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A
SYNOPSIS ON
A STUDY OF REVERSE MORTGAGE SCHEME IN INDIA
(CASE STUDY OF ICICI BANK)
UNDER SUPERVISION OF:
..
SUBMITTED BY
NAME
ENROLLMENT NO
TAPASYA SHARMA
:
0921003183
Name
Area of Specialization
MBA (Finance)
COMPANY PROFILE
ICICI Bank is Indias second-largest bank with total assets of Rs. 4,062.34 billion (US$ 91 billion) at
March 31, 2011 and profit after tax Rs. 51.51 billion (US$ 1,155 million) for the year ended March 31,
2011. The Bank has a network of 2,553 branches and 7,440 ATMs in India, and has a presence in 19
countries, including India. ICICI Bank offers a wide range of banking products and financial services
to corporate and retail customers through a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset
management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada,
branches in United States, Singapore, and Bahrain etc.
STATEMENT OF THE PROBLEM
This study will help in to understand the Reverse Mortgage Scheme in India A reverse mortgage is
a particular kind of home equity loan that allows the owner to cash in some of the equity in her
home. To be eligible for a reverse mortgage, a borrower must be 62 years of age or older, own the
home outright and have no other liens against the home. The borrower does not have to satisfy any
credit or income requirements. They can receive the proceeds in one of the following ways: a lump
sum at the beginning, monthly payments until a fixed term or a life-long annuity, by establishing a
credit-line with or without accrual of interest on the credit balance, or a combination of the above.
The study finds the status of reverse mortgage in India.
OBJECTIVES OF THE STUDY
The objective decides where we want to go, what we want to achieve and what is our goal or
destination. The objective of A STUDY OF REVERSE MORTGAGE IN INDIA is to
1.
2.
Find out the Risks associated with it in current scenario (Recovery after global
economic meltdown).
3.
To find out the welfare gain to senior citizens from Reverse Mortgage Scheme.
4.
5.
RESEARCH METHODOLOGY
Research methodology in a way is a written game plan for conducting research. Research
methodology has many dimensions. It includes not only the research methods but also considers the
logic behind the methods used in the context of the study and complains why only a particular
method of technique has been used. The basic task of research is to generate accurate information
for use in decision making. Research can be defined as the systematic and objective process of
gathering, recording and analyzing data for aid in making business decisions.
As the project involves analyzing of financial structure, the research is exploratory in nature,
covering financial parameters and come of the important ratios to carry out research.
DATA COLLECTION METHOD:
The data will be collected using both by primary data collection methods as well as secondary
sources.
PRIMARY DATA- Most of the information will be gathered through primary sources. The
(i)
methods that will be used to collect primary data are books, research, newspapers, wave sites etc.
Books:
News Papers:
Magazines:
Web Sites:
www.allahabadbank.com
www.statebankofindia.com
www.pnb.co.in
www.lic.co.in
(ii)
borrowers, financial consultants etc. Secondary data of this project on Reverse Mortgage will be
collected from
Fill ups
Borrowers
Financial consultants
Months
METHOD OF SAMPLING:
The technique used for conducting the study was Convenience Sampling Technique as sample of
respondents was chosen according to convenience.
STASTICAL TOOLS:
The tools used in this study were MS-EXCEL, MS-WORD. MS-EXCEL was used to prepare piecharts and graphs. MS-WORD was used to prepare or write the whole project report.
NUMBER OF RESPONDENTS
Total samples of 50-75 respondents were contacted who responded to the questionnaires.
AREA OF STUDY
Reverse Mortgage in India.
LOCATION OF STUDY Delhi
6. QUESTIONNAIRE
Dear Respondents:
I am a student doing MBA. I am underlying a project named A STUDY OF REVERSE
MORTGAGE SCHEME IN INDIA (CASE STUDY OF ICICI BANK). So by filling this
questionnaire please help me in completing my research project.
Name
: .
Age
: .
Address
: .
Gender
: .
Contact No.
: .
No
No
Q3. Have you considered all financial options before pursuing a Reverse?
Yes
No
Q4. Have you consulted with a Loan originator to determine how much you
would qualify a reverse mortgage loan program?
Yes
No
Q5. Will u consult with a certified financial planner to assess what impact a
reverse mortgage could have on any other government benefit you are
currently receiving such as social security?
Yes
No
Q6. Did you speak with a tax advisor to determine if there are any tax
consequences to assuming a reverse mortgage?
Yes
No
Q7. Have you discussed the advantages and disadvantages with your heirs?
Yes
No
No
Q9. Did you consider any options other than reverse mortgages good for older
peoples?
Yes
No
Q10.
Did
you
seek
independent
legal
advice
about
the
loan
conditions/contract?
Yes
No
Q11. Do you think that reverse mortgage is very expensive way of Loan
option?
Yes
Q12.
No
From where did you come to know about Reverse Mortgage?
Electronic Media
Print Media
Agents
Others
7. CHAPTERISATION
1.
Introduction
2.
3.
4.
Descriptive work (Descriptive work on the topic, this chapter will include analysis
and interpretation of data tabulation and categorization)
5.
Study report (Study report of other researcher will be observed and analyzed)
6.
Conclusion
7.
Findings
8.
Limitations
9.
Recommendation
10.
Bibliography
11.
Age
Educational Qualification
Professional Experience
Organization
Current Designation
Brief Profile
House No.
Street
City
State
Country
:
:
9. REFERENCES
1.
Patti. Greg (2005), Reverse Mortgages: Cash for the rest of your life- Boroson.
Warren (2007), The Reverse Mortgages Advantages, Page 237-243.
2.
3.
4.
5.
6.
Bowen Bishop, T., and H. Shan (2008): Reverse Mortgage: A Closer Look at
HECM Loans, working paper.
7.
See
Home
Equity
Conversion
Mortgages
Monthly
Report
(May
Sally R. Merrill, Meryl Finkel and Nandinee K. Kutty. Potential Beneficiaries from
Reverse Mortgage Products for Elderly Homeowners: An Analysis of American
Housing Survey Data.
9.
10. The Aged in India A Socio-Economic Profile. National Sample Survey Organisation,
11. Department of Statistics, Ministry of Planning and Programme Implementation, Government of
India, November 1998.
12. Robert J Shiller and Allan N. Weiss. Moral Hazard in Home Equity Conversion. Real Estate
Economics, 2000.
13. Thomas P. Boehm and Michael C. Ehrhardt. Reverse Mortgages and Interest Rate Risk.
14. Warren Boroson. The Reverse Mortgage advantage The tax Free House-Rich Way to Retire
Healthy.
15. Staff Reporter. State Cooperative Bank to launch monthly income scheme for the aged. The
Hindu. Saturday, Mar 24, 2007
Books:
Business Standard Lucknow and Meerut Edition
Economic Times Meerut Edition
Outlook Money April 2008 Edition
Pratiyogita Darpan June 2008 Edition
India Insurance Report Series
Industrial Economics Volume 40
Websites:
www.indiahousing.com
www.bankbazaar.com
www.livemint.com
www.allahabadbank.com
www.statebankofindia.com
www.pnb.co.in
www.lic.co.in
www.wikipedia.org
other
The students are encouraged to involve themselves completely on the project work
starting from
project synopsis in 3rd Semester and with the completion of project in final (4th)
semester.
Students should take this project work very seriously. Topics selected, should be
appropriate
enough to justify as a MBA project. The project should be genuine and original in
nature and
should not be copied from anywhere else.
2. Project Work
2.1 Project Guide
The role of a project guide is highly significant in getting a quality output from the
students. As a
project guide your expertise in the subject domain, counselling, monitoring and
evaluating is
sought.
Qualification of a Guide:
MBA with specialization in appropriate area.
The guide should have a minimum of 2 years of Industry/ Teaching experience.
In a given session a guide can supervise a maximum of 20 projects.
Role of a Guide:
As a guide you are expected to offer suggestions to fine tune the problem
identified and in
synopsis preparation. The problem identified should be sufficient enough for a study
at
MBA level.
The guide has to monitor and review the project work periodically with a
minimum two
reviews during the course of the project. Review report needs to be prepared.
The guide has to go through the draft project report and offer suggestions
wherever
necessary and to confirm that the project report is submitted as per the prescribed
format. The guide has to send the Internal Assessment (IA) mark for the students
whom he/she
was guiding for the session, to the LC to which the student is attached. This is to be
sent
along with the signed final Project Report for submission.
Project Guideship Approval from the University
(Qualified persons desirous of guiding projects)
Directly apply to the SMU-DE, in the prescribed format available on the university
web site
/ EduNxt Portal (see Annexure II)
Guide CV along with photocopy of the credentials is a must for approval as a
Project Guide
with the University.
A guide can fill in the prescribed format when approached by a prospective
project student
who is expected to forward the same to the University
Please note that you will become an eligible guide only on approval by the Project
Steering
Committee of the University
Meeting with the Project Guide
The Student is required to meet and discuss with the guide periodically on
mutually agreed
dates.
The Student is also advised to maintain e-mail contact with the guide
Any Conflict of interest during the course of the project is to be immediately
brought to the
notice of the Project Steering Committee of the University
New Guide
Registration
Phase 2 Project workNew Guide Registration
The Guide to be identified by the student and need to be registered with SMU-DE in
the prescribed
format given in Annexure-II (also downloadable from EduNxt). This is the one time
process. The
guide details and his/her credentials to be forwarded along with the project synopsis
by the student
to the project steering committee for New Guide Registration. Refer to fig.-2 for
details of the
activities involved in this stage.
All submitted Project synopsis will be processed by the project steering committee.
All status
information (Submission Acknowledgement/Approved/Rejected) will be informed to
the student,
Guide and LC through the e-mail. Once approved, the student can proceed to phase
2. Or, the
student needs to work on the project synopsis for resubmission, in accordance with
the reason
specified on the mail for rejection. The deadlines for Project synopsis submission /
Guide
Registration for your session please visit EduNxt portal or university website.Fig. 1:
Phase -1: Project Synopsis preparation and submission for approvalFig. 2: Phase -1:
New Guide Registration
Important points for the project work
Not more than one student is permitted to work on a Project.
Students should start the project work ONLY after receiving the approval of
Synopsis and
Guide from the University.
If the title of the Project differs from the title mentioned in the Project Proposal,
the Project
Report will be rejected and will be returned back to the student.
All Correspondence regarding projects should be addre ssed to
projects.mba@smudde.edu.in (please mark subject as MBA Project -Request for).
3.1.1 EduNxt Access Procedure (For Project Synopsis Submission)
Step 1: Go to the EduNxt URL (http://edunxt.smude.edu.in) and enter your user-id
and
password. Step 2: Go to Project Tile (for Example: ML0014-Project-DE) and click on
it to enter to the
Project synopsis submission page.Step 3: Click on Submit Project SynopsisStep 4:
(i) Read the Guidelines carefully before filling the form.
(ii) Download the Project Synopsis Submission and Guide Acceptance Form for
Project Synopsis
Submission (or see Annexure I) or Project Guide Registration form for New Project
Guide
Approval (or see Annexure II).
(iii) Make your Project Synopsis ready for upload. (Fill the form in all aspects, scan
and convert
your document in to either .doc or .pdf file)
(iv) Select the checkbox and click on submit synopsis button.Step 5: Fill the
Project Synopsis details, Select the scanned file by using browse file option.
(Note: It accepts only .doc, .docx and .pdf formats). Upload your file by clicking on
Upload now
button.Step 6: If you want to see the file which you have uploaded, click on view
synopsis button.
Further if you want to edit/delete the uploaded file, Delete the file by clicking
delete option and
upload the latest file by using browse file option.Step 7: Fill the Guide Details and
click on Click here for New guide registration for forwarding
Guide registration form (Download the form, which is available in Guidelines page or
click on
Guide Registration form) along with his/her credentials to the project steering
committee for
approval through e-mail.Step 8: Once project synopsis and guide details are
uploaded, click on submit button. On
successful submission, your status will show as Your synopsis has been submitted
to project
steering committee for Approval.Step 9:
(i) Once submitted, Project steering Committee will review your Synopsis submission
and Guide
Registration. You will get the Status updation in your mail box and EduNxt login.
(ii) If your synopsis is accepted by Project steering committee, you will get the
approved mail and
you can start your project work.Step 10: If your synopsis is rejected by project
steering committee, you will be requested to
resubmit your synopsis again. Then click on resubmit project synopsis and start
from step 4.
3.2 Phase - II: Project work
Introduction
This program guide will provide the student with all the information they need to
know for
developing a project dissertation. As project work is a very important part of MBA
course
curriculum, it has been marked for four credits.
The following guidelines may be adopted: MBA projects
1. The project must be a live project either done at the place of work or some other
organisation.
2. The project must be taken up under a guide at students Authorised Study
Centre/ Program
Centre/ Learning Centre.
3. Students to contact Learning centre for appropriate formats for project work.
4. The project must be completed and submitted at the Study Centre/ Program
Centre/ Learning
Centre.5. The project must relate to the specialisation pursued.
Selection of Project Title
The title selected should be coherent with the stream of study or specialisation.
A list of suggested topics is provided at the end of this document. However, the
student and
the guide have the freedom to identify an appropriate topic.
The title should be specific and focus towards the objectives of the project.
Project work and final submission
1. Submit a draft project work to the Authorised Study Centre/ Program Centre/
Learning Centre:
The draft project work should be submitted 20 days after the study has been
conducted.
The draft should constitute the following:
Title of the project
Introduction
Literature review/related research outcomes (a brief review of similar or related
studies
conducted elsewhere. (This should not be more than 500 words).
Description of study methodology
List of work done: Visits to company, list of functionaries met, documents
received from
company; registers and files seen, and observations made, field visits, number of
samples
collected/ questionnaires filled should be mentioned in proper order.
Names of books, sites, journals, magazines referred.
2. After receiving a feedback from the Authorised Study Centre/ Program Centre/
Learning
Centre, make the necessary corrections and proceed to the next step.
3. Submit the final report:
The final project report should be submitted 30 days after the submission of the
draft project
work. The recommended number of pages of final report should be around 100.
4. Viva Voce/Presentation:
Viva will be conducted as per the schedule. The power point slides for presentation
should be
submitted along with the final project report. The student should demonstrate or
make a power
point presentation of their project at the Study Centre/ Program Centre/ Learning
Centre to
the University approved external and internal examiners. The student must stay in
touch with
their Study Centre/ Program Centre/ Learning Centre for the actual date of project
evaluation.The project work terminates with the viva voce/ presentation. A summary
of the project is to
be submitted.
Executive Summary: Should be 500 words; besides being a part of the project
report, a copy
of the executive summary should be submitted separately also. The following are
the
constituents of the summary:
o Title
o Statement of the problem
o Methodology used
o Main findings /outcome of the study with respect to objectives
o Recommendations
Project Report
The final project report should consist of the following components:
Cover page
Title page
Acknowledgement
Bonafide letter (from the company where the project was undertaken)
Table of contents
List of Tables & List of Figures
List of Symbols, Abbreviations and Nomenclature
Executive Summary
Chapters
o Introduction
o Project details
Title of the project
Aims and objectives of the study
Problem statement
Scope of the study
Significance of the study
o Literature review/related research outcomes (should not be more than 500 words)
o Methodology used: Data collection method, research tools used, sampling
methodology,
validity of the data
o Data analysis and interpretation/Research findings
o Recommendations and conclusions
o Limitations of the study and scope for further research, if any,
References/ Bibliography
Format for Bibliography: Books:
Authors or Editors Names, Title of the Book, Place of Publication, Publisher, Year of
Publication, Page number
Example:
R.C. Goyal, Hospital Administration and Human Resource Management, New Delhi:
Prentice
Hall Publication, 2008, Pg. 75
S.K. Joshi, Quality Management in Hospitals, New Delhi: Jaypee Brothers, 2009, pg
89-93
Journals:
Author, Article Title, Title of Periodical, Date of Publication, Page numbers of the
article.
Example:
Bronwyn Fryer, The Layoff, Harvard Business Review, March 2009, Pg 17-24.
Keila Rooney, Consumer Driven Healthcare Marketing: Using the Web to Get Up
Close and
Personal, Journal of Healthcare Management, Chicago: July 2009, Vol. 54, Pg 241
Project Evaluation
Evaluation pattern for the project is as given below:
Evaluation Criteria Internal External
Synopsis 5 5
Methodology 10 10
Analysis /Findings 25 25
Project Report 25 25
Viva 35 35
Total 100 100
Template/Details for Preparation of Project Report
i. Cover page and Title page
ii. Acknowledgement
of the table must be present above the table. 1.5-line spacing should be adopted for
typing the
matter under this head.
Table 1 <Caption of the table>
Field 1 Field 2 Field 3 Field 4 Field 5 Field 6
List of tables
1. Table 1: <caption the table1>
2.
Note: By the word Table, we mean tabulated numerical data in the body of the
project report as
well as in the appendices (if any). All other non-verbal materials used in the body of
the project
work and appendices such as charts, graphs, maps, photographs and diagrams may
be
designated as figures.
vii) List of Figures:
Give the same name for the figure as it appears exactly below the figures in the
text. The caption
of the figure must be present below the figure. 1.5-line spacing should be adopted
for typing the
matter under this head. Figure 1: < Caption of the Figure>
List of Figures
1. Figure 1: <caption the Figure 1>
2. .
viii) List of Symbols, Abbreviations, and Nomenclature:
1.5 line spacing should be adopted for typing the matter under this head. Standard
symbols,
abbreviations, etc., should be used.
ix) Chapters:
xi) Instructions:
The text in the printed copies must be in black colour.
1.5 line spacing should be used for typing the general t ext. The general text shall
be typed in
the font style Times New Roman and font size 12.
xii) List of Project Topics (Suggested)
Sl. No. Project Topics
PROJECT TOPICS FOR HUMAN RESOURCE MANAGEMENT
1. A study of performance appraisal / performance management system in XYZ
organisation
2. Assessment of role stress amongst the employees of XYZ organisation
3. Job satisfaction survey at XYZ organisation
4. Competency mapping in an organisation
5. Training effectiveness in an organisation
6. Study of organisational culture OCTAPACE profile.
7. Motivational analysis of organization
8. A comparative study of team effectives in an organisation: Team effectiveness
assessment measure.
9. A study of Compensation Management System
10. A detailed study of promotion and reward policy of organisations
11. A study of quality of work life in an organisation
12. Mapping training needs of employees: Training Need Analysis
PROJECT TOPICS RELATED TO MARKETING
13. Formulation of Marketing Strategies to Improve Market Share of LG Microwave
Ovens14. Improving the Effectiveness & Efficiency of Operations at Cox & Kings
India Ltd.
15. Demand Forecasting for Orion-ERP Package for ICICI InfoTech in Bangalore,
57. A Cost Analysis Study in General Ward (or any other department) of a Hospital
to
Develop User Charges
58. A Comparative Study on Cost Analysis of the Various Departments in a Hospital
and Cost-cutting Recommendations
59. A Study on Formulation of Marketing Strategies to Promote a Healthcare Service
(e.g., Women Wellness Check-up Promotions)
60. A Study on Involvement of Doctors /Nurses /Paramedics in Rural Healthcare and
Suggestions to Improve Involvement
61. A Study on Medical Representative Triumphs and Trials Recommendation to
Improve Liaison of Medical Reps and Doctors62. A Comparative Study of In-house
Pharmacy and Retail Pharmacy
63. A Study on the Identification of the Causes of Delays in Cashless Hospitalisation
and Recommendations to Reduce Time Lags
PROJECT TOPIC RELATED TO PROJECT MANAGEMENT
64. A study on the effectiveness of Project Management in Mining
65. Importance of Human Resource Management in construction projects
66. A study on controlling risks in construction projects
67. Project Cost Estimation for software projects
68. A study on software project management practices with special reference to
embedded systems
69. A study on quality management/assurance for software projects
ion
70. Effect of project risk on project performance : A study at XYZ Inc.
71. Validity of feasibility studies in Infrastructure Projects
72. Comparative Study of Project Management Software- MS project and Primavera
73. A Study on Risk Factors Involved In Outsourcing IT Projects
XXXXXXX
99. A study on quality management in XXXXXXX bank
100. A study on TQM implementation in hospital
101. A Study on TQM implementation in service industries
102. Measuring quality in service sectors
103. SPC and its application in service industries
104. A study on effectiveness of TQM implementation in XXXXXXX industry
105. Improving quality in small and medium scale industries
PROJECT TOPICS RELATED TO RETAIL OPERATIONS MANAGEMENT
106. A study on Indian organized retail sector
107. Effectiveness of promotional schemes in Retail stores
108. Study of retail store operations
109. Emerging retail formats and strategies
110. Role of FDI in Indian retail sector
111. A study on retail consumer behaviour-personal, social & cultural
112. A study on Loyalty programs in organized retail sector
113. A study on changing consumer preferences towards organized retailing from
unorganized retailing
114. A study on strategies for promoting retailers brand
115. An analysis of possible strategies for successful internet based customer
services
in retail
116. Measuring the effectiveness of display system in retail industry
117. Retail outlet mapping of retail stores & shopping malls
118. Study on private labels Vs. national brands
119. A study on effective Supply Chain practices in organized retail sector
120. Impact of retail IT application on effective store operations
Place:
Date: (Signature of the Guide)
(Note: A Guide needs to get registered with the University if he/ she is guiding a
SMUDE project for the
first time. Guide Registration form can be downloaded from the University Website)
DECLARATION
I hereby declare that this project synopsis is an original work carried by me and will
not
submitted to any other University for fulfilment of any course of study.
Place:
Date: (Signature of the Student)
(*Filled in Application forms to be signed by both student and the Guide. Forms must
be scanned in either .pdf / .doc
format and submitted through the EduNxt students Login. For uploading please
refer section 3.1.1 of this document)ANNEXURE II
PROJECT GUIDE REGISTRATION FORM
(To be submitted to the project steering committee)
1. Name :
2. Date of Birth :
3. Present Employer :
4. Designation :
5. Contact Details :
i) Residential Address:
ii) Office Address :
iii) All communications to be sent to: Residential/ Office address (tick any one)
iv) Contact No. :
v) E-mail id :
6. Education Qualification (start with highest qualification):
(*Filled in Registration forms must be scanned in either .pdf / .doc format and
submitted along with
credentials (Scanned Degree Certificates) to the email id
projects.mba@smudde.edu.in)