing

Finance arena are discussed.


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In Section IV Market share captured by SBI and HDFC bank and their interest rate battle happening in

recent time is elucidated. Section V concludes the paper with suggestions for better competitive

strategies to be adopted by banks

This paper focuses on the availability of housing finance to the common man in India through the wide

spread of Indian Banking System and the risk involved therein. It also focuses on the various home loan

provided by SBI and HDFC and their market share in this regard. In the conclusion, efforts have been

made to throw light on some of the suggestions for further improvement.

Objectives of the study

1.

To gain insights into the risks of Housing finance faced by Indian banking sector.

2. To study the growth of housing finance provided by public and private sector banks.

3. To analyze patterns of changing interest rates of home loan by HDFC and SBI to face the market

challenges.

Section I: Present Scenario of Housing Finance in Indian Economy

Given the immense growth potential the Indian housing finance industry is on a strong footing . Due to

increasing incidence of bad loans in infrastructure and small businesses Home loans are among the

fastest growing segments. Sometimes borrowers get a better deal for home loan from the bank as

compared to top corporate as Banks are finding home loans a safer avenue.

Mortgage industry in India has got conducive growth environment with strong demand drivers. Most of

the borrowers are first-time home buyers primarily in working class group. Average age of the borrower

is 30-35years and with limited liability. As a result the mortgage need is towards end-use and not for

speculation. Besides the borrowers are risk averse by nature. So it is unlikely that they will default on

loan repayments linked to the apartments, in which they are dwelling. Further, stability in the income of

the borrower with lower age ensures lender for timely repayment of loan and limited risk of default.


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Adequate credit appraisal with comfortable loan-to-value and installment/ income ratio has ensured

growth with stable asset quality to the lender. Due to conservative nature of the borrower and his mind-

set towards the liability, it has been observed that the repayment has been far too early against the

maximum loan tenure limit of 20/25years. Other factors which ensure steady growth are Improving

demographics and stringent regulations.

Data released by the on sectoral growth of credit shows that bank loans to housing

rose 13.5% during April to December 2013 to Rs 5,18,500 crore. Last year, the growth in outstanding

home loans for the same period was 11%. This comes at a time when overall bank credit has grown

9.1% and credit to the industry has grown by only 8.1%.

According to Arundhati Bhattacharya, chairman, State Bank of India, bad loans in home segment are

very low. This reduces the cost of credit for lenders as the bank does not have to set aside large amounts

for defaults. This enables the bank to provide loans up to Rs 75 lakhs at 10.1% for women and 10.15%

for men (as on Wednesday, 29 January 2014)

Announcing the bank's results on Wednesday, 29 January 2014, Chanda Kochhar, MD & CEO, ICICI

Bank, said that the lender has managed to grow its loan book largely due to retail loans. "We are

continuing to strengthen retail franchise and pursuing growth in retail mainly secured housing and auto

loans. Quarter-on-quarter, we have been able to increase share of retail to 30% of loans and advances.

The bank's retail loans have grown 22% and mortgages have grown 23%."

Shinjini Kumar, director, PricewaterhouseCoopers, said, "Banks consider home loans as safe because

the loan-to-value ratio in home loans is low." He added that the tax structure also encourages the

purchase of second house as an investment as the interest expenditure on the home loan can be used to

offset earnings from the property.


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"Individual companies may not see the risks in their portfolio but if such lending increases, there is a

possibility that risks may build up in certain pockets. Once you go out of the large cities, it becomes

difficult for banks to source quality borrowers and this results in concentration of loans in certain

pockets and this could lead to risks at the systemic level," said Kumar.

Bankers across the board said that housing was seen as a safe option at a time when bad loans were on

the rise in infrastructure, metals and textiles - the top three segments in terms of bank lending and also in

terms of non-performing assets.

Section II: Growing Housing Finance by Indian Banking Sector

Reserve Bank of India has been facilitating the flow of credit to housing sector in pursuance of National

Housing Policy of Central Government. Current focus of RBI's regulation is to ensure orderly growth of

housing loan portfolios of banks as housing has emerged as one of the sectors attracting a large quantum

of bank finance. As a part of the strategy to overcome the immense housing shortage, the Central

Government adopted a comprehensive National Housing Policy which, among other things, visualized

development of a viable and accessible institutional system for the provision of housing finance.

Through their vast branch network Banks occupy a very strategic position in the financial system and

were required to play an important role in providing credit to the housing sector in consonance with the

National Housing Policy. Banks could deploy their funds under the housing finance allocation as direct

finance, indirect finance, investment in bonds of NHB/HUDCO, or combination thereof. In this paper

more focus is on Direct Housing Finance, which refers to the finance provided to individuals or groups

of individuals including co-operative societies. Banks are free to evolve their own guidelines with the

approval of their Boards on aspects such as security, margin, age of dwelling units, repayment schedule,

etc.

Indian Home loan market in India is dominated by two players (State Bank of India & HDFC Ltd). State

bank of India has its largest network of branches and is quiet aggressive in pricing and distribution of

their home loans. HDFC's home loan growth has been higher than the rate at which banks have been


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increasing their housing finance portfolio in the last few years. The growth in housing finance portfolio

of banks in 2010-11, 2011-12 and 2012-13 was estimated at 15 per cent, 12.3 per cent and 14 per cent

respectively. During these periods, HDFC grew its home loan portfolio by 27 per cent, 27 per cent and

31 per cent.

SBI's home loans grew 20 percent in the September quarter from 13 percent a year earlier, while HDFC

was flat at 23 percent, according to a report by Ambit Capital this month.

HDFC housing loans is a popular home loan option in India. Every year a large number of people fulfill

their dream of securing their homes through HDFC with the help of the housing loans offered. The

primary objective of HDFC is to enhance residential housing stock in the country through the provision

of Housing Loan in a systematic and professional manner, and to promote home ownership objective is

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

overall domestic financial markets. For this purpose various types of home loans are provided such as

Home Loan/ Home Improvement Loan /Home Extension Loan / Short term bridging Loan/Land

Purchase Loan/Home equity Loan/Home for NRI

Section III: The Risks of Housing Finance

Riskis the potential of loss (an undesirable outcome, however not necessarily so) resulting from a given

action, activity and/or inaction, foreseen or unforeseen. The notion implies that a choice having an

influence on the outcome sometimes exists (or existed). Potential losses themselves may also be called

"risks" without any indication of cause. Any human endeavour carries some risk, but some are much

riskier than others.

Notwithstanding the desirability and beneficial role of housing finance, sharp rise in house prices

coupled with rapid growth in housing credit does raise concerns in the context of financial stability.

A higher order risk of default and lower order scope of eventual recovery is contained in this sector


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since the fate of real estate is interwoven with macro-economic fundamentals and volatility of asset

prices. Like all lending, housing finance is exposed to a number of risks. These risks can be classified in

the following categories:

1. Credit risk:Credit risk is the risk that the money will not be returned, with what- ever interest or

other charges are due, in a timely manner. It depends on the borrowers ability to pay the loan from

income or other resources. The risk is that, in case of default, the collateral sale price will be less than

the outstanding balance on the loan plus costs of foreclosure; and another risk is that the collateral

cannot be seized in a reasonably rapid manner. Extensive research shows that banks provide a greater

supply of larger mortgages at lower rates of interest in regions and countries that have shorter and more

dependable foreclosure processes.

2. Liquidity risk:Liquidity risk is the risk that the money will be needed before it is due and a lender

cannot meet its cash outflow needs. It is a broader financial stability issue prominent in housing finance

because the long-term nature of mortgages creates greater liquidity risk than other types of lending.

Lenders manage liquidity risk through funding diversification and planning.

3. Market risk: Market Risk is the possibility of loss a Bank may suffer on account of changes in values

of its trading portfolio due to change in market variables such as exchange rates, interest rates, equity

price, etc. It stems from uncertainty with respect to expected inflation, actual inflation, real interest rates

and exchange rate. Since housing finance is a lending for longer term this fact greatly increases the risk.

Principal determinants of the market risk are macroeconomic environment and the characteristics of

mortgage instrument. Market risk management process at the Bank consists of identification, and

measurement of risks, control measures, monitoring and reporting systems. The risk that changes in

market conditions will alter the scheduled cash flows (real or nominal) among the parties involved in

intermediation thus leading to cash flow risk. Market risk can be allocated between the borrowers,

lenders, and in many markets, investors through the financial terms of a mortgage loan that is, fixed or

floating rate, Constant or price-level-adjusting principals.

4. Agency risk: Agency risk occurs due to separation of functions of lending. In such a case a

divergence of interests will cause an intermediary to behave in a manner other than that expected and

thus causing agency risk. At primary level lenders may depend upon brokers and appraisers. Lenders


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depend on brokers to market and process loans; and on appraisers to value the collateral. In secondary

markets, investors depend on third-party originators and servicers to underwrite, collect, and remit

payments. These agency risks are managed by lenders and investors through specific contract terms,

quality controls, and use of latest technology.

5. Operational or Business risk:Operational Risk is the risk of loss resulting from inadequate or failed

internal processes, people and systems or from external events. It includes the risk of loss from

incomplete documentation, automated system failures, data entry errors, rogue traders, and computer

security breaches. Mortgage lenders are more prone to this risk due to the transaction intensity of the

mortgage business, long and complex documents that establish the mortgage lien, long term to

maturities etc. Banks need effective controls, systems, and business processes to manage the credit

underwriting process and all of the associated paperwork and robust automated systems and controls to

efficiently process the monthly payments on the thousands of loans for long-term maturities.

6. Systemic risk:Systematic risk is related to the whole system of the economy so systematic risk is the

risk that a crisis at one institution or in one part of the system will spread to the rest of the system. When

there is a sudden and sharp decline in property values systemic credit risk can arise. Such decline may

be local in nature (for example, a large firm leaves the area or goes bankrupt then real estate prices in

that area may go down) or national (for example, because of a large, unanticipated change in the

inflation rate). This can lead to market failure. Lenders cannot diversify mortgage credit risk and it is

transferred to other components of the economy. In case of Housing Finance, risk for lenders and for the

stability of financial systems is more prominent because real estate prices move in cycles; sometimes

with tremendous volatility which makes it difficult to value the collateral underlying the mortgage, and

to assess the credit risk of mortgage portfolios.

7. Political risk:The risk that the legal and political framework within which the lending takes place

will change. The political risks of mortgage lending relate to events that reduce earnings from mortgage

lending because of political intervention in the selection of borrowers, the rate adjustment process, the

mortgage terms and conditions, or the foreclosure and eviction process.

8. Environmental and social risks associated with housing finance may include inappropriate

development location, poor building design (including ability to withstand natural disasters) and


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inadequate construction as well as unresolved land tenure issues. Some of these risks can result in

damage or loss of the property or in some cases injury and safety concerns for residents.

Availability and cost of housing finance depend upon the ability to manage and price these risks.

Macroeconomic stability and an effective legal framework for property ownership and mortgage lending

are the two most important prerequisites for managing risk in housing lending. Type of mortgages and

supply of funds varies as per the volatility of economy. For example Liquidity risk is prominent in a

volatile environment, as it is difficult to forecast inflation and interest rates and thus the cash flows of

their portfolios. Substantial cash-flow risk is created for lenders if interest rates are fixed in volatile

environments. On the other hand Variable rate mortgages are riskier for borrowers in a volatile

environment, as interest rate change causes payment shock.

Section IV: Market Share of SBI and HDFC

Housing Development Finance Corporation Limited (HDFC)

Individual mortgage industry is expected to witness a 15% CAGR led by improving economies of scale.

A pioneer in mortgage finance, HDFC has enabled scores of Indian middle class people to own their

houses or apartments through affordable loans. Diversified loan portfolio, adequate borrowing mix,

stable spreads and comfortable asset quality remain key strengths Housing Development Finance

Corporation Ltd (HDFC) is one of the leaders in the Indian housing finance market with almost 37%

market share. Serves more than 26 lakhs customers across the nation, HDFC also offers customized

solutions that fit to the need of the customer. In FY 13, HDFCs credit portfolio witnessed a shift in

favour of individual loans. Consequently, Individual loans accounted for 68% of the overall loan book

of Rs.170, 046 crore as on March 31, 2013. The gross NPAs of HDFC declined marginally to 0.70% as

on March 31, 2013 from to 0.74% as on March 31, 2012 with the gross NPAs in Individual Loan

Segment witnessing a marginal increase to 0.58% as on March 31, 2013 (0.55% as on March 31, 2012).

HDFCs tight originations as well as its proactive recovery procedures have been helping it to limit

slippages and consequently the adverse impact on profitability indictors. HDFC stands to gain, given its

domain expertise in mortgage business for over three decades, strong brand recall and in-house sourcing


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model. Diversified loan mix (retail: corporate at 63:37) with well-balanced borrowing profile has

ensured adequate ALM profile. Also, despite competitive business environment involving volatile

interest rate movements, introduction of teaser rate loan schemes, regulated requirements (NPA

provisions including standard assets and LTV) and increasing mortgage exposure, HDFC has witnessed

healthy growth in individual loan portfolio. Also, the ability to pass interest rates to final customers has

enabled HDFC to maintain its spreads at stable 2%+ levels.

Despite increasing exposure to corporate loan portfolio and healthy 23% CAGR in individual

loan portfolio over the past decade, HDFC has made remarkable improvement in its asset quality.

GNPAs have remained well within the comfort zone even during the crisis period. Also, with

cumulative provisioning at 1.2% of total loan portfolio, it is well guarded to absorb any major

provisioning requirement. During the previous financial year GNPA for HDFC was 0.82% while for SBI

it was 2.38% given its domain expertise, credit appraisal mechanisms and customer profile.

State Bank of India

SBI is India's largest bank in the country with an asset size of over Rs 13 trillion. Although the bank's

loan book is largely skewed towards corporate (large, mid and small) loans (50% of total advances in

FY12), the retail side is also fast catching up. SBI has a network of almost 14,270 branches and over

22,141 ATMs across the country. The State Bank of India (SBI) has seen a major slowdown in home

loans in the just-ended financial year. The largest lender sanctioned Rs12, 500 crore of mortgages, 24%

less than the Rs16, 370 crore it did in the fiscal before. SBIs home loan portfolio as of March 31, 2011,

was Rs86, 769 crore. Slowdown was because the bank decided to withdraw the special home loan

product or the so-called teaser early in the fiscal. Other factors accountable were Negative market

environment and high interest rates. To push up its home loan growth and continue its leading position


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as a mortgage lender, SBI has been offering loans at extremely low rates. Under the special scheme, SBI

offers home loans up to Rs30 lakhs at 10.5% and loans between Rs30-75 lakhs at 10.75%. And all loans

above Rs75 lakhs are at an interest rate of 11%. In the retail loans segment, growth of about 20% is

expected. This financial year (ending March 31, 2013) will be better on the back of declining interest

rates and rising demand for housing loans Tier-II and Tier-III cities. The company is in the process of

launching other products such as home renovation loans and furniture loans which will drive growth

further.

SBIs 1QFY13 profits vaulted 14.6%, led by modest net interest income and lower provisioning. While

advances and deposits grew 18.9% and 16.1% respectively Asset quality slips, NPA coverage falls,

restructured loans rise. Gross NPA raised 19% qoq, with NPA coverage (excl. technical write-offs)

falling 323bps qoq to 56.9%. Likely additional stress from corporate loans and slower recoveries in farm

loans, where defaults are high, could keep NPA provisions elevated. Most Indian state banks, including

Bank of Baroda, Punjab National Bank and Bank of India Ltd also posted a spurt in bad loans.

SBI's loan troubles contrast with HDFC Bank, India's third largest private lender, which has maintained

consistently strong growth due to its conservative lending strategies. HDFC Bank's profits rose 30

percent in the first quarter, in line with its profit growth for every quarter in the last decade. Net new

additions to SBI's non-performing loans were around 90 billion rupees in the fiscal first quarter, above

analysts' expectations of around 55-60 billion rupees. Total bad loans were 5.55 percent of the bank's

total book, up from 4.99 percent in the same year-ago period.


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Criteria SBI HDFC

Determination of

Rate of Interest for

Home Loan

SBI decides home loan rates as base rate plus

certain basis point above which keeps on

fluctuating along with changes in base rate.

HDFC decides home loan on the basis of BPLR

(Benchmark Prime Lending Rate).

Adjustment of rates SBI always takes lead in adjusting the rate as it

is the premier bank in the country.

HDFC follows every increase in the rate of

interest by changing BPLR while it does not do

so, with every fall in the rate of interest.

Cost of Loan Also cost of loan for SBI is generally low

compared to HDFC and hence it can afford to

charge lower rates.

The cost of loan for HDFC is higher compared

to SBI and that is why generally the rate of

interest charged by HDFC is higher than SBI.

Access to RBIs

Repo Window

Since SBI can access repo window easily, it

can afford to pass on the benefits of change in

rate of interest to its customers.

HDFC does not borrow from RBI through repo

window thus no direct impact. After repo rate

changes, HDFC has to wait for market rate to

change for it to carry out any adjustment in rate

of interest.

Fees Charged The fee charged by SBI is generally lower than

the fee charged by other banks.

HDFC charges a higher fee for processing of

loans. Even conversion fee is also charged to

for any subsequent adjustment in the rate of

interest to existing customers.

Loan Tenure SBI and HDFC are at par. HDFC and SBI at par.

Service Quality SBI has issues on service quality, but it is

improving for becoming better now.

HDFC scores far better than SBI on service

quality

Government

Pressure andInfluence

Housing being the part of priority sector

lending, home loan rates of PSU banks areclosely monitored by the government.

HDFC has no such influence of government

and changes the rate on the basis of marketfactors.

Source:(HDFC versus SBI home loan, 2013)


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Battle of Interest Rate and Market Share Continues

Recently Two of Indias leading home loan financiers, State Bank of India (SBI) and Housing

Development Finance Corp (HDFC), have cut interest on home loans by 15-35 basis points.

SBI, the countrys largest lender, has reduced interest on home loans of up to Rs 75 lakhs 15-35 basis

points. The bank will charge 10.15 per cent interest on home loans up to Rs 75 lakhs; women borrowers

will get an additional discount of five basis points. For a home loan taken from SBI the revised per-lakhs

EMI (equated monthly installment) for loan tenure of 30 years will be Rs 885 for women and Rs 889 for

others, against the prevailing EMI of Rs 900.

SBIs decision to revise the home loan rate was due to competition in the market. Rates were higher than

competition. It will be a positive contribution to net interest income, while the impact on margins will be

small. This should give a push to retail loan book growth, at a time when the economy has slowed.

HDFC decided to cut the interest on home loans availed of before January 31 by 25 basis points. Now,

the entity will charge 10.25 per cent for loans of up to Rs 75 lakhs. Due to the measures taken by the

Reserve Bank of India to tighten money-market liquidity and curb volatility in the foreign exchange

market, lenders cost of funds had risen and due to which HDFC had raised the home loan rate by 10

basis points. Now, with those steps being withdrawn, the costs are declining. As of September-end,

SBIs home loans due stood at about Rs 1.30 lakhs crore, 20 per cent more than a year earlier. Among

commercial banks, SBI is the largest home loan entity.

On 4thFebruary 2014, State Bank of India (SBI) reduced its base rate (BR) by 25 basis points (bps) to

9.75 per cent, becoming the lender with the lowest BR among large banks. The next day, it gained

another distinction: It dethroned HDFC Bank in market capitalization. HDFC regained its position as the

most valued bank on the next trading day but was again overtaken by SBI the following day, to remain

on top since then. The see-saw battle between the two banking behemoths in the stock markets was also

reflected in their respective plans to get a sizeable share of the retail loan market.


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Development Finance Corporation. As on June-end, SBI controlled 25.5 per cent of the home loan

market. SBI first reduced its spread (the margin above the BR) on home and car loans in early August,

following the Reserve Bank of Indias decision to reduce the Statutory Liquidity Ratio requirement for

banks. The decision released Rs 10,000 crore for SBI. Following the reduction on spreads on home

loans, the effective interest rate for new customers came down by 50-85 bps, depending on the loan

amount. In home loans, SBI customers will enjoy a 50-85 bps lower rate than counterparts in HDFC.

The retail thrust of SBI comes on the back of sluggish credit demand from the corporate sector. The

bank expects retail credit, likely to grow 25 per cent this financial year, to partly offset the slack

corporate loan demand. Historically, private sector entities are known to process loans faster. The

valuation of property and legal checks are done internally by the private players but still outsourced by

SBI. In addition, banks in India face another hurdle when it comes to funding of inter-city housing loans

whereas, housing finance companies have the flexibility to fund any property from any other city.

Private entities also gain due to numerous tie-ups with builders or individual agents on commission

basis a practice SBI is yet to formalize.

Section V: Conclusions and Suggestions

Indian housing mortgage industry exhibited resilience during the global downturn of 2007-09. The

regulator has been able to mitigate the risk of any severe impact on the housing finance sector through

enhanced risk management systems and effective standards. While the development of real estate is

welcome, there is a need for the banks to curb the excessively risky lending by exercising selectivity and

strengthening the loan approval process. Housing finance companies account for almost two-fifths of the

retail home loan market in the country. The home loan portfolios of mortgage lenders have also grown at

a faster pace than that of scheduled commercial banks in the last few years.

People connected with banking, however, say while the lower interest rate gives SBI an edge, delivery

of loans remains a challenge. Also, SBI might not enjoy its best price proposition for long, as HDFC

Bank has already cut its Base Rate. Lending rates have remained competitive across HFC and Banks,


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and any churn by the end-user would be difficult. HDFC has historically commanded premium margins

(vs. LICHF, DHFL) given its loan mix and steady loan growth. However, going forward, with growth

pressures given competitive business environment and tightened regulatory requirement, premium

valuation is expected to ease.

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A Study on Risk Financing and Market Share of Banks in India

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Transcript of A Study on Risk Financing and Market Share of Banks in India