Evaluation of Home Loan Facilities and Customer Satisfaction at ICICI Bank

Abstract

In this research paper, againstthemilieuofrapidurbanizationandachanging socioeconomic scenario, the demand for housing has grown explosively. The importance of the housing sector in the economy can be illustrated by a few key statistics.AccordingtotheNationalBuildingOrganization(NBO),thetotal demand for housing is estimated at 2 million units per year and the total housing shortfallisestimatedtobe19.4millionunits,ofwhich12.76millionunitsis fromruralareasand6.64millionunitsfromurbanareas.Thehousingindustryis the second largest employment generator in the country. It is estimated that the budgeted2millionunitswouldleadtothecreationofanadditional10million man- years of direct employment and another 15 million man-years of indirect employment. A year equates a century, knowledge compresses time and the information technology sweeps the world, gathering momentum with each new application, soaring towards fresh goal, rapidly opening vistas hitherto unknown.Hereweare,inthe21^stcentury….Yearsthatcatapultsustowardsnewchallenges at every stage of endeavor. It gives us good reason for aiming high. Retail Banking hasbeenpopularsegmenttoenterintoformanybanks.Inthisretail banking,housing sector has been most promising segment which is promising a comprehensivegrowthrateofabout30%forthenextfiftyyears.Duringthepast 4-5years the housing sector helped by the growing housing finance industry has witnessed significant developments.

Keepingtheabovephilosophyinmind,thissummer internship iscarriedoutwithanobjective toidentifythebasicneedsoftheapplicantsandtheprocessofHomeLoansin ICICI Bank Ltd.