1

2010
HDFC
CHANDIGARH
A REPORT ON COMPARATIVE ANALYSIS OF HOUSING
LOAN SCHEMES OF HDFC LTD. WITH OTHER FINANCIAL
INSTITUTIONS AND FINANCIAL ANALYSIS OF HDFC LTD
FOR THE YEAR 2008-09 & 2009-10

SUBMITTED TO: SUBMITTED BY:
MR. PRABHUEEV BAA GOURAV SHARMA
MAR!ETING HEAD" MBA #
$%
&F'()(*+,
HDFC LTD."CHANDIGARH 9-.122#/91/

AC!NOWLEDGEMENT
It gives me immense pleasure to express my deep sense of Gratitude to M'00 M)(%++1
M)2+(%$3" coordinator, for her valuale guidance and consistent supervision throughout the
course!

I am highly indeted to M$. P$)4235++6 B)5)5" M)$7+8'(9 H+)%" HDFC LTD!
C2)(%'9)$2 for his very personali"ed and invaluale help, advice, guidance and
encouragement #hich culminated in this pro$ect! His constructive comments and
contriutions had een of immense help for giving a tangile shape to this pro$ect! It #as a
real value added experience for having #or%ed under his ste#ardship! At last, I am than%ful
to all respondents #ho cooperated #ith me y providing information for the compilation of
this pro$ect!

I am extremely than%ful to P$:;. A(31)< G318)" Faculty Guide, GIAN &'()I
IN*)I)+), (F -ANAG,-,N) AND ),CHN(.(G', for her timely guidance and
support throughout the Final Report #or%! In the course of carrying out the /ro$ect #or%!

Finally I am indeted to our other faculty memers, my friends #ho gave their full0
fledged co0operation for successful completion of my pro$ect!

It #as an indeed a learning experience for me!
N)<+ :; 82+ S83%+(8: G:3$)6 S2)$<)
E($:==<+(8 N:.: 9-.122#/91/
2

ABSTRACT
During -y summer internship in HDFC .)D!, Chandigarh, I #as assigned a pro$ect
regarding Home .oans! )his pro$ect has een completed in parts! First part consists of
comparative study of 1C:<1)$)8'6+ S83%> :; H:<+ L:)(0 1$:6'%+% 4> HDFC LTD. W'82
:82+$ ;'()(*')= '(08'838':(0? )(% 82+ 0+*:(% 1)$8 @)0 AF'()(*')= A()=>0'0 :; HDFC LTD.
F:$ 82+ ;'()(*')= >+)$0 2008-09 )(% 2009-10 1
)his #as a step #ise process including collection of data, Company /rofile, /roduct Features,
Analysis of data, and finally concluding the data #hile putting some suggestions! )he #hole
study #as done #ith a vie# that it #ould help HDFC maintain its expansion path and
improvise their schemes to perform etter than other financial institutions!
It #as the est platform eing provided as it has increased my hori"ons and has given me the
opportunity to apply my theoretical %no#ledge and managerial concepts practically in the
real usiness!
3

DECLARATION
I, Gourav *harma, student of 1Gian &yoti Institute of -anagement 2 )echnology3 herey declare that
I have completed this pro$ect on title of AC:<1)$)8'6+ A()=>0'0 :; H:30'(9 L:)( S*2+<+0 :;
HDFC LTD. @'82 :82+$ F'()(*')= I(08'838+0 )(% F'()(*')= A()=>0'0 :; HDFC LTD. ;:$
82+ >+)$ 2008-09 & 2009-10 is an authentic #or% done y me and it is my o#n hard #or% and
effort under the guidance of M$. P$)4235++6 B)5)5, M)$7+8'(9 H+)%" HDFC LTD!
C2)(%'9)$2 in the academic year 455604577!
I declare that the information sumitted is true and original to est of my %no#ledge!
DA),888888888888 Gourav *harma
4

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5

CHAPTER 1

HDFC L8%.
INTRODUCTION:
6

HDFC #as incorporated in 76?? #ith the primary o$ective of meeting a social need 0 that of
promoting home o#nership y providing long0term finance to households for their housing
needs! HDFC #as promoted #ith an initial share capital of Rs! 755 million!
)heir o$ective, from the eginning, has een to enhance residential housing stoc% and
promote home o#nership!
No#, their offerings range from hassle0free home loans and deposit products, to property
related services and a training facility! )hey also offer speciali"ed financial services to their
customer ase through partnerships #ith some of the est financial institutions #orld#ide!
B30'(+00 O45+*8'6+0:
Helping Indians experience the $oy of home o#nership!
)he primary o$ective of HDFC is to enhance residential housing stoc% in the country
through the provision of housing finance in a systematic and professional manner, and to
promote home o#nership!
Another o$ective is to increase the flo# of resources to the housing sector y
integrating the housing finance sector #ith the overall domestic financial mar%ets!
As they found out nearly three decades ago, in 76??, the solution for success is customer
satisfaction! All you need is the courage to innovate, the s%ill to understand your clientele and
the desire to give them your est! )oday, nearly three million satisfied customers #hose
dream they helped reali"e, stand testimony to their success!
H:30'(9 F'()(*+ S+*8:$:
Against the milieu of rapid urani"ation and a changing socio0economic scenario, the
demand for housing has gro#n explosively! )he importance of the housing sector in the
economy can e illustrated y a fe# %ey statistics! According to the National =uilding
(rgani"ation DN=(E, the total demand for housing is estimated at 4 million units per year and
the total housing shortfall is estimated to e 76!@ million units, of #hich 74!?: million units is
from rural areas and :!:@ million units from uran areas! )he housing industry is the second
largest employment generator in the country! It is estimated that the udgeted 4 million units
#ould lead to the creation of an additional 75 million man0years of direct employment and
another 7; million man0years of indirect employment!
Having identified housing as a priority area in the Ninth Five 'ear /lan D766?04554E, the
National Housing /olicy has envisaged an investment target of Rs! 7,;55 illion for this
sector! In order to achieve this investment target, the Government needs to ma%e lo# cost
funds easily availale and enforce legal and regulatory reforms!
7

O$9)('B)8':()= G:)=0:
HDFCFs main goals are toG
Develop close relationships #ith individual households,
-aintain its position as the premier housing finance institution in the country,
)ransform ideas into viale and creative solutions,
/rovide consistently high returns to shareholders, and
)o gro# through diversification y leveraging off the existing client ase!
HDFC F:3(%+$:
-AN CI)H A -I**I(NG H)0<37242)' P)$+72
If ever there #as a man #ith a mission it #as Hasmu%hhai /are%h, their Founder and
Chairman0,meritus, #ho left this earthly aode on Novemer 7A, 766@!
=orn in a traditional an%ing family in *urat, Gu$arat, -r! /are%h started his financial career
at Har%isandass .u%hmidass 0 a leading stoc% ro%ing firm! )he firm closed do#n in the late
seventies, ut, long efore that, he #ent on to ecome a to#ering figure on the Indian
financial scene!
In 76;: he egan his lifelong financial affair #ith the economic #orld, as General -anager
of the ne#ly0formed Industrial Credit and Investment Corporation of India DICICIE! He rose
to ecome Chairman and continued so till his retirement in 76?4!
At the ripe age of :5, Hasmu%hhai started his second dynamic life, even more
illustrious than his first! His vision for mortgage finance for housing gave irth to the
Housing Development Finance Corporation 0 it #as a trend0setter for housing finance in the
#hole Asian continent!
He #as a true development an%er! His uilding up HDFC #ithout any government
assistance is itself a rilliant chapter in financial history! His #isdom and #armth dre#
people from all #al%s of life to him, for advice, guidance and inspiration soft spo%en man of
fe# #ords, -r! /are%h nevertheless held strong and definite vie#s #ith a Huiet conviction!
He #as al#ays concerned #ith uilding ridges, improving and encouraging communication
et#een people!
O$9)('B)8':( & M)()9+<+(8:
HDFC is a professionally managed organi"ation #ith a oard of directors consisting of
eminent persons, professionals #ho represent various fields including finance, taxation,
construction and uran policy 2 development! )he oard primarily focuses on strategy
formulation, policy and control, designed to deliver increasing value to sta%eholders!
8

HDFC has a staff strength of 7@65 Das on <7st -arch, 4556E, #hich includes professionals
from the fields of finance, la#, accountancy, engineering and mar%eting! Clic% here for details
of *enior -anagement!
9

CHAPTER 2
10

HDFC HOME LOAN PRODUCTS
7E Home .oan
4E Home Improvement .oan
<E Home ,xtension .oan
@E .and purchase loan
;E *hort )erm =ridging .oan
:E .oan to /rofessionals for Non Residential /remises
?E Home ,Huity .oan
HOME LOAN
HDFC offers loans to individuals to purchase DfreshIresaleE or construct
houses! Home loan e applied individually or $ointly! /roposed o#ner of the
property #ill have to e co0applicants! Ho#ever the co0applicants need not to
e the co0o#ners!
/+R/(*,
/urchase of flat, ro# house, ungalo# from developers!
,xisting freehold properties!
/roperty in an existing or proposed cooperative society or apartment!
*elf construction!
11

-AJI-+- .(AN
A;K of the cost of property Dincluding the cost of landE and ased on the repayment
capacity of the customers!
-AJI-+- ),R-
45 years su$ect to the retirement age!
,.IGI=I.I)'
*alaried employees
*elf employed professionals
*elf employed usinessman
Applicants can either e Resident or Non0Resident
Age of the applicant should not e more than :; years

HOME IMPROVEMENT LOAN
Home improvement loan facilitates internal and external repairs and other structural
improvements li%e paintings, #ater proofing, pluming and electric #or%s, tilling and
flooring, grills and aluminium #indo#s!
/+R/(*,
,xternal repairs )illing 2 flooring
Internal 2 external flooring Caterproofing and roofing
/luming 2 electric #or% Grills 2 aluminium #indo#s
Construction of undergroundI upper #ater
tan%
/aving of compound #alls D#ith stoneItiles
etcE
=ore #ell Caterproofing on terrace
-AJI-+- .(AN*
For ,xisting customers G 755K of the cost of improvement
For Ne# customers G A;K of the cost of improvement

12

-AJI-+- ),R-
7; years su$ect to retirement age!
HOME ECTENSION LOAN
Home extention loan facilitates the extension of an existing d#elling unit! )his type of
loan ma%es it convinient to extend or add space to home!
/+R/(*,
)his loan is specifically for the extension purpopse! =e it an additional room, a larger
athroom or even enclosing an open alcony!
-AJI-+- .(AN
A;K of the cost of extention!
-AJI-+- ),R-
45 years su$ect to retirement age!
.AND /+RCHA*, .(AN
/+R/(*,
HDFC .and purchase loan is a convenient loan facility to purchase land, #hether it e
to uild a house or an investment!
-AJI-+- .(AN
A;K of cost of land and ased upon the repayment capacity of the customer!
-AJI-+- ),R-
7; years su$ect to customer retirement age!
13

*H(R) ),R- =RIDGING .(AN
/+R/(*,
*hort )erm =ridging loan ma%es customer reali"e their dreams of uying a igger and
etter home and give them time to sell their existing property to pay off the loan! )his is
a short term loan to help customers #ith the interim period et#een the sale of their old
homes and the purchase of a ne# home! Customers repay the loan y paying
monthlyinstallment or interest on the loan #ith the lump sum payments #ithin 4 years!
Hence customers gets 4 years to sell the property repay the loan!
-AJI-+- .(AN
65K of the cost of ne# property
-AJI-+- ),R- G 4 years
.(AN )( /R(F,**I(NA.* F(R N(N R,*ID,N)IA. /R,-I*,*
)his loan facilitates professional to purchase and construct their o#n office premises or even
renovate their existing office premises!
/+R/(*,
/urchase
Constuction
Improvement of office
-AJI-+- .(AN
A;K of the cost of property
-AJI-+- ),R-
7; years su$ect to customer retirement age!
H(-, ,L+I)' .(AN*
14

HDFC Home eHuity loans helps to encash the present mar%et value of the property y
ta%ing a loan y mortgaging the property!
/+R/(*,
Higher eduation of the children
-arriage expenses
-edical expenses
=usiness purpose
-AJI-+- .(AN
For ,xisting customersG :5K of the mar%et value and present loan outstanding!
For ne# customersG ;5K of the mar%et value of the property!
-AJI-+- ),R-*
PROPERTY TYPE REPAYMENT OPTION NO. OF YEARS
Residential ,-I =ased 7;
Non Residential ,-I =ased 75
Residential 2 Non Residential *imple Interest 4


15

CHAPTER #
MAOR OBECTIVES
)o %no# aout the HDFC home loan and its products!
)o have the first hand information on loan procedure, sanctioning and
disursement in HDFC ltd!
)o compare the performance of HDFC #ith other mar%et players!
16

)o study aout the financial position for the financial year 4556075 in
comparison #ith position in financial year 455A056!
17

CHAPTER -
STAGES OF HOME LOAN

18
Recommendati
on
Over (ROVR)

Scanni
ng
Data
Entry
Applicati
on


)he representation sho#n aove is not a perfect copy of the actual process! )his is ecause
these stages are ta%ing place simultaneously and one application is eing ta%en care for y the
experienced employees of oth HDFC .td service centre! Also the applicant may e as%ed to
send information or may e as%ed Huestions regarding his reHuirement andIor his documents
for his o#n convenience
Hence the loan application may or may not shuttle through different stages
APPLICATION STAGE
)his is the stage #here the Application Form first reaches the concerned *ervice CentreI
#or%station! Here all the documents in the application are revie#ed y the experienced staff
present at the #or%station! )he HDFC .td employee #ho revie#s the file chec%s to see
#hether all documents are present and in their proper place, if the documents are duly filled,
not fa%e, attested y authority and present in order! In case any document is missing the
applicant is contacted electronically or y mail or y telephone and reHuested for the
document to e sumitted! )his exercise is called F(..(C +/! )he credit appraisal of the
loan application starts at this stage! )he #or%station employees compute the gross salary, IIR,
F(IR, .oan ,ligiility ratio etc! )he credit #orthiness of the applicant is calculated here!
It is also at this stage that the L+ICB DA)A ,N)R' of the loan application is done to create
a serial no! of the application! After that another page appears and more data is entered !It is
no# that a special and uniHue .(AN AIC N(! is created under #hich all the loan processes
#ill e carried out! )he numer that has een generated is communicated to the applicant y
means of a letter andIor electronic communication! )he system of electronically recording the
data helps to create ready reference, a proof ,helps in Huic% and easy processing of the data! It
also helps to very easily and Huic%ly share data #ith other employees of HDFC!
19
Double
Checking
Over
Sanctioni
ng Disburseme
nt o the
loan
Ater Sales
Services

)he next and important processing performed at the #or%station is that of filling up a
document %no#n as the IN),R>I,C *H,,) for processing individual loans! It
contains various simple entries li%e
7!Name of orro#er
4! Name of co0orro#er
<! Income details
@! Family ac%ground and permanent address etc
;! Gross *alary
:! Rental
?! (ther incomes
A! (ligations
6! Remar%sG )his column contains the various findings that the employee has found out
after thorough revie# of the applicants documents such as an% statement, salary slip
etc!
Hence the intervie# sheet contains the important findings #hich the employee has
Collected after careful revie# of the various documents !)he intervie# sheet helps
to cut corners and helps save time y not having other employees to go through the
documents again and again !It hence acts as a source of Huic% reference!
After all this has een performed #ell enough the loan application #ill e arranged
in a file and all it #ill e given its loan aIc no #hich also acts as its file no!!
)he file is no# ready to e sent to the H+= D*enior (fficersE #here further processing #ill
ta%e place! Next step is scanning of the documents!
SCANNING
In this stage the various important documents of the applicant are scanned! )his helps to
create their electronic copy #hich acts as a ready reference, a proof, and can also e shared
and utili"ed y other employees of HDFC .td!
DATA ENTRY
)he file has een sent to the an% head office or the H+= !At H+= there are many experts
#ith their o#n speciali"ations! )hese officials revie# the various parts of the file again and
perform many speciali"ed tas%s!
20

Data entry is also one of these tas%s !)his entry is much more different and complex
as compared to the earlier performed Luic% Data ,ntry! An exhaustive amount and type of
information has to e entered into the I./* system ranging from /ersonal Details,
,mployment Details to /roperty Rate History and Customer Interactions!
RECOMMENDATION OVER &ROVR,
)he Recommendation over is also referred to as the First Appraisal! At this stage certain
specially appointed persons have een given the responsiility of recommending a loan
)hese people have to ta%e special care of revie#ing every document, and all the small details
that need to e considered efore considering the loan application to e valid!
After this the file is sent to another specially appointed person as explained elo#! At this
stage if any correction or mista%e is present it can e sent ac% to the #or%station!
DOUBLE CHEC!ING OVER
As the name suggests at this stage a specially appointed person #ill doule chec% all the past
proceedings! )hey #ill examine the .oan file for any discrepancies, any missing and Ior
misplaced documents, the Credit Appraisal results, etc!
)his is a very important stage and must e handled #ith exceptional care! )his is ecause a
mista%e at this stage can cause a great loss to the company! )he Doule chec%er is responsile
for the ultimate sanctioning of the loan !If any mista%e is done at this stage there is no going
ac% and hence no protection! HDFC ta%es great care #hile appointing doule chec%ers
!)hey should have completed a select numer of years #ith the company and should have
sho#n exemplary performance and must possess experience!
SANCTIONING

An authori"ed sanctioning authority #ithin HDFC itself #ill revie# the remar%s of Doule
Chec%er! If it considers the loan suitale to e sanctioned it gives it approval ! After it has
given its approval stamp the I./* system #ill automatically send a letter to the Applicant that
his loan has een sanctioned! After this approval the Applicant can go to #hichever *ervice
Centre to get his loan disursed!
SPECIAL CASE
A special case can arise if the applicant has not mentioned the property for #hich he #ants to
ta%e a loan! In that case the applicant can let the case e remain pending ! )his means that the
Applicants loan reHuest #ill e considered to e complete even though he has not decided the
property! Ho#ever the Applicant is expected to finali"e the property in a short time
A /roperty Address is necessary toG
7! Get the loan disursed
4! /rocess the .egal and )echnical Appraisal of the property and its /apers!
DISBURSEMENT
21

)he last and final stage in the Home .oan process is that of disursement! After the
sanctioning has ta%en place the applicant ecomes a registered customer of HDFC .td
!HeI*he can no# ta%e the disursement of the loan from any of the various service centre of
HDFC !)he loan shall e disursed in one .ump sum or in suitale installments to e decided
y HDFC #ith reference to the need andIor progress of construction! )he orro#er herey
ac%no#ledges the receipt of the loan disursed as indicated in the receipt!
CREDIT APPRAISAL
Credit appraisal is one of the most important and significant step in the Home .oan process!
In case of home loans #e either create ne# accounts or maintain pre existing ones! Credit
appraisal is ho#ever a part of sanctioning ne# loans or enhancing the existing one!
Credit Appraisal starts from the moment, the documents for .oan from the customers has
ta%en, #hich is then sent to ac% office for processing #hich is called H+=!
CA),G(RI,*
In case of Credit appraisal there are three main categoriesG
1. SALARIED PERSON
Here the Credit Appraisal is done for a salaried person !HDFC try to compute the credit
#orthiness of a salaried person !It means that the person should e employed as an
employee in a recogni"ed organi"ation! )he organi"ation may e pulic or private! )he
person must have proof to prove his employment li%e credit documents etc!
2. SELF EMPLOYED PERSON
)he nature of Credit Appraisal done for a self employed applicant is slightly more
complex! )his is due to the presence of enormous an% statements as #ell as transactions
involved in usiness! As conducting =usiness in modern times is a capital intensive
process the an% statements of self employed persons are large and much more complex!
)he statement runs into a large numer of pages due to the multiple numers of
transactions! Apart from that their income statements are also Huite complex due to
presence of many components!
Hence in the case of a self employed person demanding a loan the credit appraisal has to
e done very carefully !For this very purpose HDFC .td has appointed *peciali"ed Credit
Appraisers and a speciali"ed *elf employed Committee! )hese consist mainly of Chartered
Accountants! )hey handle the important $o of appraising the credit #orthiness of the self
employed applicants!
#. SELF EMPLOYED PROFESSIONAL
)he self employed professionals include people li%e Doctors, Chartered accountants ,
,ngineers etc! (nly HDFC recogni"es these professionals as a separate category and has
hence developed a comparatively smoother procedure for their Credit Appraisal and
sanctioning of loan!
22

PRECAUTIONS
)he credit appraisal is an important step for oth the orro#er and HDFC !Hence it necessary
to ta%e all precautions!
All calculations must e done #ith correct figures! )he data entry in the system must
match the actual data! Also care should e ta%en in places li%e the decimals and
rounding off! )he data entries should not e going outside the space provided to
them!
)he source of the data should e mentioned so that another person may easily verify
the facts and figures
*ometimes it may happen that the Applicant has intentionally or y mista%e not
mentioned the full status of his oligations! )he common situation in this case
are
A! He has not revealed of any loan that he may e paying off from an
undisclosed an% account in any other an%
=! He is not disclosing information related to any defaults, Revolving accounts
such as Deit card, Credit card etc!
In these conditions it is difficult to correctly compute the credit #orthiness of the person! As a
result an unscrupulous element might get a loan !)his #ill lead to loss to oth HDFC and its
honest customers!
)he precaution ta%en y HDFC in this case is that it contacts CI=I. DCredit =ureau of India
.tdE #hich is the mega Repository of financial data in India !HDFC electronically reHuests
CI=I. to reveal information it possesses pertaining to the persons financial oligations!
CI=I. passes on the information y means of a fax containing all revolving accounts, loans
and liailities!
TERMS AND CONDITIONS OF HDFC HOME LOANS
HDFC has al#ays een mar%et oriented and dynamic #ith respect resource moilisation as
#ell as lending programme! It provides loans to meet all reHuirements of the customers to
ma%e their house a home! Ho#ever follo#ing are the conditions #hich are to e met y the
customer efore applying for a loan!
LOAN AMOUNT CONDITIONS
HDFC finances upto A;K maximum of cost of property Dagreement value M stamp
duty M registration chargesE
Repayment capacity ta%rs into consideration factors such as income, assets,
Hualifications, numer of dependents, spouse income, liailities, staility and
continuity of occupation and saving history!
)he loan amount of the individual is also su$ect to Instalment to Income Ratio DIIRE
#hich is @5K and Fixed (ligation Income Ratio DF(IRE #hich is @;K!
-aximum loan amount to an individual connot exceed Rs 7crore!
SUPPORTING DOCUMENTS
23

First of all #hen a customer came all documents are chec%ed y the #or%station #hich are
directly in contact #ith the customers! Necessary documents reHuired are as follo#s!
FOR ALL APLICANTS
7! Allotment letter of the co0operative society Iassociation of apartment o#ners!
4! Copy of the approved dra#ings of proposed construction Ipurchase Iextention!
<! Agreement of sale Isales deed Idetailed cost estimate cost from architect!
@! If an applicant have een present employment Iusiness or profession for less than a
year, mention on a separate sheet details of occupation for previous five years , giving
position held, reasons for change and period of the same!
;! Applicale proceesing fees!
:! Residence proof and Identity /roof!
RESIDENCE PROOF IDENTITY PROOF
Ration Card Driving .icense
/assport /assport
=an% Account *tatement /an Card
>oters Identity Card >oters Identity Card
.etter from recogni"ed pulic authority Identity Card issued y ,mployerDif
employed in stateIcentral Govt!E
?! Certificate of loan outstanding issued y the lender D for refinance cases onlyE
A! Any other information regarding your repayment capacity that is necessary and #ill
assist HDFC in appraising the loan proposal!
EMPLOYED CASE
7! >erification of ,mployment Form #ith only /art I filled in!
4! .atest original salary slipIsalary certificate sho#ing all deductions!
<! If a $o is transferale, permanent address #here correspondence relating to the
applicant can e mailed!
@! A letter from employer agreeing to deduct the ,-I to#ards repayment of the loan
from applicant salary! )his #ill expedite the processing of loan application!
;! +pdated original =an% /assoo%I or =an% *tatement for the last six months!
:! /hotocopy of Form 7: Dissued y the employerE for the last assesment year!
SELF EMPLOYED
7!=alance *heet , /rofit 2 loss and I)R for the last three years!
4! =usiness /rofile!
<! Copies of individual )ax Challans for the last three years!
24

@! Copy of advance )ax Challan Dif anyE!
;! +pdated original =an% /assoo%I or =an% *tatement for the last t#elve months!
CREDIT APPRAISAL
After the documents are chec%ed y the #or%station, documents are rechec%ed y the *enior
(fficer as #ell as File Credit Investigation Department DFCIE prepares income sheet and
chec% all documents of the file! After credit appraisal loan is approved an disursed to the
conditions or reHuirement!
RA), (F IN),R,*) )I.. <5 &+N,,4575 DD+A. RA),E
)ill <5 &une, 4575 all applications received #ill e loc%ed y Dual rate!
SLAB RATE OF INTEREST
T'== M)$*2 2011 A!4;K
T'== M)$*2 2012 6K
N+D8 F=:)8'(9 $)8+ /.R N @!?;K
RATE OF INTEREST
SLAB HOUSING
LOAN
PLOT
LOAN
EEUITY LOAN FICED
RATE OF
INTEREST
U18: #0 =)720 A!?;K 6!4;K
#0-.0 =)720 6K 6!;K
A4:6+ .0 =)720 6!4;K 6!?;K
PROCESSING FEES AND OTHER CHARGES
A processing fees of 7K of the loan amount is charged from the applicant #hich includes all
the fees and the charges at the time of sanctioning of the loan application! *ervice tax is also
applicale and #ill e charged on the fees collected!
REPAYMENT
.oan is repaid in ,-I comprising principal and interest! ,-I commences from the first of
the month follo#ing the month in #hich the disursement of the loan has een completed!
Due date of payment of first ,-I is the ;
th
day of the month follo#ing such month!
25
.oan against property 077!4;K Fixed rate 07@K

Interest is paid on the portion of the loan disursed #hich is called /re0,-I! /re0,-I interest
is payale every month from the date of each disursement upto the date of the
commencement of ,-I! Customer may opt to pay the ,-IOs y direct deduction from their
monthly salary! )hey can also issue post dated cheHues and can also issue standing instruction
to their an%ers or can pay the installment at any of the HDFC collection centers!
FLECIBILITY IN REPAYMENT
Follo#ing are the repayment option features eing offered y HDFC to their customersG
*tep up Repayment Facility D*+RFEG )his scheme help young executive to ta%e a
igger loan today ased on an increase in their future income, this #ill help
executives to uy a igger home today! In this ,-IOs of the customer increases in
future!
Flexile .oan Installment /lan DF.I/EG (ften customers, parents and their children
#ish to purchase property together! )he parents are near to retirement and their
children $ust started their #or%! )his option help customers to comine their income
and ta%e a long term home loan #herein the installment reduces after the retirement!
)ranchingG )o help the customers save their interest, HDFC introduced a special
facility %no#n as )ranching! In this customer has the option to start their ,-IOs even
efore the full disursement of the loan! =y this facility customer can repays their
loan faster!
PREPAYMENT FACILITY
Customer can repay the loan ahead of schedule y ma%ing part or full prepayment! If the
prepayment is made #ithin three years of the first disursement, early redetmption charges of
4K of the amount eing prepaid is payale, ut if prepayment is made after three years then
no charges is charged y HDFC!
DISBURSEMENT OF THE LOAN
HDFC disursed the loan after the property has een technically appraised, all legal
documentation has een completed! )he loan #ill e disursed in full or in suitale
instalments Dnormally not exceeding three in numerE ta%ing into account the reHuirements of
the funds and progress of construction!
Practical example to explain how banks arrive at eligibility of home loan
applicants
>i$ay is a maintenance engineer #ith a private firm! His monthly ta%ehome salary is around
Rs <;,555! Cith many pulic sector an%s offering singledigit interest rates, >i$ay feels this is
the est time to invest in his dream house! A t#o0edroom house on the outs%irts costs aout
Rs 7: la%hs! Cill any an%er lend him this moneyP Is he eligile for a home loan of Rs 7:
la%hs P

)here are numerous factors that an%s ta%e into consideration #hen computing your loan
eligiility! Age of the applicant, his salary, repaymentIcredit history, savings, profession,
location of property, health condition and other dets have a direct earing on the loan
26

amount sanctioned! *ome professions are categorised as negative or ris%y y the lenders!
/eople in such professions may find it difficult to get a loan sanctioned! (n the contrary,
some $os are considered more stale #ith lesser proaility of default! )hey are on the
preferred list of most lenders !

It is imperative that the property an applicant #ishes to purchase falls #ithin the
geographical limits as defined y the an%! As a thum rule, an%s #ill lend to applicants
#ho can set aside @5 percent of their monthly income to#ards their home loan repayments!
=ased on
this, an individualFs loan eligiility is calculated! It is assumed that a person #ho earns more
can set aside more money to#ards his ,-I repayments !

H:@ %:+0 ) 4)(7 *:<138+ >:3$ =:)( +='9'4'='8> F

-ost loan eligiility calculators availale on the Internet are ased on a formula! )he home
loan eligiility, in la%hs, is arrived at y dividing the amount availale for the loan repayment
#ith the orro#er y the loan installment per la%h for the given tenure !
)he simplest #ay to increase your loan eligiility is y increasing the loan tenure! Consider
>i$ayFs case! At 6 percent rate of interest and for a tenure of 75 years, an%s #ill sanction him
not more that Rs 74 la%hs! Ho#ever, for a greater tenure of 45 years his loan amount shoots
up to Rs 7A la%hs! Ho#ever, the longer the tenure of the loan, greater is the cost of
orro#ing !
Applying $ointly, #ith your parent or spouse, increases your loan eligiility! )he incomes of
oth applicants are comined #hen computing the loan eligiility! 'ou can almost doule
your loan eligiility #ith a $oint loan !
27

28

29

CHAPTER .
OTHER MAR!ET PLAYERS
30

7! *tate =an% of India
4! ICICI =an%
<! Axis =an%
SBI -STATE BAN! OF INDIA
*tate =an% of IndiaD*=IE, the country largest and oldest commercial an% #ith a ranch
net#or% of over 77555 ranches and six associate an%s located even in the remotest parts of
India! *=I offers a #ide range of an%ing products and services to corporate and retail
customers!
SBI HOME LOAN
PURPOSE
/urchaseIConstuction of a houseIflat
/urchase of a plot of land for constrution of house!
,xtentionI RepairI Renovation or Alteration of an existing houseIflat
/urchase of Furnishings and Consumer Durales as a part of pro$ect cost!
)a%eover of an existing loan from other =an%sIHousing Finance Companies!
,.IGI=I.I)'
-inimum Age N 7A years as on the date of sanction!
-aximum Age N For a home loan orro#er is fixed at ?5 years i!e the age y
#hich the loan should e fully repaid!
)here should e availaility of sufficient, regular and continuous source of income
for serving the loan repayment!
D(C+-,N)*
)#o photographs of each applicantIgurrantor!
/roof of residence of each applicantIgurrantor!
Copy of /AN Card for identity proof!
.atest 2 original salary slip of employeesI =usiness proof for usinessman!
)#o years I) Returns IForm 7: for employees and three years I) Return #ith
computation sheets for usineesmanI*elf ,mployed!
=alance sheet for last three years for usiness man!
*ix months salary account statements for employees and savings account
statement for =usinessmanIself employed!
Copy of Agreement to *ale!
Copy of Registry of houseI plotIflat plus old registries!
Copy of Allotment letterIRe0allotment letter of HouseIplotIFlat!
.atest &amaandi of /lotIFlatIHouse, =uilders approval letter to develop the
pro$ect and copy of license!
.atest Non ,ncumrance Certificate of /lotIFlatIHouse!
Copy of approved -apI approved site plan of uilder!
31

,stimate cost of constuction from Govt! Approved Architect for constructionI
Renovation cases!
.ist of documents held #ith other =an% from #hom Housing loan is to e ta%en
over!
*,C+RI)'
,Huitale -ortgage of the property!
(ther tangile security of adeHuate value li%e N*Cs, .ife Insurance /olicies etc, if
the property cannot e mortgaged!
RA), (F IN),R,*)
YEAR RATE OF INTEREST
1
08
Y+)$ AK
2
(%
Y+)$ 6K
#
$%
Y+)$ 6K
/R(C,**ING F,,*
A processing fees of !;5K of the loan amount is charged from the applicant #hich includes
all the fees and the charges at the time of sanctioning of the loan application! *ervice tax is
also applicale and #ill e charged on the fees collected!
-AJI-+- R,/A'-,N) /,RI(D
For Applicants upto @; years of ageG 4; years
For Applicants aove @; years of ageG 7; years
/R,/A'-,N)
Customer can repay the loan ahead of schedule y ma%ing part or full prepayment!
/repayment Charges N If paid from o#n source N nil
In other case N 4K on principal amount prepaid!
DI*=+R*,-,N)
In lump sum direct in favour of the uilderI seller in respect of outright purchase!
In case of constuction of houseIflat etc, depending upon the actual progress of #or%!
ICICI-INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF
INDIA
32

ICICI =an% D Industrial Credit and Investment Corporation of IndiaE is a ma$or an%ing and
financial services organi"ation in India! It is the @th largest an% in India and the largest
private sector an% in India y mar%et capitali"ation! )he an% also has a net#or% of 457@M
ranches Das on <7 -arch 4575E and aout ;476 A)-s in India and presence in 76 countries!
ICICI =an% offers a #ide range of an%ing products and financial services to corporate and
retail customers through a variety of delivery channels and speciali"ation susidiaries and
affiliates in the areas of investment an%ing, life and non0life insurance, venture capital and
asset management! D)hese data are dynamic!E ICICI =an% is also the largest issuer of credit
cards in India! ICICI =an% is IndiaFs second0largest an% #ith total assets of Rs! <,:<@!55
illion D+*Q A7 illionE at -arch <7, 4575 and profit after tax Rs! @5!4; illion D+*Q A6:
millionE for the year ended -arch <7, 4575!
HOME LOAN
Home loans are provided to individualsto o#n a residential property!
ICICI =an% offers easy home loan for
First purchase in ready constuction!
+nder constuction property!
/urchase in Resale case!
*elf construction N extention of existing living space!
DOCUMENTS
EMPLOYED SELF EMPLOYED
Duly complete application Form #ith one
passport si"e photograph
Duly complete application Form #ith one
passport si"e photograph
Identity, Residence and Age proof Identity, Residence and Age proof
Fee CheHue Income tax returnI Computation of total
incomeI Auditors reportI =alance *heetI
/rofit Account certified y Chartered
Accountant for last t#o yearsD < years for
home eHuityE
*ignature >erification /roof *ignature >erification /roof
.ast three months salary slip =usiness /rofile
Form 7: =oard Resolution in case of a company
=an% *tatement for last six months from
salary Account
=an% *tatement for last six months from
operating Account
Repayment trac% record of existing loanI loan
closure letter
Repayment trac% record of existing loanI loan
closure letter
33

,.IGI=I.I)'
.oan must terminate efore or #hen the orro#er turns :; years of age or efore
retirement #hichever is earlier!
-inimum Age N 4; years of age!
Applicant must e *elf employed or ,mployed #ith a regular source of income!
In case of Indian Resident oth *elf ,mployed or ,mployed can apply for loan ut in
case of Non Resident only ,mployed can avail a loan!
)he loan amount can e upto A5K of the cost of property!
RA), (F IN),R,*)
YEARS UPTO #0 LA!HS ABOVE #0 LA!HS FICED RATE
1
ST
Y+)$ A!?;K A!?;K
2
(%
Y+)$ 6K 6!4;K
#
$%
Y+)$ 6K 6!4;K
/R(C,**ING F,,*
A processing fee of !;K of the loan amount is charged from the applicant #hich includes all
the fees and the charges at the time of sanctioning of the loan application! *ervice tax is also
applicale and #ill e charged on the fees collected! !4;K fee is negotiale if applicant is an
existing customer!
/R,/A'-,N) CHARG,*
)here is no charge on part of prepayment ut in case of full prepayment N 4K of the principal
outstanding at the time of foreclosure is charged y ICICI =an%!
ACIS BAN!
Axis =an% .td #as incorporated in the year 766@ as R+)I =an% .tdO #hich provided
corporate and retail an%ing products and #as the first private an%s to have egun
operations in 766@, after the Government of India allo#ed ne# private an%s to e
estalished! At present the an% is the third largest private sector an% comprising of 7555
ranch offices and extension counters and @5;; A)-s!
Axis an% #as formed as +)I #hen it #as incorporated in 766@ #hen government of India
allo#ed private players in the an%ing sector! )he an% #as sponsored together y the
administrator of the specified underta%ing of the +nit )rust of India, .ife Insurance
Corporation D.ICE And General Insurance Corporation .td and its susidiaries namely
National Insurance Company .td, Ne# India Insurance Company, )he (riental Insurance
34
Fixed rate 16%

Corporation and the +nited Insurance Company .td! Ho#ever the name of the +)I #as
changed ecause of the disagreement on terms and conditions of th an% authority over
certain stipulations including royalty charged over the name from +)I A-C! )he an% #as
also #anted to have a ne# name from its /an0Indian as #ell as international usiness
perspective! *o from &uly <5,455? on#ards the +)I =an% #as named as Axis =an%!
D(C+-,N)*
EMPLOYED SELF EMPLOYED
Application Form #ith photograph Application Form #ith photograph
Identity and Residence proof Identity and Residence proof
.atest salary slip ,ducation Hualification certificate and proof
of usiness existence
Form 7: =usiness profile and last three years profit 2
loss and alance sheet
.ast six months an% statement .ast six months an% statement
/rocessing fees /rocessing fees
RA), (F IN),R,*)
INCOME SLAB RATE OF INTEREST
U18: #0 =)720 A!?;K
A4:6+ #0 =)720 6!4;K
R,/A'-,N) ),R-
-onthly ,-IOs
F(R 4; ',AR* N A44 per la%h
F(R 45 ',AR* N AA@ per la%h
F(R 7; ',AR* N 666 per la%h
F(R 75 ',AR* N 74;< per la%h
,.IGI=I.I)'
.oan amount offered for oth employed and self employed is Rs 7la%h to ;5 la%hs!
-inimum Age N 4@ years of age!
35

.oan must terminate efore or #hen the orro#er turns :5 years of age or efore
retirement #hichever is earlier!
)he loan amount can e upto A;K of the cost of property!
Applicant must e *elf employed or ,mployed #ith a regular source of income!
/R(C,**ING F,,*
A processing fee of !;K of the loan amount is charged from the applicant plus service tax as
applicale!
/R,/A'-,N) CHARG,*
Axis =an% do not charge any prepayment charges from its customers!
36

CHAPTER /
RESEARCH METHODOLOGY
37

SCOPE OF THE STUDY G
)he study focuses on prevailing rate of interest, percentage of funding, tenure of home loan,
fee etc eing charged y other an%s in comparison to HDFC!
From this study, HDFC can identify the difference et#een the schemes and charges charged in
comparison to #ith its competitors! Hence HDFC can change their schemes to perform etter than
other an%s and can attract more customers! )he present study focuses on analy"ing the alance sheet
and profit and loss statement of HDFC for the last t#o years!
METHODS OF COLLECTION OF DATA
For the pro$ect numer one i!e! )he Comparative *tudy of Home .oans provided y HDFC
.)D! Cith other financial institutions various an%s li%e *=I, ICICI, AJI* =an% etc! #ere
surveyed! )he #hole procedure of the disursement of loan, various schemes, interests rates
etc! Factors #ere otained from various an%s! )he #hole data #as the organi"ed in excel
files and later on considering all the factors the #hole data #as analy"ed!

SECONDARY DATA
*econdary data refers to the one #hich has already een collected y someone else !)he
secondary data #as collected from the office account records and annual report of the
company! *econdary data sources for this study areG
Cesites of HDFC and other financial institutions
/amphletsI=rochuresI-aga"ines
Annual report
Ne#spaperI Articles
-angers of different an%s deal in housing loans!
PRIMARY DATA
/rimary data is collected from different an%s of Chandigarh Dsho#n aove as -a$or /layersE
regarding the comparative analysis of housing loan schemes offered y different financial
institutions!
!
38

CHAPTER G
DATA ANALYSIS AND FINDINGS
A, C:<1)$'0:( :; 2:<+ =:)(0
39

)he comparative study of HDFC home loan products and process #as conducted #ith similar
services offered y other financial institutions! )he study #as done on the leading mar%et
players li%e ICICI, *=I, AJI* =an% etc! )he study illustrates prevailing rate of interests,
percentage of funding, tenure of home loan and fees , documentation and repayment options
features etc eing launched in other an%s !
From this study, HDFC can identify the difference et#een their
schemes and charges charged y other an%s! )herefore this can help HDFC to change their
schemes accordingly so as to perform etter than other financial institutions!
B, F'()(*')= A()=>0'0
)he study of =alance *heet and /rofit and loss AIc of HDFC .td! for t#o years i!e! 455A056
and 4556075!)he financial statements for these t#o years help me out in preparation of Ratio
Analysis and Cash Flo# *tatement of HDFC .td!
From this study of Ratio Analysis and Cash Flo# *tatements to
interpret the results that the future of HDFC .td! is right!
40

CHAPTER G&A,
41

=+*IN,** /R(FI.,&;:$ 0+=; +<1=:>+% 1+:1=+,
BAN!S STATE BAN!
OF INDIA
IDBI BAN! UBI ICICI BAN!
DOCUMENTS 7! *A.,* D,,D
4! -+)A)I(N
<! .,GA.
*,ARCH
R,/(R)D=ANB
AD>(CA),E
@! D,*IGN 2
,*)I-A),
DARCHI),C)E ;!
>A.+A)I(N
R,/(R)
:! I)R D.A*) <
',AR*E
?!=A.ANC,
*H,,) 2 /I.
D.A*) <
',AR*E
A! =ANB
*)A),-,N)
DC+RR,N) 2
*A>ING*, :
-(N)H*E
6! =+*IN,**
/R(FI.,
75! ID /R((F
77! R,*ID,NC,
/R((F
74! /H()(*
7<! /R(/,R)'
/A/,R*
I)R 2
=A.ANC,
*H,,) 2/I.
D.A*) 4
',AR*E
2
()H,R* *A-,
A.. *A-, A.. *A-,
RATE OF
INTEREST
+/)( <5 .AC N
A!?;K
<50 ;5 .AC* N
6K
S ;5 .AC* N
6!4;K
+/)( <5 .AC N
A!?;K
<50 ;5 .AC*
N 6K
S ;5 .AC* N
6!4;K
+/)( ; ',AR* N
6K
; N 75 ',AR* N
6!4;K
7507; ',AR* N
6!;K
7;0 4; ',AR* N
6!;K
UPTO #0
LACS
7st ',AR N
A!4;K
4nd ',AR N
6K
<rd ',AR N 6K
MORE THAN
#0 LACS
7st ',AR N
A!4;K
4nd ',ARN
6!4;K
<rd ',AR N
42

6!4;
PROCESSING
FEES
5!;K (F .(AN
)AB,N
7K (F .(AN
)AB,N D!;K
N,G()IA=.,
F(R G(>)
,-/.(',,*E
5!;K (F .(AN
)AB,N M 7;55
.AC',R* F,,*
DN()
N,G()IA=.,E
5!;K (F
.(AN )AB,N
D IF .(AN
A.R,AD'
,JI*) )H,N
N,G()IA=.,
!4;KE
REPAYMENT
TERMS
A! -AJ :5K (F
N,) INC(-,
=!=,.(C ;;
',AR* 0-AJ 45
',AR*
R,/A'-,N)
/,RI(D (R :;
',AR*
=,.(C ;;
',AR* 0-AJ
45 ',AR*
R,/A'-,N)
/,RI(D (R :;
',AR* (F AG,
F(R F.A)I/.()
-AJ ',AR* 0 45
',AR*
C(N*)R+C)I(N
-AJ ',AR* 0 75
',AR*
-AJ 45
',AR* (R :5
',AR* (F
AG,
ELIGIBILITY
OF LOAN
AMOUNT
A;K of the cost of
property (R @
times the amount
of income DAvg of
< yearsF incomeE
A;K of the cost
of property
D elo# <5 la%hsE
(R A5K of the
cost of property
Daove <5 la%hsE
GR(** INC(-,
0 @ )I-,* -AJ
N,) INC(-, 0 ;
)I-,* 2
-AJ A-(+N) 0
;5 .AC* 2
F(R D ?
-,)R(*E0 755
.AC*
A;K of the cost
of property (R
755K of the
amount of
registry!
OWN SOURCE NI. NI. D AF),R :
-(N)H*E
65K
/R,/A'-,N)
AN')I-,
*)AR)ING
FR(- )H,
N,J) -(N)H
(F )H,
.(AN! 74 ,-I
)( R+N
AF),R )HA)!
REFINANCE 4K 4K
INSURANCE OF
THE PROPERTY
',*
D(/)I(NA.E
',*
D(/)I(NA.E
N( ',*
D(/)I(NA.E
43

AREAS OF
FUNDING
Any area inside or
outside tricity the
condition eing it
should not have
een given on
G/A or through
*hare transfer
Any area inside
or outside tricity
the condition
eing it should
not have een
given on G/A or
through *hare
transfer
N() (+)*ID,
)H, )RICI)'
Any area inside
or outside tricity
the condition
eing it should
not have een
given on G/A
or through
*hare transfer
GURRANTOR Guarantor is
reHuiredDone #ho
is an Income )ax
Assessee and
heIshe has to have
an account in
*tate an% of
indiaE
N()
R,L+IR,D
D,/,ND* +/(N
CA*,
N()
R,L+IR,D
ADDITIONAL
SECURITY
NIA D,/,ND*
+/(N CA*,
D,/,ND* +/(N
CA*,
NIA
44

=+*IN,**
/R(FI.,&;:$
0+=; +<1=:>+%
1+:1=+,
=ANB* AJI* =ANB =ANB (F INDIA HDFC .td!
D(C+-,N)* A.. *A-, 7!/H()(GRA/H*
4!ID,N'I)' /R((F
<!.(CA. ADDR,**
/R((F @!=ANB
*)A),-,N) D.A*)
: -(N)H*E
;!I)R D.A*) <
',AR*E
:!=A.ANC, *H,,)
2 /I. D.A*) <
',AR*E
?!/R((F (F C(R)H
A!*A.,
AGRR,-,N)
6!C(/' (F
A//R(>,D -A/!
75,*)I-A)I(N (F
C(N*)R+C)I(N!
77! C(/' (F )I).,
D,,D 2 /R,>I(+*
)I)., D,,D
7!=A.ANC, *H,,) , /
2 . AND I)R D.A*)
)HR,, ',AR*E
4! =+*IN,** /R(FI.,
<! C(/I,* (F
INDI>ID+A. )AJ
CHA..AN* F(R )H,
.A*) )HR,, ',AR*!
@! C(/' (F AD>ANC,
)AJ CHA..AN DIF
AN'E
;!=ANB *)A),-,N)
D .A*) 74 -(N)H*E
RA), (F
IN),R,*)
+/)( <5 .AC* 0
A!?;K
A=(>, <5
.AC* N 6!4;K
/R(C,**ING
F,,*
5!;K (F .(AN
)AB,N
!;;K (F )H, .(AN
A-(+N)
7K (F .(AN A-(+N)
R,/A'-,N)
),R-*
-(N)H.' ,-I
F(R 4; ',AR* 0
A44
F(R 45 ',AR* 0
AA@
F(R 7; ',AR* 0
7; ',AR* 0 7546 /,R
.AC* 75 ',AR* 0
74:? /,R .AC*
-AJ )( 45 ',AR*
45

666
F(R 75 ',AR*
N 74;<
,.IGI=I.I)'
(F .(AN
A-(+N)
A;K (F )H,
C(*) (F
/R(/,R)' (R
;;K (F )H,
N,) INC(-,
?;K (F )H, C(*)
(F /R(/,R)' (R @
)I-,* .A*) )HR,,
',AR* A>,RAG,
ANN+A. INC(-,
A! IIR DINC(-,
IN*)A.-,N) RA)I(E
T ,-IIGR(** INC(-,
-AJ @5K, IN CA*,
-(R, ,-I R,D+C,
=! F(IR
T A..
(=.IGA)I(NIGR(**
INC(-, , -AJ
)( <;K
(CN *(+RC,
R,FINANC, NI. NI.
IN*+RANC, (F
)H, /R(/,R)'
NI. 5!:;K ',* D(/)I(NA.E
AR,A* (F
F+NDING
',*
D(/)I(NA.E
R,L+IR,D F(R
=+I.DING N() F(R
.AND
A//R(>,D /R(&,C)*
(N.' 2 F.A)*
)RAN*F,RA=., (N
G/A 2 A.*( F+ND,D
CI)H ADDI)I(NA.
*,C+RI)' i!e 7!;
)I-,* )H, G/A
/R(/,R)'
G+RRAN)(R Any area inside
or outside tricity
the condition
eing it should
not have een
given on G/A or
through *hare
transfer
Any area inside or
outside tricity the
condition eing it
should not have een
given on G/A
D,/,ND* +/(N CA*,
ADDI)I(NA.
*,C+RI)'
N()
R,L+IR,D
.(CA.
G+RRAN)(R IN
CA,* (F (+)*ID,
)RICI)', -IGH)
R,L+IR, B,,/ING
)H, /R(/,R)'
IN)(
C(N*ID,RA)I(N
D,/,ND* +/(N CA*,
46

COMPARATIVE ANALYSIS OF VARIOUS BAN!S FOR HOME LOANS &;:$

+<1=:>+% 1+:1=+,
47

STANDARD
CART!
"AN# $% &ND&A! D%C
'&(&T)D
M)D'<3< =:)( )<:3(8 ?;K of the cost of
the property
?;K of the cost of
/roperty or four times
the avg income of last
three years
A;K of the
cost of
property
R)8+ :; '(8+$+08:
& FLOATING ,

elo# <5 la%hs A!;K floating 6!4;KDfor 75 years n
aoveE
till <5th $une
all
applications
received can
e loc%ed in
under dual
rate! -arch
4577 0 A!4;K,
)ill -arch
4574 0 6K
<rd year
on#ards
Floating
rateD /.R0
@!?;KE
housing loanG
upto <5
la%hs0 A!?;K,
<5 0 ;5 la%hs
06K, aove
;5 la%hs 0
6!4;K
/lot loanG
+pto <5 la%hs
0 6!4;K, <5 0
;5 la%hs 0
6!;K, aove
;5 la%hs 0
6!?;K
follo#ing
loans are
given #hen
the person
has home
loan ,Huit
loan D loan
against
propertyE
77!4;K
top up loan 0
75!4;K
<5 la%hs 0 ;5 la%hs 6K D for elo# 75
yearsE
more than ;5 la%hs

48

education
loan 0 upto <5
la%hs 0
6!?;K, <5 0
;5 la%hs
075K, aove
;5 la%hs 0
75!4;K
P$:*+00'(9 *2)$9+0 5!;;K 7K of the
loan amount
P$+-1)><+(8 *2)$9+0: ;7,446!45 ;'D+%: 4K if
the amount
eing repaid
is more than
4;K of the
opening
alance
)%5308)4=+:
4K if the
amount eing
repaid is
more than
4;K 5f the
opening
alance and is
paid #ithin <
years of the
date of first
disursement!
o#n source Nil
Refinance 5!:;K
=ro%en Interest Charges
Additional security '( *)0+ :; GPA not reHuired '( *)0+ :;
GPA
Insurance of the property reHuired for
uilding
reHuired for uilding
not for land
optional
Area of funding any#here except G/A any area ut
the pro$ect
has to e
approved y
the -C! G/A
property is
also financed
ut #ith an
additional
security of
7!; times the
cost of the
G/A property!
49

Guarantor depends on case to

case
local guarantor in case
of outside tricity!
-ight reHuire a
guarantor in tricity
%eeping property into
consideration!
depends on
case to case
Resale of the property
Additional documents sale agreement, copy
of the title deed and
previous title deeds,
copy of the approved
map duly signed,
estimation of the
constructionI
renovation cost, any
other statutory
permission as reHuired
y the local authority!
area to e
approved y
-C
DOCUMENTS
REEUIRED:

D7EIncome tax return #ith
computation DyearsE
< < <
D4E=alance sheet and Income
statement DyearsE
< < <
D<E *ix months an%
statement
U U U
D@E Residence proof U U U
D;E /an card U U U
D:E.andline ill original U U U
D?E =usiness /rofile not reHuired not reHuired U
DAE /roperty paper U U U
D6E /assport si"e photograph U UDapplicant M
guarantorE
U
D75E R C /hotocopies not reHuired not reHuired not reHuired
50

C(-/ARA)I>,
ANA.'*I* (F
>ARI(+* =ANB*
F(R H(-, .(AN*
&;:$ +<1=:>+%
1+:1=+,
51

*)A), =ANB
(F INDIA
AJI*
=ANB
ID=I =ANB ICICI
=ANB
-aximum loan
amount
A;K of the
cost of
property (R @
times the
amount of
income DAvg
of < yearsF
incomeE
A;K of the
cost of
property
A;K of the cost
of property
D elo# <5 la%hsE
(R A5K of the
cost of property
Daove <5 la%hsE
A;K of the
cost of
property
(R 755K
of the
amount of
registry!
Rate of interestG
D F.(A)ING E
elo# <5 la%hs A!?;K A!?;K A!?;K A!4;K for
first yearV
6K for
second
yearV
6!4;K
on#ards
<5 la%hs 0 ;5 la%hs 6K 6K 6K A!4;K for
first yearV
6K for
second
yearV
6!4;K
on#ards
more than ;5 la%hs 6!4;K 6!4;K 6!4;K A!4;K for
first yearV
6K for
second
yearV
6!4;K
on#ards
/rocessing charges 5!;5K 5!;5K 7K DnegotialeE
D!;5K for govt
5!;K V
5!4;KD if
loan
already
existingE
/re0payment chargesG 65K
prepayment
anytime
starting
from the
next month
of the loan!
74 ,-Is to
run after
that!
52

o#n source Nil nil nil Dafter :

monthsE
Refinance 4K nil 4K
=ro%en Interest
Charges
U
Additional security not reHuired not
reHuired
depends upon the
case
not
reHuired
Insurance of the
property
'es yes optional not
reHuired
Area of funding Any area
inside or
outside tricity
the condition
eing it should
not have een
given on G/A
or through
*hare transfer
Guarantor Guarantor is
reHuiredDone
#ho is an
Income )ax
Assessee and
heIshe has to
have an
account in
*tate an% of
indiaE
Not
reHuired
yes in case of
usiness,no in
case of salaried
not
reHuired
53

Resale of the property Allo#ed allo#ed allo#ed #ith

security
allo#ed
Additional documents Registered
*ale deed,
-utation
copy, map and
estimate
approved y
the authority
Not
reHuired
depends upon the
case
-ap and
Area to e
approved
y the -C
D(C+-,N)*
R,L+IR,DG
D7EIncome tax return
#ith computation
DyearsE
< < 4 <
D4E=alance sheet and
Income statement
DyearsE
< < 4 <
D<E *ix months an%
statement
U U U U
D@E Residence proof U U U U
D;E /an card U U U U
D:E.ocal Address
/roof
not reHuired not
reHuired
not reHuired U
D?E =usiness /rofile U not
reHuired
U U
DAE /roperty paper U U U U
D6E /assport si"e
photograph
U U U U
CHAPTER G&B,
54

HOUSING DEVELOPMENT FINANCE CORPORATION

RATIO ANALYSIS
;:$ >+)$ +(%'(9 M)$*2 #1" 2010
F:$ 82+ Y+)$ 2009-10
Rs!;<,;6,7?,@:,4:4 T 2.018:1
Rs!4:,;:,7:,@5,A@?
F:$ 82+ >+)$ 2008-09
55
*!C+RR)NT RAT&$, C+RR)NT ASS)TS-C+RR)NT '&A"&'&T&)S

Rs!7A,?:,7:,:;,4:A T 0./.1:1
Rs!4A,A<,<:,A?,@A?
N:8+: 1.C3$$+(8 A00+80 A$+ T)7+( ED*+18 L:)(0 A(% A%6)(*+0
2. C3$$+(8 L')4'='8'+0 A$+ T)7+( ED*+18 P$:6'0':(0
F:$ 82+ Y+)$ 2009-10
Rs!;,44,@7,@?,:5,5:;0 Rs!;,A;,:5:
Rs!4:,;:,7:,@5,A@?
T Rs!;4,4@,5A,65,@;6 T 1.9G:1
Rs!4:,;:,7:,@5,A@?
F:$ 82+ Y+)$ 2008-09
Rs!7?,7A,@A,<4,65; T 0.##8:1
Rs!4A,A<,<:,A?,@A?
N:8+: 1.A40:=38+ L'H3'% A00+80 IC)02 A(% B)(7 B)=)(*+ ED*+18 C)02 W'82 RBI
2. C3$$+(8 L')4'='8'+0 A$+ T)7+( ED*+18 P$:6'0':(0

F:$ 82+ Y+)$ 2009-10
Rs!A,??,?7,6?,5A,5;A T ..G8:1
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
56
.!A"S$'+T) '&/+&D RAT&$, A"S$'+T) '&/+&D ASS)STS-C+RR)NT
'&A"&'&T&)S
0!RAT&$S $% '$N1 T)R( D)"T T$ SAR)$'D)RS2 %+ND, '$N1T)R(
D)"T-SAR)$'D)RS2 %+ND

Rs!?,;6,;@,65,75,67A T ..G8:1
Rs!7,<7,<?,<A,?A,;7<
N:8+: 1.L:(9 T+$< D+48 A$+ T)7+( ED*+18 F:==:@'(9:
A, S2:$8 T+$< F:$+'9( C3$$+(*> B:$$:@'(90 F$:< B)(70
B, U(0+*3$+% F:$+'9( C3$$+(*> C:(6+$8'4=+ B:(%0
C, L:)(0 F$:< S*2+%3=+% B)(70 &U(0+*3$+%,-S2:$8 T+$<
D, C:<<+$*')= P)1+$&U(0+*3$+%,
E, I(8+$+08 A**$3+% A(% D3+
2. S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= K R+0+$6+0 A(% S3$1=30
F:$ 82+ Y+)$ 2009-10
Rs!7,;7,6?,:;,A:,;65 !
Rs!77,7?,:4,6:,?@,65@M Rs!@A,?A,@:,A6,?57
T Rs!7,;7,6?,:;,A:,;65 T 0.1#0:1
Rs!77,::,@7,@<,:@,:5;
F:$ 82+ Y+)$ 2008-09
Rs!7,<7,<?,<A,?A,;7< !
Rs!6,:6,6<,@:,A:,<A?M Rs!@:,:<,@@,?4,<5A
T Rs!7,<7,<?,<A,?A,;7< T 0.129:1
Rs!75,7:,;:,67,;A,:6;
N:8+: 1.S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
2. T:8)= A00+80I L:)(0 A(% A%6)(*+0 A0 P+$ S*2+%3=+- K I(6+08<+(8 A0 P+$
S*2+%3=+ . K C3$$+(8 A00+80" L:)(0 A(% A%6)(*+0 S*2+%3=+ / K
F'D+% A00+80 A0 P+$ S*2+%3=+ 8
57
3!PR$PR&)T$R4 RAT&$, SAR)$'D)RS2 %+ND-T$TA' ASS)TS
5!%+ND)D D)"T T$ T$TA' CAP&TA'&6AT&$N, %+ND)D D)"T - T$TA'
CAP&TA'&6AT&$N 7 *88

F:$ 82+ Y+)$ 2009-10

Rs!6,:;,:;,<5,AA,<7@ T 0.8/-:1
Rs!77,7?,:4,6:,?@,65@
F:$ 82+ Y+)$ 2008-09
Rs!A,<A,;:,5A,5?,A?@ T 0.8/.:1
Rs!6,:6,6<,@:,A:,<A?
N:8+: 1.F3(%+% D+48I L:)(0 A0 P+$ S*2+%3=+ #
2. T:8)= C)1'8)='B)8':( IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1K R+0+$6+ A(% S3$1=30 A0 P+$
S*2+%3=+ 2K L:)(0 A0 P+$ S*2+%3=+ #
F:$ 82+ Y+)$ 2009-10
Rs!6,:;,:;,<5,AA,<7@ T /.#.:1
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs!A,<A,;:,5A,5?,A?@ T /.#9:1
Rs!7,<7,<?,<A,?A,;7<
N:8+: 1. O380'%+$0J F3(%I L:)(0 A0 P+$ S*2+%3=+ #
2. S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2

F:$ 82+ Y+)$ 2009-10
Rs!6,64,47,@?,46,7:7 T 0.8.1:1
58
9!D)"T-)/+&T4 RAT&$, $+TS&D)RS2 %+ND-SAR)$'D)RS2 %+ND
$R
):T)RNA' )/+&T&)S-&NT)RNA' )/+&T&)S
;!S$'<)NC4 RAT&$, T$TA' '&A"&'&T&)S T$ $+TS&D)RS-T$TA' ASS)TS

Rs!77,::,@7,@<,:@,:5;
F:$ 82+ Y+)$ 2008-09
Rs!A,:?,<6,@@,6;,<:7 T 0.8.#:1
Rs!75,7:,;:,67,;A,:6;
N:8+: 1.T:8)= L')4'='8'+0 T: O380'%+$0I L:)( F3(%0 A0 P+$ S*2+%3=+ # KC3$$+(8 L')4'='8'+0 A(%
P$:6'0':(0 A0 P+$ S*2+%3=+ G &ED*+18 P$:6'0':(0 U(%+$ S*2+%3=+ G,
2. T:8)= A00+80I L:)(0 A(% A%6)(*+0 A0 P+$ S*2+%3=+ - K I(6+08<+(8 A0 P+$
S*2+%3=+ . K C3$$+(8 A00+80" L:)(0 A(% A%6)(*+0 S*2+%3=+ / K
F'D+% A00+80 A0 P+$ S*2+%3=+ 8
F:$ 82+ Y+)$ 2009-10
Rs!4,44,77,@7,:7< T 0.01-/:1
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs 4,5<,@5,;7,<@4 T 0.01..:1
Rs 7,<7,<?,<A,?A,;7<
N:8+:1.F'D+% A00+80I N+8 B=:*7 A0 P+$ S*2+%3=+ 8
2. S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
59
=!%&:)D ASS)TS T$ N)T >$RT RAT&$, %&:)D ASSTS ?A%T)R
D)P!@-SAR)$'D)RS2 %+ND
A!%&:)D ASS)T RAT&$,
$R
%&:)D ASS)T T$ '$N1 T)R( %+NDS, %&:)D ASSTS ?A%T)R D)P!@-T$TA' '$N1
T)R( %+NDS

F:$ 82+ Y+)$ 2009-10

Rs!4,44,7@,77,:7< T 0.0022:1
Rs!75,46,:6,:4,6@,:@A
F:$ 82+ Y+)$ 2008-09
Rs!4,5<,@5,;7,<@4 T 0.002#:1
Rs!A,65,64,4A,A6,@<7
N:8+: 1.F'D+% A00+80I N+8 B=:*7 A0 P+$ S*2+%3=+ 8
2.T:8)= L:(9 T+$< F3(%0I S2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1K R+0+$6+0 A(% S3$1=30 A0
P+$ S*2+%3=+ 2K L:)( F3(%0 A0 P+$ S*2+%3=+ #
B38 L:)( F3(%0 A$+ T)7+( ED*+18 F:==:@'(9:
A,S2:$8 T+$< F:$+'9( C3$$+(*> B:$$:@'(90 F$:< B)(70
B,U(0+*3$+% F:$+'9( C3$$+(*> C:(6+$8'4=+ B:(%0
C,L:)(0 F$:< S*2+%3=+% B)(70 &U(0+*3$+%,-S2:$8 T+$<
D,C:<<+$*')= P)1+$&U(0+*3$+%,
E,I(8+$+08 A**$3+% A(% D3+
F:$ 82+ Y+)$ 2009-10
Rs!;<,;6,7?,@:,4:4 T #.#.-:1
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs!7A,?:,7:,:;,4:A T 0.1-#:1
Rs!7,<7,<?,<A,?A,;7<
N:8+: .1.C3$$+(8 A00+80 A$+ T)7+( ED*+18 L:)(0 A(% A%6)(*+0
2. S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
60
*8!RAT&$ $% C++R)NT ASS)TS T$ PR$PR&)T$RS2 %+ND, C+RR)NT
ASS)TS-SAR)$'D)RS2 %+NDS

F:$ 82+ Y+)$ 2009-10

Rs!4A,4:,@A,6A,455W755 T18./0L
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs!44,A4,;@,4?,;@<W755 T1G.#GL
Rs!7,<7,<?,<A,?A,;7
N:8+:1.N+8 P$:;'8 I N+8 P$:;'8 A;8+$ I(8+$+08 A(% T)D T)7+( A0 P+$ P$:;'8 A(% L:00 A**:3(8.
2. S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
F:$ 82+ Y+)$ 2009-10
Rs!4A,4:,@A,6A,455 IR0.98.-. P+$ S2)$+
4A,?7,75,444 *hares
F:$ 82+ Y+)$ 2008-09
Rs!44,A4,;@,4?,;@< IR0.80.2- P+$ S2)$+
4A,@@,;<,675 *hares
N:8+:1.E)$('(9 A6)'=)4=+ T: EH3'8> S2)$+2:=%+$0JI N+8 P$:;'8 A;8+$ I(8+$+08 A(% T)D T)7+( A0
P+$ P$:;'8 A(% L:00 A**:3(8.
2.N3<4+$ O; EH3'8> S2)$+0I N:. O;. EH3'8> S2)$+0 A$+ G'6+( I( S2)$+ C)1'8)= A0 P+$
S*2+%3=+ 1
61
**!R)T+RN $N SAR)$'D)RS2 &N<)ST()NT $R N)T >$RT, N)T PR$%&T
A%T)R &NT)R)ST AND TA:-SAR)$'D)RS2 %+ND7*88
*.!)ARN&N1 P)R SAR) ?)PS@, )ARN&N1 A<A&'A"') T$ )/+&T4
SAR)$'D)R-N+(")R $% )/+&T4 SAR)S
*0!D&<&D)ND P)R SAR), PR$P$S)D D&<&D)ND-N+(")R $% )/+&T4 SAR)S

F:$ 82+ Y+)$ 2009-10

Rs!75,<<,;6,:?,664 I R0.#/ 1+$ S2)$+
4A,?7,75,444 *hares
F:$ 82+ Y+)$ 2008-09
Rs!A,;<,<:,7?,<55 I R0.#0 1+$ S2)$+
4A,@@,;<,675 *hares
N:8+:1.P$:1:0+% D'6'%+(% I0 T)7+( A0 P+$ P$:;'8 A(% L:00 A**:3(8.
2.N3<4+$ O; EH3'8> S2)$+0I N:. O;. EH3'8> S2)$+0 A$+ G'6+( I( S2)$+ C)1'8)= A0 P+$
S*2+%3=+ 1
F:$ 82+ Y+)$ 2009-10
Rs!<:W755 T 1.2.L
Rs! 4A?:
F:$ 82+ Y+)$ 2008-09
Rs!<5W755 T 1.12L
Rs! 4:A:
N:8+: 1. D'6'%+(% P+$ S2)$+ I0 T)7+( A0 P+$ A4:6+ C)=*3=)8':(0.
2.M)$7+8 P$'*+ P+$ S2)$+ I0 T)7+( A0 P+$ B)=)(*+ S2++8.
F:$ 82+ Y+)$ 2009-10
Rs!<:W755 T #/..GL
Rs!6A!@;
62
*3!D&<&D)ND 4&)'D RAT&$, D&<&D)ND P)R SAR)-(AR#)T P)R SAR)
*5!D&<&D)ND PA4$+T RAT&$, D&<&D)ND P)R SAR)-)ARN&N1 P)R SAR)

F:$ 82+ Y+)$ 2008-09

Rs!<5W755 T #G.#9L
Rs!A5!4@
N:8+: 1. D'6'%+(% P+$ S2)$+ I0 T)7+( A0 P+$ A4:6+ C)=*3=)8':(0.
2.E)$('(9 P+$ S2)$+ I0 T)7+( A0 P+$ A4:6+ C)=*3=)8':(0.
F:$ 82+ Y+)$ 2009-10
Rs!4A?: T 29.21:1
Rs!6A!@;
F:$ 82+ Y+)$ 2008-09
Rs!4:A: T ##.-G:1
Rs!A5!4@
N:8+: 1.M)$7+8 P$'*+ P+$ S2)$+ I0 T)7+( A0 P+$ B)=)(*+ S2++8.
2.E)$('(9 P+$ S2)$+ I0 T)7+( A0 P+$ A4:6+ C)=*3=)8':(0.
F:$ 82+ Y+)$ 2009-10
Rs!4,44,77,@7,:7< T 0.002.:1
Rs!A,??,?7,6?,5A,5;A
F:$ 82+ Y+)$ 2008-09
Rs!4,5<,@5,;7,<@4 T 0.002G:1
Rs!?,;6,;@,65,75,67A
63
*9!PR&C) )ARN&N1 RAT&$, (AR#)T PR&C) P)R SAR)-)ARN&N1 P)R SAR)
*;!RAT&$ $% %&:)D ASS)T T$ %+ND)D D)"T, %&:)D ASS)TS ?A%T)R
D)P!@-%+ND)D D)"T

N:8+: 1.F'D+% A00+80I N+8 B=:*7 A0 P+$ S*2+%3=+ 8

2.F3(%+% D+48I L:)(0 A0 P+$ S*2+%3=+ #
F:$ 82+ Y+)$ 2009-10
Rs!;,4@,@;,;?,66A T 0.00/0:1
Rs!A,??,?7,6?,5A,5;A
F:$ 82+ Y+)$ 2008-09
Rs!@,6<,A;,4<,A45 T 0.00/.:1
Rs!?,;6,;@,65,75,67A
N:8+: 1.F'D+% A00+80I G$:00 B=:*7 A0 P+$ S*2+%3=+ 8
2.F3(%+% D+48I L:)(0 A0 P+$ S*2+%3=+ #
F:$ 82+ Y+)$ 2009-10
Rs!7,@6,75,;;,4<,;45W755 T 98.11L
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs!7,4A,;4,6<,?A,;:<W755 T 9G.80L
Rs!7,<7,<?,<A,?A,;7<
N:8+:1.R+0+$6+ A(% S3$1=30 A$+ T)7+( P+$ S*2+%3=+ 2 O; T2+ B)=)(*+ S2++8.
2. EH3'8> C)1'8)=IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
64
*=!RAT&$ $% %&:)D ASS)T T$ %+ND)D D)"T, %&:)D ASS)TS ?")%$R)
D)P!@-%+ND)D D)"T
*A!RAT&$ $% R)S)R<) T$ )/+&T4 CAP&TA', R)S)R<)S AND S+RP'+S-)/+&T4
CAP&TA'

F:$ 82+ Y+)$ 2009-10

Rs!4:,;:,7:,@5,A@? T 0.1G.:1
Rs!7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs!4A,A<,<:,A?,@A? T 0.219:1
Rs!7,<7,<?,<A,?A,;7<
N:8+: 1. C3$$+(8 L')4'='8'+0 A$+ T)7+( ED*+18 P$:6'0':(0
2. P$:1$'+8:$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
F:$ 82+ Y+)$ 2009-10
Rs!7,;7,6?,:;,A:,;65M Rs!A,??,?7,6?,5A,5;A
Rs!A,??,?7,6?,5A,5;A
T 1.1G#:1
F:$ 82+ Y+)$ 2008-09
Rs!7,<7,<?,<A,?A,;7<M Rs!?,;6,;@,65,75,67A
Rs!?,;6,;@,65,75,67A
T 1.1G29:1
N:8+: 1. S2)$+2:=%+$0J F3(%IS2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
2.L:(9 T+$< L')4'='8'+0 A$+ T)7+( ED*+18 F:==:@'(9:
65
.8!RAT&$ $% C+RR)NT '&A"&'&T&)S T$ PR$PR&)T$RS2 %+ND, C+RR)NT
'&A"&'&T&)S- PR$PR&)T$RS2 %+ND
.*!T$TA' &N<)ST()NT T$ '$N1 T)R( '&A"&'&T&)S, SAR)$'D)RS2 %+ND
B '$N1 T)R( '&A"&'&T&)S-'$N1 T)R( '&A"&'&T&)S2

A,S2:$8 T+$< F:$+'9( C3$$+(*> B:$$:@'(90 F$:< B)(70

B,U(0+*3$+% F:$+'9( C3$$+(*> C:(6+$8'4=+ B:(%0
C,L:)(0 F$:< S*2+%3=+% B)(70 &U(0+*3$+%,-S2:$8 T+$<
D,C:<<+$*')= P)1+$&U(0+*3$+%,
E,I(8+$+08 A**$3+% A(% D3+

F:$ 82+ Y+)$ 2009-10
Rs!@@,7;,A6,5:,?@:M Rs!6,;4,@;,?A,555
4A,?7,75,444
T Rs!;<,:A,<@,A@,?@: T R0.18/.9G 1+$ 02)$+
4A,?7,75,444
F:$ 82+ Y+)$ 2008-09
Rs!<?,45,A?,;@,?4<M Rs!;,45,@;,?A,555
4A,@@,;<,675
T Rs!@4,@7,<<,<4,?4< T R0.1-9.10 1+$ 02)$+
4A,@@,;<,675
N:8+:1.F$++ R+0+$6+0I G+(+$)= R+0+$6+ A0 P+$ S*2+%3=+ 2K B)=)(*+ O; P$:;'8 A(% L:00
A**:3(8 A0 P+$ S*2+%3=+ 2
2.N3<4+$ O; EH3'8> S2)$+0I N:. O;. EH3'8> S2)$+0 A$+ G'6+( I( S2)$+ C)1'8)= A0 P+$
S*2+%3=+ 1
.0!R)T+RN $N 1R$SS CAP&TA' )(P'$4)D,N)T PR$%&T A%T)R TA: anC
PR)%)R)NC) D&<&D)ND-1R$SS CAP&TA' )(P'$4)D7*88
66
..!%R)) R)S)R<)S P)R SAR), A'' %R)) R)S)R<)S- N$! $% )/+&T4
SAR)S

F:$ 82+ Y+)$ 2009-10

Rs! 4A,4:,@A,6A,455W755 T 18./0L
Rs! 7,;7,6?,:;,A:,;65
F:$ 82+ Y+)$ 2008-09
Rs! 44,A4,;4,4?,;@<W755 T 1G.#GL
Rs! 7,<7,<?,<A,?A,;7<
N:8+: 1.N+8 P$:;'8 I N+8 P$:;'8 A;8+$ T)D A(% P$+;+$+(*+ D'6'%+(% T)7+( A0 P+$ P$:;'8 A(%
L:00 A**:3(8.
2. P$+;+$+(*+ D'6'%+(% I0 N'= B+*)30+ T2+$+ A$+ N: P$+;+$+(*+ S2)$+0
#. G$:00 C)1'8)= E<1=:>+%I S2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2
.3!R)T+RN $N N)T CAP&TA' )(P'$4)D,N)T PR$%&T A%T)R TA: anC
PR)%)R)NC) D&<&D)ND-N)T CAP&TA' )(P'$4)D7*88
F:$ 82+ Y+)$ 2009-10
Rs! 4A,4:,@A,6A,455W755 T 22..-L
Rs! 7,4;,@7,@6,@;,?@<
F:$ 82+ Y+)$ 2008-09
Rs! 44,A4,;4,4?,;@<W755 T 22.2/L
Rs! 7,54,;@,57,67,54:
N:8+: 1.N+8 P$:;'8 I N+8 P$:;'8 A;8+$ I(8+$+08 A(% T)D T)7+( A0 P+$ P$:;'8 A(% L:00 A**:3(8.
2. P$+;+$+(*+ D'6'%+(% I0 N'= B+*)30+ T2+$+ A$+ N: P$+;+$+(*+ S2)$+0
#. N+8 C)1'8)= E<1=:>+%I S2)$+ C)1'8)= A0 P+$ S*2+%3=+ 1 K R+0+$6+0 A(%
S3$1=30 A0 P+$ S*2+%3=+ 2 M C3$$+(8 L')4'='8'+0 A0 P+$ S*2+%3=+ G ED*+18 P$:6'0':(0.
67

R)8':0 O; HDFC LTD. F:$ T2+ F'()(*')= Y+)$

Y+)$
2009-10
'ear
455A056
7!Current Ratio 2.018:1 5!:;7G7
4! Asolute .iHuid Ratio 0.##8:1 5!<<AG7
<!Ratios (f .ong )erm Det )o *hareholdersO Fund ..G8:1 ;!?AG7
@! /roprietary Ratio 0.1#0:1 5!746G7
;! Funded Det )o )otal Capitali"ation 0.8/-:1 5!A:;G7
:! DetI,Huity Ratio /.#.:1 :!<6G7
?! *olvency Ratio 0.8.1:1 5!A;<G7
A! Fixed Assets )o Net Corth Ratio 0.01-/:1 5!57;;G7
6! Fixed Asset Ratio 0.0022:1 5!554<G7
75! Ratio (f Current Assets )o /roprietorsO Fund #.#.-:1 5!7@<G7
77! Return (n *hareholdersO Investment (r Net Corth DIn KAgeE 18./ 7?!<?
74! ,arning /er *hare D,/*E DIn Rs!E 98.-. A5!4@
7<! Dividend /er *hare DIn Rs!E #/ <5
7@! Dividend 'ield Ratio DIn KAgeE 1.2. 7!74
7;! Dividend /ayout Ratio #/..G <?!<6
7:! /rice ,arning Ratio 29.21 <<!@?
7?! Ratio (f Fixed Asset )o Funded Det 0.002.:1 5!554?G7
7A! Ratio (f Fixed Asset )o Funded Det 0.00/0:1 5!55:;G7
76! Ratio (f Reserve )o ,Huity Capital DIn KAgeE 98.11 6?!A
45! Ratio (f Current .iailities )o /roprietorsO Fund 0.1G.:1 5!476G7
47! )otal Investment )o .ong )erm .iailities 1.1G#:1 7!7?46G7
44! Free Reserves /er *hare R0. 18/.9G Rs! 7@6!75
4<!Return (n Gross Capital ,mployed 18./0L 7?!<?K
4@! Return (n Net Capital ,mployed 22..-L 44!4:K
68

HOUSING DEVELOPMENT FINANCE CORPORATION

RATIO ANALYSIS
;:$ >+)$ +(%'(9 M)$*2 #1" 2010
I(6+08<+(8 V)=3)8':( R)8':0:
1. D'6'%+(% 1+$ S2)$+
Dividend is the return to shareholders for their investment in the company!
Higher the dividend, higher the satisfaction 2 thus higher the confidence! In the given case of HDFC,
in year 4575 2 4556, )he Company has provided dividend of Rs! <: 2 Rs! <5 per share against face
value of Rs! 75 per share! )his proves that the company has paid dividend at rate of <:5K 2 <55K in
year 4575 2 4556 resp! this sho#s company is ma%ing huge profits 2 investors are also satisfied!
2. F$++ R+0+$6+0 1+$ S2)$+
It sho#s the amount of free reserves availale per share! In the given case, in
year 4575 2 4556, the free reserves per share are Rs! 7A:!6? 2 Rs! 7@6!75 resp! #hich sho#s
company has surplus money to use in case of any contingent 2 other liailities!
#. R)8': :; R+0+$6+0 8: EH3'8> C)1'8)=
)his ratio sho#s ho# much reserves are availale against eHuity capital!
Higher the percentage, higher the satisfaction of shareholders 2 thus higher the staility! In the case
of HDFC, in 'ear 4575 2 4556, the percentage #as 6A!77K 2 6?!A5K! )his sho#s that the
companyOs ratio has increased 2 the staility has also een increased ecause of higher reserves
availale #ith the company!
P$:;'8)4'='8> R)8':0:
1. F'D+% A00+80 R)8': & F'D+% A00+80 8: N+8 W:$82 R)8':
)hese ratios sho# the relationship of fixed assets #ith .ong )erm Funds 2
*hare Holders Funds! In 'ear 4575 2 4556 the fixed assets ratio #as 5!5544G7 2 5!554<G7 resp #hile
fixed assets to net #orth ratio #as 5!57@:G72 5!57;;G7! )his sho#s in 4575 oth ratios have een
decreased as compared to 'ear 4556! )his is a ad situation for the company!
2. R)8': :; C3$$+(8 A00+80 8: P$:1$'+8:$0 F3(%0
)his ratio sho#s that ho# much current assets are there to cover the proprietorsO
funds! Higher the ratio higher the solvency! In the case of HDFC, this ratio in 'ear 4575 2 4556 #as
<!<;@G7 2 5!7@<G7resp! As #e can see that ratio has increased from 'ear 4556 to 4575 #hich sho#s
companyOs future is right!
#. R)8': :; C3$$+(8 L')4'='8'+0 8: P$:1$'+8:$0J F3(%
)his ratio sho#s the numer of times current liailities are to the proprietorsO
funds! .o#er the ratio is eneficial for the company! In 'ear 4575 2 4556, it #as 5!7?;G7 2 5!476G7!
)his sho#s that ratio has decreased from 4556 to 4575 #hich is good for the company!
-. T:8)= I(6+08<+(8 8: L:(9 T+$< L')4'='8> R)8':
)his ratio sho#s that ho# much .ong )erm .iailities are covered #ith our
Investments! Higher the ratio means higher the capacity of company to pay ac% the .ong )erm
69

.iailities! In the given case of HDFC, the ratio in 'ear 4575 2 4556 #as 7!7?<G7 2 7!7?46G7! In oth
years the ratio is almost same, #e can say that the company is in good condition ecause it is ale to
cover its long term liailities #ith its investments!
.. R+83$( :( G$:00 C)1'8)= E<1=:>+% & R+83$( O( N+8 C)1'8)= E<1=:>+%
)hese ratios estalish the relationship et#een /rofits 2 Capital ,mployed! It
is the primary ratio to measure the overall profitaility of the company! Higher the ratio means higher
the efficiency of the company! In the given case, in year 4575 2 4556, Return on Gross Capital
,mployed #as 7A!:5K 2 7?!<?K resp #hile Return on Net Capital ,mployed #as 44!;@K 2 44!4:K
resp #hich sho# higher efficiency of the company, the company is highly efficient!
/. R+83$( :( N+8 W:$82
)his ratio estalishes the relationship et#een /rofits after interest 2 taxes 2
Net Corth! It is the primary ratio to measure the overall profitaility of the company! Higher the ratio
means higher the efficiency of the company! In the given case, in year 4575 2 4556, the ratio is
7A!:5K 2 7?!<?K #hich sho#s high efficiency of the company!
L'H3'%'8> & S:=6+(*> R)8':0:
1. C3$$+(8 R)8':
As per rule of thum, the est current ratio is 4G7, this means current assets should
e t#ice of current liailities ut in case of HDFC, the current ratios in year 4575 2 4556 are 4!57AG7
2 5!:;7G7 resp! this sho#s that company has excess current assets over current liailities, #hich
sho#s high #or%ing capital!
2. A40:=38+ L'H3'% R)8':
As per rule of thum, the est Huic% ratio is 7G7, this means asolute liHuid assets
should e eHual to current liailities ut in case of HDFC, the liHuid ratios in year 4575 2 4556 are
5!<<AG7 2 5!<<AG7 resp! this sho#s that company has less liHuid assets over current liailities! )his
proves that company has enough assets #hich can e easily converted into cash!
D+48 C:6+$)9+ R)8':0:
1. R)8':0 :; L:(9 T+$< D+48 8: S2)$+2:=%+$0J F3(%
)his ratio sho#s the claims of outsiders to the funds! In case of HDFC, Ratios
of .ong )erm Det to *hareholdersO Fund in year 4575 2 4556 are ;!?AG7 2 ;!?AG7 resp! #hich sho#s
that the claims are more than the fundsV this is a ad situation for the company!
L:(9 T+$< S:=6+(*> R)8':0
1. R)8': :; F'D+% A00+8 &);8+$ %+1., T: F3(%+% D+48 & R)8': O; F'D+% A00+8 &4+;:$+ %+1., T:
F3(%+% D+48
)hese ratios sho# the relationship of Fixed Assets #ith the Funded Det!
Higher the ratio higher the chances of staility ecause in case of failure fixed assets #ill cover the
funded det! In the given case, in year 4575 2 4556 the Ratio (f Fixed Asset Dafter dep!E )o Funded
Det is 5!554;G7 2 5!554?G7 resp! #hile Ratio of Fixed Asset Defore dep!E )o Funded Det is
5!55:5G7 2 5!55:;G7 resp! #hich sho#s that company assets are much less than the funded det!
2. P$:1$'+8)$> R)8'::
70

)his ratio sho#s the relationship of shareholder funds #ith hat of total assets! In
the case of HDFC, in year 4575 2 4556 it #as 5!7<5G7 2 5!746G7 resp! #hich sho#s no more
difference et#een oth t#o years!
# D+48 EH3'8> R)8':0
)his ratio sho#s the claims of outsiders to the claims of o#ners i!e! shareholders! In
case of HDFC, the det eHuity ratio in 4575 2 4556 are :!<; 2 :!<6 resp! #hich sho#s that the claims
are more than the eHuityV this is a ad situation for the company!
-. F3(%+% D+48 8: T:8)= C)1'8)='B)8':(G
)his ratio sho#s the claims of outsiders to the claims of total capital! In case of
HDFC, the funded det to total capitali"ation ratio in 4575 2 4556 are 5!A:@G7 2 5!A:;G7 resp! #hich
sho#s that the claims are less than the total capitalV this is a good situation for the company! 2
companyOs future is right!
.! S:=6+(*> R)8':
)his ratio sho#s the solvency of the company y comparing total liaility to
outsiders #ith total assets! In HDFC case, this ratio in 4575 2 4556 #as 5!A;7G7 2 5!A;<G7! As #e
have seen the ratio has increased from year 4556 t:o 4575, this sho#s companyOs status is nice!
C)02 F=:@ I(%'*)8:$ R)8':0:
1. D'6'%+(% P)>:38 R)8': N+8 P$:;'8
)his ratio sho#s the ratio of dividend paid out of profits! Higher the ratio
higher the investors satisfaction 2 interest! )his is very eneficial for the company ecause company
canOt loose confidence of investors! In the given case, in year 4575 2 4556, the ratios are <:!;? 2
<?!<6 resp!, #hich are very high! )his sho#s company is capale to give higher returns to its
investors.
2. D'6'%+(% Y'+=% R)8':
)his ratio sho#s the ratio of Dividend /aid /er *hare 2 -ar%et /rice /er *hare!
Higher the ratio higher the investors satisfaction! In the case of HDFC, in year 4575 2 4556, the ratio
#as 7!4;K 2 7!74K! As the ratio this year has increased this sho#s companyOs higher profitaility!
#. P$'*+ E)$('(9 R)8':
)his ratio sho#s ho# many times the -ar%et /rice of *hare is of the ,arnings
per *hare! In HDFC case in 'ear 4575 2 4556 the ratio #as 46!47 2 <<!@? resp! #hich sho#s that
this this year there are more earnings as compared to last year!
-. E)$('(90 1+$ S2)$+
It represents the earnings of shareholders from the company in the year!
Higher the earnings per share, higher the confidence of shareholders 2 higher the companyOs
reputation! In the given case, in year 4575 2 4556, the earnings per share are 6A!@; 2 A5!4@ resp!,
#hich sho#s high returns to shareholders! Hence, company is highly stale!
71

CONCLUSION
I have studied the attached =alance *heet of HOUSING DEVELOPMENT FINANCE
CORPORATION LIMITED &A82+ C:$1:$)8':(?, as at -arch <7, 4575,
)he /rofit and .oss Account and the Cash Flo# *tatement of the Corporation for the year ended on
that date, oth annexed thereto 2 have made an interpretation of the company via ratio analysis!
I have come to the conclusion that the company is on the high level of success! It is gro#ing day y
day! Its long term as #ell as short term staility is solid! It is capale of generating more 2 more
returns in coming future! After analy"ing, I have no dout that if in coming future any contingent
liaility raises efore company, it is ale to face the challenge! -oreover the investors 2 creditors
Dshort 2 .ong )ermE oth are satisfied y the company ecause it is declaring high profits 2 returns
2 repaying creditors in time!
S:" 82+ *:<1)(>J0 ;383$+ '0 B$'928.
C)02 F=:@ S8)8+<+(8 :; HDFC LTD. ;:$ 82+
>+)$ +(%+% M)$*2 #1"2010
Current 'ear
D4556075E
/revious year
D455A056E
R31++0 Rupees
AN CASH FLOW FROM OPERTAING ACTIVITIES
/rofit =efore )ax #91.9898200 <4765@4?;@<
72

Ad$ustment ForG
Depreciation And Amorti"ation 18202#0G1 7?@;:<64A
/rovision For Contingencies .80000000 ;55555555
DGainsEI.oss (n )ranslation (f Foreign Currency -onetary
Assets
And .iailities And -ar% )o -ar%et Derivatives -29.G0#919 4:77:;4<56
,mployee *toc% (ption ,xpenseDNet (f (ptions ,xercisedE --#G90 0@A6:6
/rovisions For ,mployees =enefits 80#8228- 7756;@654
/rofit (n *ale (f Investments -22-8#0#0/8 04;4<5545A
*urplus From Deployment In Cash -anagement *chemes (f
-utual Funds -1898--221/ 07;?6?<7?@A
/rofit In *ale (f Fixed Assets DNetE --.8G88G 0;A?@:5;
(perating /rofit =efore Cor%ing Capital Changes #....222/G. <<?@6:@<7;4
A%5308<+(80 F:$:
Current Assets -8-0G19-8G 04A47?A7546
Current .iailities ..2821112 ::;4?55@5<
Cash Generated From (perations #.2/G#2-#00 <?;A5;:4;4:
Advance )ax /aid -11010/19-0# 06?A7;?4A<6
Net Cash From (perations 2-2./G0-89G 4??6A6A6:A?
.oans DisursedDNetE -128GG2/20#12 077?:<45<:5@<
Corporate Deposits G189-1#000 4<<::?<@55
Net Cash +sed In (perating Activities -9G#2/.02-1. 0A?@6:<?46;:
BN CASH FLOW FROM INVESTING ACTIVITIES
/urchase (f Fixed Assets -#-8#090-9 074<::;7A6
*ale (f Fixed Assets 10G0808/ <47:5;?6
-##G/009/# 067;5@:75
Investment In *usidiaries -28/#800000 0@7;;555555
Investment In Cash -anagement *chemes (f -utual Funds -1#-9-..98GG00 A?5;65555555
(ther Investments -890-/--G-.9 075?5:6@66<5
*ale /roceeds (f InvestmentsG
73

In Cash -anagement *chemes (f -utual Funds 1#88.9800088/ A@A65@4A?;4;

In (ther Companies And /roperties .-228G#2#2- 4@6<4?<445
Net Cash FromID+sedEIn Investing Activities 112289G088 0<@7@;A6<?6;
CN CASH FLOW FROM FINANCING ACTIVITIES
*hare Capital0 ,Huity 2/./#120 @7;64;5
LI/ Carrants #0122/91.0 0
*ecurities /remium #2-20GG/-. ;75A?:7;@
*ecurities Issue ,xpenses -/-1-G9## 0
=orro#ings 1#.1.-.2-9-# 7<A;<57<;<;:;<
Dividend /aid0 ,Huity *hares -8.#/810/.20 0?75;6A;A47
)ax /aid (n Dividend -12..G98.90 075::4?<7?6
*helter Assistance Reserve0 +tili"ation -8-8-.18# 0;47;6;44
Net Cash From Financing Activities 1#1-9#8#2.#2 7<5A45?;4;<;
Net Increase In Cash And Cash ,Huivalents #.29022G20. 67?A@A;?A@
Cash And Cash ,Huivalents As At )he =eginning (f )he
'earXAs /er Note ADiEY 1/9./082911 ????;6?74?
Cash And Cash ,Huivalents As At )he ,nd (f )he 'earXAs /er
Note ADiEY
.22-/#1011/
TTTTTTTTTT
7:6;:5A4677
TTTTTTTTTT
74

CHAPTER 8
LIMITATIONS:
,very study conducted may have certain shortcomings and unfortunately mine is also a
similar case! A fe# errors have crept in despite mine est efforts to avoid them ut it is
expected that still mine study and findings are very much relevant!
An error may have een due to the samples ta%en not conforming to the actual
populationV this is ecause the sample #as a convenience sample!
Certain Huestions #hich are not properly responded y the Respondents!
/ersonal ias or personal error of the intervie#er might also have crept in, some
cases, #hile interpreting the respondents!
)here are several customers #ho donOt sho# proper interest in filling the Huestioner as they
feel that they #onOt get any enefit after filling the Huestioners and itOs $ust a #aste of time for
them!
75

COMMON PROBLEMS FACED BY HDFC HOME LOAN CUSTOMERS:

Re$ection at the first stage due to incompatiility et#een the orro#erOs
Hualifications and lenders reHuirements! It could e the age criteria, income criteria,
improper documents, the institution not eing ale to verify the customerOs details
properly etc!
Cith every application form for home loans, HDFC reHuire aout 5!4;K to 7K of the
loan amount to e sumitted as the processing fees! )he processing fees are generally
non0refundale! In simple #ords this means that for #hatever reasons, if the
institution finds that customer doesnOt deserve the home loan this fee #onOt e
returned!
Another limitation is that desired loan is usually not sanctioned! )he loan amount
sanctioned is mostly ased on repayment capacity of the orro#er! )he monthly
income, financial history or other unpaid loans #ith the orro#er, past payment
record, credit card usage history, if any ounced cheHue, average alance #ith the
an%s, total years in employment etc! ! )hese factors all clued together help in the
institution to decide #hether it #ill e ale to recover its money satisfactorily or not!
)he interest rate dilemma
Another ma$or limitation is Difference in property valuation! )he company has its
o#n experts for legal, technical and financial appraisal of the property in Huestion! It
evaluates the property on its estalished parameters and assigns a value to it !)his
value can e significantly lo#er than the price the customer Huoted for the property!
)his can cause a significant gap et#een #hat is needed and #hat the company is
#illing to lend!
Another is the )itle deeds and N(C Documentation /rolem! )he )itle deeds and N(C
Documents have to e furnished in the an%Os format! =orro#erOs #ho donOt provide them in
proper format, #ill ruin the entire exercise and #onOt get any loan!
76

CHAPTER 9
SUGGESTIONS AND RECOMMENDATIONS
All one need is the courage to innovate, the s%ill to understand clientele and the desire to give
them the est !.i%e#ise follo#ing are some of the suggestions #hich #ould help HDFC in
improvising their #or%ing styles and performance!
-ost of the customers face prolems regarding the rate of interest! HDFC must inform its
customers aout the change in R(I, It automatically changes ut there is decrease in rate
of interest , it doesnOt change automatically!
Any change in the policies must e intimated to all the customers !HDFC should provide
proper information to its customers!
)here is lot of formalities in the loan disursement process !)oo much documentation is
done ! Customer is no a#are of all the formalities! )herefore paper#or% should e more
friendly and clear !
77

Customers should e given proper information aout ,-I! )hey are generally not told
ho# their ,-I are calculated they should %no# ,-I is calculated and of #hat amount!
After sale service is an issue of concern! Customers facing prolems are not attended on
time! ,mployees are generally cooperative only #hen the loan is sanctioned and
disursed! )herefore after sale service should e improved up to the satisfaction level of
the customer!
Cesite of HDFC should give more options and features to customers so that they get
maximum information sitting at home
,mployees of HDFC should e more prompt to#ards customerOs grievances and
prolems
HDFC should provide personali"ed services to customers!
Comparative pricing in terms of lo#er interest rates and front end changes should e
adopted!
Company should enter into tie ups #ith reputed uilders and development authorities!
HDFC should increase their reach y penetrating into rural and semi uran areas !)hey
should also capitali"e on present customer ase y generating referrals
Aggressive mar%eting and great pulicity through ne#spapers, hoarding, #esites and
other medias should e done!
78

CHAPTER 10
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###!moneycontrol!com
###!hdfcan%!com
###!hdfcinsurance!com
###!hdfcfund!com
###!hdfcergo!com
###!hdfcrealty!com
###!credila!com
79

80

81
!alance Sheet as at "arch
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Schedu
le March 31,2009
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82