Analysis of Home Loans at ICICI Bank
Nancy Agrawal
Student, School of Management & Commerce, Vikrant University, Gwalior
Sanchita Agrawal
Student, School of Management & Commerce, Vikrant University, Gwalior
Dr. Rahul Kushwaha
Assistant Professor, School of Management & Commerce, Vikrant University, Gwalior
I. Abstract : The Indian real estate and housing finance sectors have witnessed exponential growth over the past two decades, driven by factors such as urbanization, a growing middle-class population, and increased awareness of financial services. Within this context, home loans have become an essential financial product, facilitating individuals’ access to housing ownership amidst skyrocketing property prices. ICICI Bank, a leading private sector financial institution in India, has played a pivotal role in this transformation by offering an array of home loan products to suit the varied needs of customers. This study explores the structure, implementation, and customer satisfaction levels associated with ICICI Bank’s home loan offerings. It seeks to analyze the preferences, demographics, loan tenures, and perceptions of home loan customers, as well as their levels of satisfaction with services provided by the bank.
The study is both exploratory and descriptive in nature. It focuses on collecting empirical evidence through primary research by surveying 100 respondents from the Nagpur district, using a structured questionnaire. The sample included customers who had either availed a home loan from ICICI Bank or considered doing so. Data was analyzed using percentage-based interpretation and hypothesis testing via SPSS software. The secondary data sources included reports from ICICI Bank, the Reserve Bank of India (RBI), the National Housing Bank (NHB), and other financial publications. The findings of this research are significant for both academic and practical stakeholders in understanding the role of ICICI Bank in the evolving landscape of housing finance in India.
One of the key findings of the study was the overwhelming preference for ICICI Bank as a home loan provider. A majority of the respondents, approximately 64%, considered ICICI Bank their preferred institution for taking a home loan. This preference is attributed to the bank's robust digital interface, simplified documentation process, relatively faster loan disbursement system, and its consistent brand reputation. Customers reported a higher degree of trust in the private sector bank compared to public sector institutions, despite marginally higher interest rates. The bank’s ability to process loans quickly, coupled with transparent communication and wide-ranging tenure options, emerged as central drivers of customer satisfaction.
Keywords: Home Loan, Housing Finance, Customer Satisfaction, Loan Tenure, Banking Preferences
