INDIAN MORTGAGES INDUSTRY

INDIAN MORTGAGES INDUSTRY

NAME: CHINTAN SHARMA

ENROLLMENT NO: 322018003
PROGRAMME: BA LLB (2018-23)
MODULE NAME: ADVANCED PROPERTY AND REAL ESTATE LAWS
MODULE LEADER: MR. SATYAJEET PANIGRAHI
DATE: 21/11/2021
SUBMISSION: RESEARCH PAPER ON INDIAN MORTGAGES INDUSTRY

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ACKNOWLEDGEMENT

This research was supported by our very supportive and extremely talented Module Leader Mr. Satyajeet
Panigrahi. I thank my colleagues from AURO UNIVERSITY who provided insight and expertise that
greatly assisted the research, although they may not agree with all of the interpretations/conclusions of
this paper.

I thank Satyajeet Sir for assistance with particular technique, methodology, and for comments that greatly
affected my Research Paper.

I would also like to show my gratitude to the Faculty Members for sharing their pearls of wisdom with us
during the course of this research, and I thank “anonymous” reviewers for their so-called insights. I am
also immensely grateful to all the concerned faculty members and my colleagues for their comments on
an earlier version of the research paper, although any errors are my own and should not tarnish the
reputations of these esteemed persons.

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TABLE OF CONTENTS

1. INTRODUCTION………………………………………………………….4
2. MORTGAGE SECTOR IN INDIA………………………………………….5
3. HISTORY OF INDIAN MORTGAGE SECTOR…………………………..6
4. MAJOR PLAYERS IN MORTGAGE SECTOR IN INDIA………………7
5. FINANCIAL SERVICES IN INDIAN MORTGAGE SECTOR…………8
6. STATUS OF REVERSE MORTGAGE IN INDIA…………………………9
7. FEATURES OF REVERSE MORTGAGE………………………………10
8. BENEFITS OF REVERSE MORTGAGE……………………………….11
9. REASON FOR FEWER ACCEPTANCES……………………………….12
10. INTERNATIONAL MORTGAGE SECTOR…………………………….13
11. CONCLUSION……………………………………………………………14
12. BIBLIOGRAPHY……………………………………………………….…15

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INTRODUCTION

The three basic human needs are Food, Clothing and Shelter. Shelter is a prime necessity for
Human survival and we call it a house. It is a security and an individual’s own world, where he/she
spends quality time with their family, prosper and prepare himself/herself each day for the world outside
and life’s struggles. Mortgages in India and other developing countries are key motivators for the growth
of the economy as they are the key initiator in the allied industries of steel, cement, and other materials
related with construction besides giving employment to the masses and the classes. Access to housing
finance is a universal problem even in many countries that are termed developed‟. Governments
around the world have been addressing this problem for many decades. There are some common features
between developed and developing mortgage markets. Governments in both markets are still faced with
almost the same challenges of developing effective and sustainable mortgage systems in terms of the
chronic issues they face and the limited fiscal resources that constrain the government policy in
addressing these issues for improving access to housing for low- and moderate-income households.

A significant change in the structure of the mortgage industry is being marked in the recent years.
Presently the banks are gaining market share in direct housing finance segment. Though the housing
finance industry in India is growing for the past few years still financing through the organized sector
continues to account only for 25% of the total housing investment in India but applying for a mortgage
still is a hassle in India, however, and the mountains of paperwork will test borrower's patience.
Although application requirements differ among banks in India, there are some regulations all banks have
in common. To receive a mortgage in India, borrower will usually have to open an account with the
lending bank. In addition to the mortgage on a property, banks often demand deposit payments.
As per the FICCI survey, incomes of families are rising and the purchasing capacities along with the loan
repaying capacity are going up. Earlier a large number of borrowers used to be in the late 30’s and early
40’s. But today greater number of borrowers is in their mid - 30’s.

Housing Finance penetration in developing countries are significantly lower than the penetration
rates in developed countries, and being so it appears to point to a significant scope for further growth in
future. Nevertheless, the challenges impacting the growth of the sector are relatively high property prices,
declining affordability (as property prices has appreciated at a faster pace than increase in income levels),
and tough operating environment.

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MORTGAGE SECTOR IN INDIA

The housing sector in India for several decades faced a number of set-backs, such as an
unorganized market, development disparities, a compartmentalized development approach and a
deterrent rent control system. There was not even a concerted attempt to understand the housing problem
let alone promote it. The Indian mortgage industry has grown at a 16% CAGR over the past five
years. Based on our analysis, the mortgage industry in India is 9-11 years behind other regional
EMs like that in China and Thailand, in terms of penetration in the economy. Due to various
structural drivers, such as young population, reducing family size, urbanization and rising income
levels, we believe the growth rates in this segment should remain healthy over the longer term (Credit
Issue, Equity Research, 2013).

Housing demand still needs to be fulfilled. This is because of the shortage of funds and
inadequacy of financial institutions, coupled with an increase in building material, labor and land costs.
Housing finance in developing countries is a social good in view of its backward and forward
linkages with other sectors of the economy. Gone are the days, when getting a home loan was a tough
task. Nowadays, obtaining a home loan is a cakewalk, thanks to low interest rates, income tax benefits,
and competition among the Housing Finance Companies (HFCs). The market is flooded with HFCs,
which are competing to attract customers with a number of offers. Most of the customers are not familiar
with the basics of home loans, and are not sure what the best home loan option is.

The Indian mortgage market in recent years has been witness to intense competition. A control
mechanism is though required for the sustained growth of the mortgage industry and for the industry
to perform and deliver constantly to meet the future requirements of modern India and meet the
international standards of housing, commercial property, project funding, equity funding etc. to cater to
the needs to the business class as well as the salaried class. The government has accepted suggestions for
the revamping of land laws, rental laws, and registration process along with setting up of credit
rating organization and modern mortgage insurance products for the fast-growing mortgage market of
India.

Housing in India is a basic human necessity supporting economic activities. It is the second
largest employment generator, next to agriculture. In addition, every rupee spent on construction, an
estimated 75-80 paisa is added to GDP. Retail banking is about providing banking services to
individuals and joint individuals as opposed to wholesale banking, which focuses on industry and
institutional clients. The concept of retail banking is not new to the banks. Retail banking is now
being viewed as an attractive market segment, which offers opportunities for growth with profits. It is
only in the recent time, when it has attracted special attention of the Banks, as a solution to some of their
immediate concerns. The essence of retail banking lies in individual customers.

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HISTORY OF INDIAN MORTGAGE SECTOR

India, being the second largest democratic country, was perhaps the first to respond positively to
the growing international concern on housing development by evolving a shelter strategy and through
organization of housing markets (United Nations Human Settlements Programme (Habitat), 1988;
Harvey, 2000). It evolved sector policy in the late 1990s besides attempting to organize a financing
system. These measures set to themselves goals to achieve in coordination with governments at different
tiers. Especially, to boost the housing activities in the market, fiscal incentives in the form of exemptions
to both individuals and corporate sector were introduced largely in the 1990s.

In India, Initially people took their loans from small traders, zamindars or tehsildar and these
people charge higher rate of interest on the amount borrowed by borrower. This was a very big problem
in rural area. Nowadays rural people are also become aware about the different mortgage loan schemes.
Government considers this sector as an important part in their every year union budget. By taking
mortgage loan borrower also get tax benefits so people prefer to take home loan for investment purpose
and to get tax benefits. On the other side, for few borrowers purchasing a home is necessity and few
believe in increasing their wealth or assets.

Shelter Policy is the first bold step towards addressing the various housing problems of the
country. In many respects, the National Housing and Habitat Policy-1998 (NHHP) as adopted by the
Indian Parliament are different as compared to the National Housing Policy of 1987. The NHHP is
claimed to have initiated ‘‘Housing Revolution’’ leaving aside all the hangovers against ever increasing
population. It emphasized creating a facilitating environment for the growth of housing activity rather
than government taking on the task of building. In order to do so, it laid the foundation to build public -
private partnerships for tackling the housing and amenities problems.

In last two decades, Government of India made new policies which are helpful for people who
want their own house. In 2015, Government of India has taken a very significant step towards it by
launching Pradhan Mantri Awas Yojna, ‘Housing for all scheme’, especially planned for the people who
can’t afford a house under their financial circumstances. This scheme is targeting the Lower Income
Groups (LIG) and Economically Weaker Section of our society (EWS), basically the urban poor.
Government helps them by giving financial benefit so that everybody has their own house by the year
2022.

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MAJOR PLAYERS IN MORTGAGE SECTOR IN INDIA

When the World Economy was shaken by the crisis, India was minimally effected by the
financial shake up. This can be traced back to the good Credit Sense employed by the Indian lending
institutions. The sound principles followed by the lending institutions are a result of the strong regulation
enforced by the Reserve Bank of India (RBI) - the Central Bank of the country. There have been
continuous efforts
on the regulators part to strengthen the financial and lending system by establishing various agencies. In
India, the top players in this industry are housing finance companies, commercial (local as well as
foreign) banks, cooperative banks and other non-banking financial companies.

The National Housing Bank (NHB), wholly owned by RBI, is a principal agency established in
1988 to direct and regulate, arrange financial assistance and provide refinance support to the housing
finance companies. The Credit Bureau Report was introduced to the Indian Lending industry in 2000 with
the formation of CIBIL - Credit Information Bureau (India) Limited. This has aided the collection of data
on a customer’s borrowing and payment history. This has been a boon to the industry.
The NHB and CIBIL have joined hands to set up a Mortgage Registry and a Fraud Registry. These
repositories will have the database of the registered mortgages and the fraudulent customer details,
respectively. Thus helping lending Institutions make more informed decisions. The Credit lending process
has to be stringent, thorough and vigilant on one hand; and yet prudent with the aim of growing business
and penetrating the market, on the other. The Indian mortgage lending institutions have the responsibility
of fulfilling the dichotomy of these two objectives.

The principal aim of lending is loan ‘recovery’, and 'income generation' through the sale of
mortgage assets is incidental. Financial products like Securitization and Credit Default Swaps are still in
the nascent stage of development. Recent trends in the Indian mortgage sector show that mortgage sector
is become more competitive and market is consolidating in the hands of larger firms. Some of the major
players are as follows:

 HDFC Bank Mortgage Service

 State Bank of India Mortgage Loan
 LIC Housing Finance
 Bank of India Mortgage Scheme
 State Bank of Mysore Mortgage Loan
 United Bank of India Mortgage Scheme
 ICICI Bank Mortgage Service
 Canara Bank Mortgage Service
 Bank of Baroda Mortgage Scheme
 Union Bank of India Mortgage Scheme

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FINANCIAL SERVICES IN INDIAN MORTGAGE SECTOR

Few years back financial services are focused only on urban areas despite huge business
potentials in rural areas. In the total housing problem of the country, the rural segment with 77% could
attract only around 6% of the total plan outlays in housing as against 94% of investment in urban areas
with 23% of housing shortage. Hence, Indian government making new plans and policies in favor of
home buyer so they get benefited and try to build their house with all basic amenities even in rural area.

There are two conspicuous developments in the market segment of housing finance. First and
foremost is the availability of housing finance at the convenience of the consumers. Barring a few, almost
all the HFIs have made their financial services available for a minimum of three periods, i.e., up to 5
years, above 5 years and below 10 years and above 10 years and below 15 years. To further facilitate the
consumers with more financial requirements, loan period is being stretched up to 20 years or even more.
This facility is made available by a few HFIs irrespective of their segment commercial, subsidiary or
private. For example, the Corporation Bank is offering housing financial services in five streams
spreading over the loan period from a minimum of 5 years to a maximum of 25 years. Similarly, Canara
Bank, IDBI Bank and HDFC are doing so up to 20 years.

Second, historically, the housing loans were carrying higher rates, which were unaffordable
ranging from a minimum of 12%to a maximum of 19% in the early 1990s. In fact, it was during this
period that people were reluctant to avail of the housing loans, especially people with limited-fixed-low
and moderate income. Then, the period of late nineties was marked with increasing number of HFIs from
all corners and supply of loans for housing with drop in interest rate. Since interest rate influences the
demand for housing loans, there has been a spurt in housing activities, thanks to the lower interest regime.

Recently introduced the PMAY Yojna is a Housing solution for all the citizens of India. PMAY
Housing Scheme works by providing central assistance to Urban Local Bodies (ULBs) as well as other
employed agencies through States/UTs for:

• Building onsite Rehabilitation of the existing slum-inhabitants by commencing private participation for
using poor land area as a resource.
• By providing Credit Linked Subsidy
• Initiating Affordable Housing in Partnership
• Granting Subsidy to the beneficiary for individual house construction/enhancement.

While applying the loan borrower has to face multiple verification and processes. Documents that
borrower will need to provide for the application include: proof of identity (passport, driving license,
etc.), proof of address (utility bill, rental agreement, etc.), proof of regular income (employment contract,
bank statement, balance sheet, etc.), proof of good credit standing, documents about the property (deed of
sale, allotment letter), some photographs of the property and some banks in India also require that the
borrower should have a close relative living in India to serve as his/her guarantor.

Today, buying a house is becoming everybody’s wish. People are spending their life time saving
to buy a house for them and their children. Every year in Union Budget government of India tries to add
more benefits for home owner and for those who want buy their own house. This industry plays a very
important parameter for calculating an economic growth of the country.

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STATUS OF REVERSE MORTGAGE IN INDIA

Senior Citizens are a growing section of the Indian society and dependency in old age is
increasing in the country. While on the one hand, there is signific ant increase in longevity and low
mortality, on the other hand cost of good health care facilities is spiraling and there is little social security.
Senior Citizens need a regular cash flow stream for supplementing pension/other income and addressing
their financial needs. Also, secular increase in residential house prices has created considerable “home
equity “wealth. Government of India introduced the Reverse Mortgage Scheme in its budget 2007-08.
The National Housing Board has been given the task of draw ing up the regulatory mechanism to enable
the use of reverse mortgage in the country.

In US, reverse mortgage is also very famous. This type of mortgage loan is especially for senior
citizens. Individuals would accumulative house properties during their life time. However after retirement
due to liquidity issues Senior citizens might not be able to utilize the benefits from such house property,
so reverse mortgage provide the solution to this problem. The basic specialty of reverse mortgage loan is
borrower do not need to repay the loan till his or her death and he/she will get monthly or lump sum
payment from the mortgage bank to fulfill his/her requirement.

Government of India introduced the scheme of reverse mortgage in the union budget of 2007-
2008. National housing bank would be the regulator of this scheme. Reverse mortgage loan is a life time
loan given to the senior citizen for their primary resident property. This will help them to generate their
regular income.

There is no repayment of reverse mortgage loan during lifetime of the borrower. Loan value
increases year on year upon periodic payment. In case during the loan specified tenure if the last surviving
borrower passed away, the loan amount will be repaid by borrower's heirs or if they don't want to repay or
pay off the loan balance and wants to surrender the property then that property will be sold by mortgage
bank or HFI to recover the total loan amount including interest.

Thus Reverse Mortgage is a contract between a home owner and a financer which enables the homeowner
to receive a stream of income, especially after retirement.

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FEATURES OF REVERSE MORTGAGE

1) The loan is available to senior citizens owning a house.

2) It is a tailored product to monetize the locked up equity in the asset
3) There is no upper age limit for availing this product.
4) There are two parties involved in it. One is the borrower i:e the senior citizen and other is the lender i:e
Bank /HFC
5) There is no income requirement of any kind which is usually inseparable from any other type of loan.
6) It does not involve losing ownership of the house. One can stay in house and it enables regular inflow
of funds.
7) Cash flows can be arranged at periodic intervals. It can be in the form of lump sum or multiple
payments like annuity etc. The borrower can use this amount for any purpose except speculation.
8) The quantum of loan and interest rate depends on several factors like age, valuation of the property,
structure of asset, maintenance of the property. Revaluation of the property has to be taken once in every
5 years as a result the loan amount will be adjusted considering above mentioned factors. The loan
amount is directly correlated with the age.
9) The interest rate on the product will be determined by the banks and HFCs based on the risk perception
and loan pricing policy. HFCs and Banks offer fixed or floating rate of interest subject to transparent
disclosure of terms and conditions to the borrower.
10) The amount received through reverse mortgage is not considered as income as it is not taxable.
11) Loan is not required to be serviced i:e there is no payment requirement on a continuing basis as
required in other loans, repayment is due on the occurrence of an event or at the end of the term, ie; 15
years.
12) The lender will recover the loan along with the accumulated interest by selling the house after the
death of borrower or lapse of time period for which loan has been taken. Any excess amount will be
remitted back to borrower or his heirs.
13) Before resorting to sale of house, preference will be given to the owners or his heirs to repay the
amount along with interest and get the mortgaged released (Brar, 2011).

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BENEFITS OF REVERSE MORTGAGE

1) This financial product is meant for people whose property has good value but is short of cash flow to
meet their expenses. They are often called “asset rich but income poor”. Reverse Mortgage will give them
opportunity to generate income from that very home.

2) This product will ensure regular income against the value of their property that helps them in attaining
higher standards of living and better access to health care.

3) This product is useful to senior citizens who are not cared by their children. By going in for it they can
mortgage their property without depending on others for their financial needs. It can supplement
retirement income. By availing this product senior citizens can continue their own life style without
depending on others. The can plan for pilgrimage etc. by resorting to this financial product.

4) It is a non-recourse loan under which the bank/HFCs will never come after any person for repayment
of the loan. The lenders can only receive payment of the loan from the value of the house.

5) The proceeds from the Reverse Mortgage being payments on capital account will be exempt from
taxation.

6) It does not involve losing ownership of the house and at the same time a stream of cash flow is
arranged at periodic intervals. The security net for the lender is the security of the house whose value is
always on rise.

7) Borrower can choose the mode of availing the loan. It can be disbursed by periodic installments or by
lump sum or as a line of credit to be drawn in the times of need.

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REASON FOR FEWER ACCEPTANCES

Although this scheme was introduced by Indian government in 2007-2008 union budget but this scheme
has not been popular in India because of multiple reasons. In India investing in real estate is a highly
emotional decision. When a family lives in a house for 20-25 years then it’s difficult to see the ownership
going out of hands to any financial institution. The decision is more difficult when one has built the asset
through loan.

Thus, the house one buys in his lifetime is actually perceived to be an asset for next generation.
Considering that here still children take care of their parents in their old age no parents wish to take on
any liability on the house and pass it on to the children.

Indian government have many pension schemes so people usually have their regular income from
pension, real estate prices are increasing year by year so the valuation of the property is also increasing as
the market prices, lack of awareness about the scheme, etc. are reasons attribute of the slow acceptance of
Reverse Mortgage Scheme in India.

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INTERNATIONAL MORTGAGE SECTOR

Across the globe, retail lending has been the most spectacular innovation in the commercial
banking sector in recent years. Retail loans comprise consumer credit for specific purpose and credit for
general use. The surge in credit to the retail segment across developing as well as developed economies
has occurred due to commercial banks shifting from traditional banking activities to a broad-based
lending portfolio. The growth of retail lending, especially, in emerging economies, is attributable to the
rapid advances in information technology, the evolving macroeconomic environment owing to financial
market reform, and several micro-level demand and supply side factors. Technology induced innovative
financial products have facilitated strengthening of balance sheets and income structures of banks.
Technology has enabled a significant reduction in cost of external finance for borrowers, while banks
have benefited from product innovations, and lower transaction cost associated with collection,
processing and use of
information.

This, in its wake, has offered banks better techniques for risk management and pricing of
products. The surge in retail lending, however, has certain limitations. Retail lending may accentuate
indebtedness of households, with implications for sustainability of private consumption and saving in the
medium to longer horizon. Rapid increase in retail loans may impinge on bank credit for investment
activities with implications for economic growth. Several cross section studies suggest that retail lending
may, however, pose various risks with implications for banks’ asset quality (Gaur, 2009).

The mortgage industry in the US is both huge and highly developed, offering numerous mortgage
products with a range of repayment options. The United States of America has the most active mortgage
market in the world, and mortgage services are provided by a number of entities, including individual and
organizational mortgage providers. Other types of mortgage brokers work in both individual and as
organizational capacities. With all the players involved and with intense competition spurring constant
innovation, there are numerous types of mortgage products available in the US (i.e. Reverse mortgage and
Forward mortgage, etc.).

The use of home equity as a resource to be considered with other retirement sources is an
emerging interest among Australian financial services organizations, including retail wealth managers,
banks, non-bank lenders and insurance companies, according to the Annual Reverse Mortgage Report
from Deloitte and this growing interest has translated into the increasing popularity of reverse mortgages
in retirement. Currently, there are nearly 40,000 reverse mortgages that have been is sued in Australia with
an average loan size of $92,000, up from $86,000 in 2013.

Reverse mortgage serves very good opportunities for retirees and a perfect source of income after
retirement. Because of the income benefit after retirement this scheme is famous in many developed
countries such as USA, Canada and Australia.

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CONCLUSION

Like India in all over the world there are many countries that provide mortgage loan and make
their people’s life more easy and comfortable so that they can live in their dream home easily and also get
other benefits. Mortgage sector also generate employment for many unemployed people in any country.
There are many HFCs are opened and their basic business is mortgage loan. With the help of these HFCs
borrower can take loan easily, these organizations help them in taking loan (for e.g.Required documents,
different verifications, tax benefits, interest rate information, EMI information).

These process will help borrower in understanding the actually mortgage loan life and make it
easy for them to proceed. Sometimes borrower also needs to verify from other sources (for eg. People
who have already taken a loan, other HFCs for comparison of interest rate and hidden cost information,
etc.). While concluding we can say that this sector helps any country to increase their economic growth as
well as people of the country also gets benefited with the same.

Reverse mortgage is a very good option for those senior citizens who do not have pension/any
income after retirement and also for those who does not want to depend on anyone in their old age. If we
consider the tax-free lifetime annuity, Reverse Mortgage is a good scheme to rely upon when the financial
constraint is too much and there is no recourse. Also, if a person has more than one property but do not
have sufficient source of income after retirement and want to keep his/her property for his/her successor,
he/she can take reverse mortgage loan against one property and keep other property secure for his/her
heirs.

With this option, the risk of living longer is also taken care of and with better payouts. The house
ownership can always be claimed back by paying the loan availed. If institution sells the house then cash
surplus, if any, is paid back to legal heirs. In a nutshell, the scheme in its present form does provide a
good option for retirees to plan their post-retirement income.

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 http://www.ukessays.com/dissertation/literature-review/literature-review-on-american-mortgage-
history.php
 http://www.huffingtonpost.com/jack-m-guttentag/insanity-in-todays-mortga_b_3429147.html?ir=India
 http://profit.ndtv.com/news/your-money/article-how-senior-citizens-can-benefit-from-reverse-
mortgage-373027
 http://www.economywatch.com/mortgage/india.html

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