Searching for a Home Loan: The Motivating Factors to Select a Bank
Keywords:
Housing finance, customer perceptionAbstract
Adequate shelter for each and every household is a fundamental prerequisite for a healthy living in any society. With an increase in prices and the reduction in purchasing power, a man cannot accumulate huge funds at a time. So, in order to fulfill its basic necessity, a man has to go for a home loan. Choice housing finance is a most significant decision because it requires a huge capital investment as well as a long term commitment for a period of 15-20 years. The borrower should consider various factors before availing the finance from formal sources. While studying the perception of borrowers the socioeconomic and demographic factors are also studied and the effect of their influence is also assessed. This study is trying to analyse the influence of rate of interest, security and leagal requirements, margin money, EMI, convenience and customer services to select a bank for home loan.Thestudy observed that margin of money and EMI are the most influencing factors.
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