A STUDY ON CUSTOMERS PREFERENCES TOWARDS SELECTED HOUSE FINANCING SCHEMES (WITH SPECIAL REFERENCE TO HDFC-CHENNAI.)

R. Balakrishnan 1 and Dr. R. Hamsalakshmi 2 . 1. Research scholar in Commerce, Bharathiar University. 2. Assistant Professor, P.G & Research Department of Commerce, LRG Government Arts College for Women, Palladam Road, Tirupur, Tamil Nadu, India-Research Supervisor. ...................................................................................................................... Manuscript Info Abstract ......................... ........................................................................ Manuscript History

Housing finance is what allows for the production and consumption of housing. It refers to the money we use to build and maintain the nation"s housing stock. But it also refers to the money we need to pay for it, in the form of rents, mortgage loans and repayments. House is centre and domestic device for mankind's moral and substance development ever since the dawn of civilization. Housing is one of the most important that we human beings need. Adequate housing is essential for human survival with dignity. There are many things that we would find difficult, if not impossible to do without good-quality housing. Housing shortage is an universal phenomenon. It is more acute in developing countries. The housing scenario has become more critical in India in recent years. India has initiated so many housing reform that has taken many forms and manifestations characterized by the reduction in social allocation, cutbacks in public funding and promotion of a real estate culture in close partnership between the state and private actors. Mortgage financing markets can play an important role in stimulating affordable housing markets and improving housing quality in many countries. Unfortunately, these are still in nfancy in India. This lack of development often translates into lower homeownership rates or poor housing quality. Most of these problems stem from the central dilemma that the resources are always too limited and housing development heavily depend on the financial institutions such as banks, credit corporations and development banks for the supply of finance to meet their daily financial needs. Against this backdrop, this paper will assess basic nuance of Indian financing system. Housing Development Finance Corporation Ltd (HDFC) is one of the leaders in the Indian housing finance market with almost 17% market share as on March 2010. Serving more than 38 lakh Indian customers as on March 2011, HDFC also offers customized solutions that fit to the need of the customer. In the FY 2010-11, it registered a net profit of `4528.41 crore. It also registered a net profit of ` 971 crore in the quarter ended September 30, 2011.

Introduction:-
Proper Housing is an important need for every human being. It is a vital need after food and clothing. A certain minimum standard of housing is essential for healthy and civilized existence. Proper accommodation for a human being depends upon utilization of resources and economic well being. Housing helps in gaining social status and acceptance and also helps in urban growth, income distribution etc. Increasing gap between the availability and demand for housing is the root cause for homelessness in the modern times. To overcome the problem both Central Government and State Government took lot of efforts to reduce the imbalance.

Need for the study:-
In India population is growing very fast. Presently the population is more than 120 crores. Millions of people are not having any shelter to live. Indian Government is doing a tremendous job to provide shelter to the poor. There are many organizations which provide Housing Finance including the Government. The Government of India is having an apex organization for housing that is National Housing Corporation. Apart from that LIC, SBI, PNBHF, HDFC and other commercial banks are also providing Housing Finance. In Chennai the HDFC is doing a great job in offering Housing Schemes since 1977. The schemes of HDFC helps the poor to reachout for a own house.
Objectives of the study:-1. To study customer"s views on housing finance offered by HDFC in Chennai, and 2. To know about the relative performance of HDFC in providing housing loans in the city.

Methodology:-
The sample of the study was selected on the basis of convenient sampling techniques for analyzing the perception of the borrowers. Primary data was used and well-framed questionnaire prepared to conduct the research. The period of three months was undertaken to carry out the study. The study is restricted to selected zones of Chennai city. Necessary data were collected from the HDFC branch offices at various branches located within the city limit of Chennai. The data were collected from the respective respondents from March2016 to May2016.
To carry out the study Lickerc five point scaling test was used.
Theoretical Review:-Housing shortage:-Housing shortage would not be a major problem if there is no mismatch between the people for whom the houses are being built and those who need them, it would, however, be unrealistic to assume that those living in "housing poverty" would have affordability and access to the burgeoning supply in the market. Although there has been continued deepening and broadening of the financial system, through a series of comprehensive financial reforms, the outstanding housing loans account for only 7.25 per cent of India"s GDP, when compared with China (12 per cent), Thiland (17 per cent), and Malaysia (29 per cent).

Estimated housing shortage:-
The estimated housing shortage has been divided amongst the states on the basis of the proportion of the number of households in the urban areas of State to the total number of household as per Census of India, 2001. The distribution of the housing shortage amongst the States as on 2007 is as follows: The table shows that the more shortage of housing units are in the states like Maharashtra, Tamil Nadu, Uttar Pradesh, Andhra Pradesh, Gujarat and Karnataka as in all these states the housing shortage is of more than 1.50million housing units. The data projects the increase in the population especially in the age group of (15-64) years, it tends to increase the number of dual income families as a result of all-around economic development and increase in literacy rate. The migration pattern of the country due to many reasons like better job avenues, better qualification, better facilities, trends of nuclear families, etc., has been increasing the demand for number of dwellings. The fluctuation in property prices, changing interest rates and easy availability of housing finance plays a significant role in resurgence of the housing sector.