Operational and Financial Performance Evaluation of Housing Finance Companies in India (A Case Study of LIC Housing Finance Limited and HDFC)

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1 82 Operational and Financial Performance Evaluation of Housing Finance Companies in India (A Case Study of LIC Housing Finance Limited and HDFC) Dr. P.S. Ravindra, Associate Professor, Miracle School of Management, Miracle Educational Society Group of Institutions, Miracle City, Bhogapuram, Vizianagaram (Distt), A.P, India Dr. P. Viswanadham, Professor, Department of Commerce & Management Studies, Andhra University, Visakhapatnam, Andhra Pradesh, India Ch. Trinadha Rao, Assistant Professor, Miracle School of Management, Miracle Educational Society Group of Institutions, Miracle City, Bhogapuram, Vizianagaram (Distt), A.P, India ABSTRACT Housing being the one of the essential needs of mankind, the demand for shelter grows in line with the increase in population and the standard of living; hence the need of financing the purchasing of a House came up. The importance of the housing sector can be judged by the fact that we consider house as the best investment and want to invest our hard earned money or saving in a house. The need for Finance to purchase a house brought out specialized Housing Finance Institutions. The Housing Finance Companies (HFCs) as they are called today have stepped up their lending over the years contributing to the growth of the housing sector. Historically, even as banks had slightly lower lending rates, housing finance companies scored on superior customer service, lower operating costs, long-term funding sources and focussed lending to fend off the competition. For instance, the costto-income ratios of HDFC and LIC Housing Finance are 7.6 per cent and 14.1 per cent respectively during March 2012 fiscal compared to 44.2 per cent in the case of banks. Housing finance companies have steadily increased their market share over the last few years; it rose from as low as 28 per cent in March 2007 to an estimated 34.6 per cent as of March Top housing finance companies such as HDFC, LIC Housing Finance witnessed loan book growth of per cent during the year ended March 2012, thereby increasing their market share. Keeping this facts the present paper given an attempt to evaluate the operational performance of LIC Housing finance Limited and HDFC. Keywords: Housing, Housing Finance, Performance Evaluation, Operational Parameters, Financial Parameters 1. INTRODUCTION Housing is the one of the basic needs for every human being, with Food, Clothing and Education being the other three. Housing is an important component and a measure of socio economic status of the people. It is regarded as a critical sector in terms of policy initiatives and interventions. The relevance of housing as a social need has been long recognized, and this has influenced the innovations and inventions made by mankind, since the Stone Ages. The emergence of a number of HFCs in organized and unorganized sectors has brightened the economic scenario. The potential for the HFCs is vast. The success of HFCs depends on how effectively they can tap resources. Fortunately, during the last couple of years, lot of emphasis has been placed on creating an integrated national housing finance system. With the creation of National Housing Bank, an apex housing finance institution, housing finance has received added impetus. The urban population of India has been growing at a rapid pace. As per the Census 2011, per cent of the total population is in the urban areas. The shortage of housing units for the urban areas for 2012 is estimated at million units. The housing sector has strong backward and forward linkages to over 250 ancillary industries which includes construction workers, builders, developers, suppliers, civil engineers, valuers, property consultants, furnishers, interior decorators, and plumbers a virtually unending list. Housing ranks fourth in terms of the multiplier effect on the economy and third amongst 14 major industries in terms of total linkage effect. After agriculture, the housing and real estate industry is the second largest employment generator in India. The sector is labour intensive and, including indirect jobs, provides employment to around 33 million people. It is estimated that about 70 per cent of these are employed in the infrastructure segment and the remaining 30 per cent in the real estate segment. According to industry estimates, the industry is expected to generate additional employment of 47 million, with the total number of persons employed in the sector reaching 83 million persons by Housing and building activity levels have significant

2 83 macroeconomic effects -directly in terms of the consumer price index and interest rates, and indirectly in terms of the 'wealth' effect on spending levels and multiplier effects from employment in the sector. With time, there has been expansion and improvement in the housing finance market by way of various financial reforms; however the housing loans as a percentage of GDP have remained at around 7 per cent, significantly lower than the levels achieved in most of the developed countries. It indicates the extent of opportunity for deeper penetration of such market. With improving demographics and economies of scale, the mortgage to GDP ratio is likely to increase. The stakeholders, however, need to reckon with problems and impediments in the process which may arise from changes in the economic cycle, uncertainties surrounding land acquisition policies, changes in the policy framework and systemic risk that could arise out of rapid credit expansion with lax due diligence standards. HDFC is considered to be the benchmark in the housing finance sector given the consistency of earnings and sustainable growth rate; hence the performance has compared LICHF with HDFC on five key metrics (consistency, transparency, brand name and customer service, distribution and quality of book). Despite the valuation discount, LICHF rates consistently lower than HDFC on only one of these metrics. In this context the present paper attempts to study financial performance of LICHFL and HDFC in India. The rest of the paper is organised as follows: Section II deals with the objectives of the study, Literature review, period of the study and Methodology. The key operational and financial indicators of LICHFL and HDFC were analyzed and presented in Section III. Section-IV describes the conclusion of the paper. 2. OBJECTIVES OF THE STUDY The broad objectives of the study are: 1. To observe and analyze the operational performance of LIC Housing Finance Limited and Housing Development Finance Corporation Limited. 2. To study the financial performance of LIC Housing Finance Limited and Housing Development Finance Corporation Limited in various parameters. 2.1 Literature Review: Many studies have been undertaken in the field of housing finance companies. As some of them are directly or indirectly related to the present study of housing finance by LICHFL and HDFC, a review is made of such studies, which have greater relevance to the subject matter of the present study. The observation of Roy (2002) 6 shows that a dominant role is played by LICHFL in extending the liberal finances to the housing sector. Jasmindeep et.al. (2005) 1 in their study entitled Performance of Housing Finance Companies observed that HDFC comes at the top among all the institutions as far as loan sanctioned, disbursements and the loan outstanding are concerned, PNB has the last rank for both loans sanctioned and disbursed. However, the compound growth rate for the loan sanctioned disbursement and outstanding has been highest in the case of LICHF. Srinivas S.P. (2006) 8 in his study revealed that disbursement of home loan increased at increasing growth rate during the growth rate of disbursement in compared to the earlier year was 13.7% which increased up to 76% in The reasons behind the growth in housing loans are, (i) Easy availability of housing loans (ii) Growing population (iii) Nuclear family system (iv) Newer segments for finance (v) Urbanization of Indian economy (vi) Shortage of dwelling units (vii) Declining of cost of house to income ratio etc and, (viii) Tax benefits. Singh Fulbag et.al. (2008) 9 in their study on Housing Finance in India A Case Study of LIC Housing Finance Limited stated that the main objective of the bank is to promote and establish the housing financial institutions in the country as well as to provide refinance facilities to housing finance corporations and scheduled commercial banks. Moreover, for the salaried section, the tax rebates on housing loans have been introduced. The paper is based on the case study of LIC Housing Finance Ltd., which analyzes region-wise disbursements of individual house loans their portfolio amounts and the defaults for the last ten years, i.e., from to by working out relevant ratios in terms of percentage and the compound annual growth rates. Rao K.N. (2010) 7 in his article Housing Finance A Global Perspective mentions in this article that home loans have been registering exponential growth in India during the last six years. Easy liquidity conditions, low interest rates, availability of tax shelters on repayment of principal and interest surging demand from middle income group borrowers, lower regulatory capital, the comfort of tangible security have all collectivity contributed to the spurt in home loans. HDFC and LICHFL are the major players in disbursement of home loans. These banks sanction upto 85% of the cost of the property as home loan for a maximum period of 20 to 30 years. Sivaramakrishna (2012) 2 reveals that HDFC is able to maintain recovery rate of nearly 98 %. In general, the LICHFL s performance is worth praising in the field of housing finance.

3 Period of the Study: For the purpose of study, period to was taken in to consideration. This period was chosen particularly because; there was a sudden boom in the house construction activity during these years in India. 2.3 Research Methodology: The database for the study consists of secondary data. The annual reports of the Housing Development Finance Corporation Ltd., LIC Housing Finance Ltd., are the secondary sources of data for the study. The data was analyzed by financial ratios, compound growth rates, percentages, Chi-square test, etc., 3. DATA ANALYSIS AND RESULTS The performance of LICHFL and HDFC can be measured on many parameters. The key operational and financial indicators of LICHFL and HDFC were analyzed and presented in following Tables. Operational Parameters 3.1 Loans Disbursement to Sanctions The loan disbursements to sanctions indicate the actual outflow of cash from the companies. The loans sanctioned were only book figures. The actual disbursements reveal contribution made by the housing companies for increasing the dwelling units in the country. Table no gives the description of loans sanctioned and disbursed by the LIC Housing Finance Limited and Housing Development Finance Corporation during the period to Year Table No.3.1: Loan Disbursements to Loan Sanctions of LICHFL and HDFC (Rs.In crores) % of Loan Loan Sanctioned Loan Disbursements Disbursements to Loan Sanctioned LICHFL HDFC LICHFL HDFC LICHFL HDFC , , , , , , , , (Sources: Loan disbursement register of LICHFL & HDFC) The amount of housing loans sanctioned by LICHFL had increased from Rs crores in to Rs crores in and the amount of disbursements increased from Rs crores in to Rs crores in Where as in HDFC the amount of housing loans sanctioned had increased from Rs crores in to Rs. 90,154 crores in and the amount of disbursement increased from

4 85 Rs crores in to Rs. 71,113 crores in The percentage of loans disbursed to loans sanctioned of LICHFL varied from per cent to during the study period. In the year the percentage of loan disbursed to loans sanctioned is and it was increased to per cent in In the year it was decreased to In the year the loan disbursement to loan sanctioned ratio increased to From this was decreased year by year and recorded as per cent in the year There after it was increased gradually and marked as at the end of In indicates that the LICHFL recovered from the financial disasters. Where as in case of HDFC the percentage of laons disbursed to loans sanctioned varied from to during the study period. From the year to it was varied from percent to per cent. From the year to it was continuously decreasing year by year and It was recorded as least in the year with due to financial disaster. In the year the percentage of loan disbursement to loans sanctioned increased to percent. There after it was decreased to by the end of the study period. The analysis of disbursements made to loans sanctioned of the two companies leads to the conclusion that the LIC Housing Finance Limited had more consistency with an avegare of HDFC followed LIC Housing Finance Ltd in consistency with an average of In order to know whether there was any significant difference between the companies with regard to loans disbursed to loans sanctioned, the following hypotheses were formulated and they were tested through the Chi-square test. H0: There is no significant difference between the companies in regard to loan disbursements to sanctions. H1: There is significant difference between the companies in regard to loan disbursements to sanctions. The Chi-square indicates that the calculated value 1.32 is less than table value i.e at 0.05 significance. Hence we accepted the null hypothesis (H 0 ) and rejected alternative hypothesis (H 1 ). It means that the sample companies under study are significantly not different in these patterns of loan disbursals and loan sanctions. In other words these companies have the same proportion of disbursements in sanctions. It was further observed that the percentage increase in the loan sanctioned by LICHFL during first six years of the above period is around 3.88 times compare to the base figure of Whereas in case of HDFC the growth percentage of loan sanctioned fluctuated between percent to per cent during the same period. The growth percentage of loan sanctioned by LICHFL and HDFC was and per cent in and they were increased to and percent in In the year the growth percentage of loan sanctioned by LICHFL and HDFC decreased to (2.51) and per cent respectively due to the entrance of scheduled commercial banks and stiff competition in the housing industry. The growth percentage of loan disbursements of LICHFL highest in the year with and lowest in the year with In the case of HDFC the growth percentage of loan disbursement highest in with percent and lowest in the year with Composition of Loan Disbursement: The LICHFL and HDFC deliver two types of loans namely individual and corporate. The individual loans are sanctioned to individual persons including the Non- Resident Indians for the purpose of purchasing of plots and purchase/construction/extension/repair/renovation /improvement of houses. Personal business needs, consumer durable and medical professional requirements are also conversed by the loans. The loans are sanctioned to the corporate bodies for construction of staff quarters and on ownership basis to their employees, to public bodies, developer and builders for development of housing projects. The loans are given for dwelling units on ownership basis to employees under Line of Credit-To and Line of Credit-Through schemes. The loans are disbursed for the construction of staff quarters of employees and housing co-operative societies of employees. Regarding the individual housing loan, the total amount disbursed by LICHFL had increased from Rs crores in to Rs. 19, crores in The amount disbursed in the case of corporate loans had increased from Rs crores in to Rs crores in Whereas in case of HDFC the total amount disbursed had increased from Rs crores in to Rs crores in The amount disbursed in the case of corporate loans had increased from Rs crores in to crores in The table no.3.2 gives the description of the percentage of composition of loans disbursed to individuals and others by the LIC HFL and Housing Development Finance Corporation during the study period.

5 86 YEAR Table 3.2: Composition of Loan Disbursed by LICHFL and HDFC (In percentage) LICHFL HDFC % of Individual Loans to Total Loans Disbursed % of Other Loans to Total Loans Disbursed % of Individual Loans to Total Loans Disbursed % of Other Loans to Total Loans Disbursed (Sources: Loan disbursement register of LICHFL & HDFC) From the above table it was observed that the proportion of individual loans disbursement to the total loan amount disbursed by LICHFL had increased from per cent in to per cent in In case of corporate loans the proportionate percentage to the total loans disbursed is only 4.09 per cent in and it was decreased to 0.69 in Where as in case of HDFC the proportion of individual loans disbursed to the total loan amount disbursed had increased from per cent in to per cent in , The proportion of corporate loans disbursement to the total loans disbursed is per cent in and it had decreased to per cent in the year It indicates in concentration of these two housing financing agencies on individual housing loans than on corporate loans. The proportion of individual loans to the total loans of LICHFL was recorded as per cent, corporate loans 4.54 per cent and in case of HDFC the proportion of individuals and corporate loans was per cent and per cent respectively in the year Average Size of Loans: The housing loan amount varied from loanees to loanees and from sector to sector. The range of housing loan varied from few thousand to few crores. The average loan size was calculated by the quantum of loan disbursed and the number of loans disbursed during a particular year. The average loan size indicated the investment pattern of the housing financial agencies on various housing schemes. The average loan size disbursed by the HDFC and LICHFL is calculated from to and the details are presented in table 3.3

6 87 Table 3.3: Average Loan Size of LICHFL and HDFC LICHFL HDFC Year Average Loan Amount (Rs. In lakhs) Year to Year Growth in percentage Average Loan Amount (Rs. In lakhs) Year to Year Growth in percentage From the table No.3.3 the average loan size of LICHFL had increased from Rs.2.20 crores in to Rs crores in and growth in the average loan size was per cent and per cent in and respectively and it increased to per cent in During the study period the year of year growth per cent is higher at per cent in In the year it was recorded as percentage where as HDFC it was 4.84 percent only. In case of HDFC the average loan size increased from Rs.5.01 crores in to Rs crores in At the same time the year of year growth in average loan size highest with per cent in and lowest with 2.20 per cent in In the year the growth rate increased to per cent as compared to but it was decreased to 2.27 per cent in the year and it was increased to per cent and per cent in and respectively. There after gradually reduced to 4.84 by the end of The analysis concludes that LICHFL having good growth record and consistency in average loan size then the HDFC While compare with LICHFL the average loan size of HDFC is 2.27 times against LICHFL at the beginning of the study period and it was 1.30 times at the end of the study period. It is very interesting to note that the average loan size of LICHFL nearly to HDFC from the year During the study period, the average loan size of LICHFL and HDFC had increased year to year; it shows that the amount of loan borrowed by the beneficiaries as housing financing had been gradually increasing due to higher requirement. Financial Parameters 3.4 SHORT TERM SOLVENCY ANALYSIS: Current Ratio: From the table 3.4 it can be seen that the current ratio of LICHFL during the study period varied from least of 1.21 to maximum of 2.71, where as in case of HDFC the current ratio varied from least of 0.29 to the highest of 2.17 which is a good sign to LICHFL but not to HDFC. As from the table, in the year the current ratio of LICHFL was 2.59 and it was increased to 2.67 in the year In the year the ratio decreased to 2.49 because there was an increase in current liabilities when

7 88 compared to previous years. In the year , there was a slight increase in the ratio, which was 2.58, which was an ideal ratio to be maintained by the company. There after the current ratio continuously decreased year by year and reached to 1.59 in the year because of there was a drastic decrease in the current assets and a slight increase in current liabilities. In the case of HDFC in the year the ratio was gradually increased to 2.29 by the year ended because of decrease in current assets. In the year , when compared to , there was a drastic decrease in current ratio which was showed a ratio of When compare with LICHFL the ability of HDFC to meet the short-term financial commitments is very less. To examine whether there was any significant difference in the current ratio of two companies, the following hypotheses were formulated and tested through the Chisquare test. H 0 : There is no significant difference between the companies in regard to current ratio. H 1 : There is significant difference between the companies in regard to current ratio. It is found that the null hypothesis was rejected at 5% level of significance as the calculated value 2.09 is greater than the table value i.e Therefore, it is inferred that there is significant difference with regard to current ratio between the two companies Quick Ratio From the table 3.4, it can be analysed that the quick ratio of LICHFL ranged from 1.2 to 2.7 and in the case of HDFC 0.29 to 2.28 during the study period. In the year the liquid ratio of LICHFL was 2.59 and it increased to 2.7 in the year In the year it was decreased to 2.03 because of there was a decrease in liquid asset when compared to previous year. In the year , when compared to the year , there was a decrease in the liquid ratio to 1.58 but still the company maintaining the ideal liquid ratio. Where as in case of HDFC the liquid ratio in the year is 1.23 it was gradually increased year by year to 2.16 in the year In the year there was a slight decrease in the liquid ratio which was In the year , though there was an increase in the liquid liabilities, the company maintained a ratio of The overall view on the quick ratio is that the company is maintaining an ideal ratio except To examine whether there was any significant difference in the liquid ratio of two companies, the following hypotheses were formulated and tested through the Chisquare test. H 0 : There is no significant difference between the companies in regard to liquid ratio. H 1 : There is significant difference between the companies in regard to liquid ratio. It is found that the null hypothesis was rejected at 5% level of significance as the calculated value 2.09 is greater than the table value i.e Therefore, it is inferred that there is significant difference with regard to current ratio between the two companies. Table 3.4: Short term solvency of LICHFL and HDFC

8 CAPITAL STRUCTURE RATIO ANALYSIS Debt-Equity Ratio: It is more specifically highlighted as an expression of relationship between that long-term debt and shareholders funds. The ideal norm is 1:2 which means that every one rupee of debt finance is covered by two rupees of shareholders funds. Higher ratio indicates the riskier financial status of the firm, which means that the firm has been financed by a bigger outsiders fund rather than that of the owners fund contribution and vice versa. From the table 3.5 it is observed that the debt equity ratio of LICHFL was 0.82 in the year , and it ranged from 0.84 to 1.81 in the subsequent years of the study. Where as in case of HDFC it ranged from 0.56 to 1.01 during the study period. It is very fascinating to note that the debt equity ratio of LICHFL is gradually increased form to starting from 0.82 to 1.12 but in HDFC it is fluctuated during the study period. On comparison between LICHFL and HDFC the debt equity position of HDFC is high-quality against LICHFL Debt Ratio Like debt equity ratio, it shows proportion of long-term debt in capital employed. Low ratio provides security to creditors and high ratio helps management in trading on equity. It may be noted that Debt Ratio can also be computed in relation to total assets. It usually refers to the ratio of total debt (long-term debt + current liabilities) to total assets. From the table, it is observed that the Debt ratio of LICHFL and HDFC is less than one from to , which means that the companies is financing its fixed assets through its total long term as well as current liabilities. In the year the Debt ratio of LICHFL is 0.82 and it was increased to 0.84 by the end of , whereas in case of HDFC it was 0.65 in , which increased to 1.04 in the year There after it was gradually decreased to 0.50 by the end of Interest Coverage Ratio The firms are expected to make the payment of interest on the amount of borrowings without fail. This ratio facilitates the prospective lender to study the strength of the enterprise in making the payment of interest regularly out of the total income. To study the capacity in making the payment of interest is known as interest coverage ratio or debt service converge ratio. Greater the ratio means better the capacity of the firm in making the payment of interest as well as greater the safety and vice versa. Lesser the times the ratio means meager the cushion of the firm which may affect the solvency position of the firm in making payment of interest regularly. From the table, it is observed that the interest coverage ratio of LICHFL was lowest in the year with 1.28 and highest in the year with 1.37 and again there was slight decrease for the next five years. Where as in HDFC the ratio was lowest in the year with 1.35 and highest in the year with 1.666, there was a decrease from the year to end of the study period. YEAR Table 3.5: Capital Structure Analysis of LICHFL and HDFC DEBT EQUITY (Sources: Annual Reports of LICHFL & HDFC) DEBT INTEREST COVERAGE LIC HDFC LIC HDFC LIC HDFC

9 PROFITABILITY ANALYSIS Gross Profit Ratio: From the table 3.6, it can be observed that the Gross Profit of LICHFL varied from 84.6 percent to percent during the period of study. In the year , the ratio was percent, the ratio gradually decreased in the next subsequent years till thereafter it was again gradually increased to percent by the year The Gross Profit of HDFC ranging from percent to percent during to In the year it was percent and it was gradually increased in the subsequent years to percent in While compare with LICHFL the company having the stability in gross profit ratio Net Profit Ratio: From the table it can be observed that the Net Profit of HDFC was 19.9 percent in the year and it was gradually increased to percent in the year , due to increase in operational cost this was decreased to percent in ; it increased in the next year to percent and it was recorded as 23.9 percent by the end of study period i.e In LICHFL the ratio was fluctuated between percent to 21 percent. In the year it was percent and it was decreased to in the year Again it was increased in the subsequent years and marked as 21 percent in the year By the end of the study period the ratio got down to percent due to increase in operating expenses. It is interesting to point out that the profitability position of HDFC is better than LICHFL Operating Profit Ratio: From the table, it is observed that the LICHFL maintained an ideal operating ratio during the period of study, varying from percent to percent. In the year it was percent and it was gradually decreased for the next four years to percent. Again it was increased to percent in the year and continued increasing for next three years of the study to percent. In case of HDFC in the year the operating ratio percent, which is nearest for the first eight years of the study period thereafter it was increased to percent in the year and remains constant by the end of the study period i.e Return on Net worth: From the table, it can be observed that the RONW of LICHFL was varying between percent to percent. In the year it was percent and decreased to percent in Again it was increased continuously for the subsequent year to percent in the year ; thereafter fluctuated between percent to percent. In HDFC the RONW varied from percent to percent in the study period. In it was percent and gradually increased continuing to in It was decreased to percent in ; thereafter gradually increased to percent by the end of study period. When compare with LICHFL the company has more RONW against LICHFL during the study period except Earning Per Share (E.P.S): From the table No.3.6, it can be observed that Earnings Per Share of LICHFL was lowest at Rs in and highest of Rs in Where as in HDFC it was lowest at Rs in and highest at Rs in However, the EPS of HDFC is high when it was compared to the LICHFL during the study period. It was further observed that the trend of EPS of HDFC was continuously increased form to but in LICHFL it was gradually increased up to Rs for the first three years thereafter in the year it was decreased to Rs In the year it was Rs because of there was a deceased in profits available to equity shareholders. From the year on wards it was again gradually increasing to Rs in the year Table 3.6: Profitability Analysis of LICHFL and HDFC GP (%) NP (%) OP PRO (%) RONW (%) EPS (Rs.) YEAR LIC HDFC LIC HDFC LIC HDFC LIC HDFC LIC HDFC

10 (Sources: Annual Reports of LICHFL & HDFC) 4. CONCLUSION The success of the LICHFL and HDFC in the housing finance industry is in its marketing network. They have more number of marketing personnel than the regular office staff. Even though, these two housing agencies are good in sanctioning loan disbursal and delivery of service to the customers, they have to modify and differentiate their services from other financial companies, which assure maximum benefit to the customers. They have to modify and differentiate their service packages according to the need of the market segment in order to have a permanent place in the housing industry. HDFC s RONW have been more consistent than LICHF s, but the book value growth rate is more consistent and higher on an organic basis for LICHF; we would rate LICHF s disclosure standards as better than HDFC s; LIC s agency base is one of the most potent and efficient distribution forces in India and LICHF has one of the most efficient operations with its Op.Exp/AUM (Operating Expenses to Assets Under Management) ratio now below HDFC s. It might not be HDFC, but in our view LICHF is a very strong housing finance company. It can be concluded that the consistency is observed in financial parameters of LICHFL and HDFC over the years, and LICHF has performed well in comparison with HDFC in both financial and operational aspects during the study period. REFERENCES [1] Jasmindeep et.al. (2005) Performance of Housing Finance Companies Journal of Housing Economics, Volume 19, Issue 1, March 2005, Pages [2] Krishna.M, Sivarama(2012), HDFC- Loan Recovery and Savings Mobilization, Financial Services Review, Volume 8, Issue 4, 2012, Pages [3] Leelamma (1999)., Housing Finance in India, Indian Commerce Bulletin, New Delhi:, Vol.3, No.2, September [4] Malpass peter and Alen Murie (1991) Housing Policy and Practice. The Financial Framework, Fourth Edition, Macmillan. pp.183. [5] Murthy, Annamalia. G. Madhav Rao, A.G (1985). Modern trend in Housing in Developing Countries, Oxford and IBH Publishing Company, New Delhi, p.341. [6] Roy, Pinto(2002)., HDFC -The Home Maker Business World, 29th Jan to 11th Feb, P-41. [7] Rao K.N. (2010)., Housing Finance A Global Perspective Journal of Urban Economics, Volume 26, Issue 3, November 2010, Pages [8] Srinivas S.P. (2006), The housing value-relevance of Governmental Accounting Information, Journal of Accounting and Public Policy, Volume 17, Issue 2, Summer 2006, Pages [9] Singh Fulbag et.al. (2008), Housing Finance in India A Case Study of LIC Housing Finance Limited Journal of Urban Economics, Volume 63, Issue 1, January 2008, Pages [10] Stuart Gabriel (2002), Special issue on Housing Policy Journal of Housing Economics, Volume 11, Issue 3, September 2002, Pages [11] Varghese, K.V.(1983). Housing problem in India Economics and social aspects. Eurekha Publication, New Delhi. [12] Venkateswarlu, U., (1998), Urbanisation in India: Problems and Prospects, New Age International Private Ltd., New Delhi,1998. [13] W. Erwin Diewert (2009), The housing bubble and a new approach to accounting for housing in a CPI, Journal of Housing Economics, Volume 18, Issue 3, September 2009, Pages REPORTS 1. Annual Reports of Housing Development Finance Corporation Limited. 2. Annual Reports of LIC Housing Finance Limited.