INTERNATIONAL JOURNAL OF LATEST TECHNOLOGY IN ENGINEERING,  
MANAGEMENT & APPLIED SCIENCE (IJLTEMAS)  
ISSN 2278-2540 | DOI: 10.51583/IJLTEMAS | Volume XIV, Issue XII, December 2025  
Determinants of Home Loan Decisions- Key Influencing Factors  
Dr. Mallika Babu, Dr. Sejal Acharya, Dr. Hemali Broker, Dr. Harshita Vijaywargi, Mr. Himanshu  
Sharma  
LDRP Institute of Technology and Research, KSV, Gandhinagar.  
DOI : https://doi.org/10.51583/IJLTEMAS.2025.1412000016  
Received: 13 December 2025; Accepted: 20 December 2025; Published: 27 December 2025  
ABSTRACT:  
Home loans play a major role in India to improve the standard of living, particularly forth economically weaker  
sections and the middle economic class society. Housing, being one of the basic needs for human, takes the  
major chunk of one’s income. Home loans came as a boon to people, who dreams of owing a house, even at the  
very early stage of one’s life. Home loan decisions are largely influenced by various factors including service  
quality, convenience, interest rates etc., With banks becoming more competitive and extending exclusive  
services for customers is the key to attract them, this paper analyses the determinants and the satisfaction level  
of home loan customers of SBI. Through a survey with a structured questionnaire, this project investigates the  
factors affecting their loan purchase decision based on various demographic factors. Ease in installments,  
monetary benefits, easy installments are the crucial factors in home loan decision making. At SBI, both have  
average rating due to more competition in the market. The paper also explains the customer satisfaction level  
and the willingness of customers to recommend SBI home loans to others. The study not only evaluates the  
various factors affecting customer preferences, but also provides insights in to enhancing customer experience  
to increase satisfaction and loyalty in this competitive banking industry.  
Key Words: Customer Satisfaction, Buying Decision, Services, Home Loans.  
INTRODUCTION  
Owning a home is a cherished aspiration for many, especially in India where it symbolizes not just shelter but  
also prosperity and security. In everyone’s life, there is a phase at which one has to make an important financial  
decision of buying a house. Home loans have made this dream attainable even for those with modest means.  
Consequently, understanding the factors driving home loan purchase decisions is of paramount importance.  
Owning a house is not just to recide , it remains as an asset for even the next generation. As the income of people  
has increased and so the standard of living, many countries are facing a lack in infrastructure to provide housing  
facilities.iThis has also altered the priority of factors affecting the selection of homes and the financial schemes.  
According to Savills India, from Jan- Mar 2023 quarter, there is a huge increase in demand of luxury residential  
market by 151% year-over-year. In the financial year, Indian residential market has reached an all time high with  
a 36% rise , indicating a strong growth trajectory.  
In recent years, the Indian home loan sector has emerged as a powerhouse within the nation's economy. In 2022,  
home loans made a significant contribution, accounting for 11.7% of the country's GDP, a statistic that is poised  
to escalate even further, with expectations indicating a growth to 13% by 2025. This substantial contribution  
highlights the pivotal role that home loans play in not only fulfilling the dreams of homeownership but also in  
driving economic growth by bolstering the real estate and construction industries.  
Leading the charge in this dynamic landscape is the State Bank of India (SBI), which has embarked on an  
aggressive expansion strategy aimed at bolstering its home loan portfolio. SBI's proactive approach is evident in  
its offering of a substantial concession of 65 basis points to customers with credit scores below 750, a move that  
not only demonstrates a keen commitment to capturing a diverse customer base but also reflects the bank's  
adaptability in catering to the evolving needs of borrowers.  
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The remarkable surge in home loan disbursements in India further underscores the sector's vibrancy.  
Disbursements have soared from INR 4 trillion in 2019 to a staggering INR 6.41 trillion as of March 2023,  
showcasing the growing appetite for home ownership among the Indian populace. This substantial increase in  
disbursements has not only boosted the housing sector but has also contributed significantly to the overall  
economic expansion.  
Moreover, Dinesh Kumar Khara, Chairman of SBI, emphasizes that the outlook for credit growth remains  
promising. Khara notes that there is a clear visibility of growth in the coming year, supported by encouraging  
demand in both retail and corporate segments. SBI's anticipatory approach is indicative of the broader  
macroeconomic trends, and the bank aims to sustain a credit growth rate of 14-16% while expanding its Net  
Interest Margin (NIM) in the fiscal year 2024. This commitment underscores SBI's pivotal role in shaping the  
Indian home loan landscape and its dedication to facilitating homeownership while contributing to the nation's  
economic development.  
This study focuses on discerning these determinants, with a special emphasis on service quality and convenience.  
Amid stiff competition in the banking sector, where banks vie for borrowers, this research examines what drives  
individuals to choose a particular financial institution for their home loans. By unraveling these key  
determinants, this study not only sheds light on the preferences of home loan customers but also provides  
valuable insights that can aid financial institutions, such as SBI, in tailoring their products and services to meet  
the evolving needs of the market.  
LITERATURE REVIEW  
Numerous studies in the field of banking services have explored the multifaceted factors that influence consumer  
decisions, shedding light on the dimensions that shape choices regarding home loans.  
These studies collectively emphasize the pivotal role of service quality in the decision-making process. Factors  
such as knowledge, readiness of staff in quick response, service variety, and ease of use have been identified as  
crucial determinants of service quality, highlighting its significance in influencing customer perceived value and  
subsequent word-of-mouth recommendations. When it comes to service quality, the employees and their  
responses play a major role. The service quality is decided by the employees’ level of willingness to respond to  
customer queries and to help them without any delays and hesitation. Such services have a greater impact on  
customer satisfaction.ii Banks which are providing individual attention to the customers tend to increase the level  
of customer satisfaction. When customers are satisfied with the way that the employees try to solve their issues,  
a huge positive shift occurs in the level of satisfaction of customers/consumers. While analyzing literature, there  
found many studies that proved that the competencies of bank employees have a strong positive impact on  
satisfaction levels of customer.iii,iv. To manage people at work, we need to have the best human skills at  
workplace ie for employees.It is possible only if employees know the products well and will be willing to help  
immediately without hesitation.  
When we consider the reference groups and their recommendations in making home loan decisions, family  
members play a major role.vAdditionally, convenience emerges as a positive influencer of perceived value,  
which, in turn, has a statistically significant impact on recommendations through word-of-mouth. This  
underscores the relev nce of service quality, convenience, and perceived value as vital components in home loan  
purchasing behaviorvi Interest rates and installment factors have consistently emerged as influential elements in  
customers' decision-making processesvii . Research has shown a preference for fixed interest rates and a  
recognition of low interest rates as significant factors in selecting financial institutions for home loansviii  
Further investigations reveal the importance of attributes such as easy accessibility, institution reputation, and  
attractive schemes in shaping customer preferencesix,x. Apart from these, the ability to promptly respond to  
customers' queries and provide timely service, as well as empathy and assurance in customer interactions, are  
also the important factors that significantly have influence on customer /consumer satisfaction and,  
consequently, decision-making.xi  
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Moreover, a study assessing quality of service in private banks and its impact on customer/consumer satisfaction,  
through regression analysis, further highlights the critical role of quality of services provided as a determinant  
of customer/consumer satisfaction in the banking sectorxii. All banks are in competition to provide the best  
services to attract and satisfy clients.xiii Apart from services, there is a correlation/relationship which is strong  
and positive between financial benefits and customer/consumer satisfaction. Customers compare the interest  
rates and other benefits before finalising a bank for taking home loansxiv. Thus, competitive interest rate is having  
a positive impact on customer satisfactionxv.  
Many times affordability is important to decide on getting home loan finance. Depending on the income and  
expenditure of households, the decision of home loans are taken.  
However, despite the extensive research on these factors, a research gap exists in understanding how these  
determinants specifically affect the home loan purchasing/ decision making behavior of customers, especially in  
the context of the State Bank of India (SBI) in Ahmedabad and Gandhinagar region of Gujarat, India. Therefore,  
this research study tries to fill the scientific gap by examining these factors in the specific context of home loans  
from SBI.  
Fig 1 represents the conceptual/theoritical model for this study showing the direction of impact of six factors on  
customer/customer satisfaction. The factors considered are service quality, ease of processing, monetary  
benefits, affordable interest rates and easy installments. The study further analysed the influence of customer  
satisfactin on the readiness to recommend the product to others.  
Fig 1: Conceptual Framework  
The hypotheses studies for this research are as follows:  
H1: There is a significant correlation between quality of services provided (H1a), ease of processing (H1b),  
reference group influence (H1c), monetary benefits (H1d), affordable interest rates (H1e) ,easy installments  
(H1f) and customer satisfaction  
H2: There is a significant correlation between customer/consumer satisfaction and willingness to recommend  
the products to others.  
H3:Demographic variables affect customer decision to take a home loan.  
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RESEARCH METHODOLOGY  
The research involved 218 SBI customers who had availed home loans, with a final selection of 200 participants  
after screening for completeness and reliability of responses. This sample size provides a robust foundation for  
statistical analysis. The study was conducted in the Ahmedabad and Gandhinagar regions of Gujarat, India,  
offering regional context to the research findings. To gauge customer perspectives, Likert scale with five point  
scale from strongly disagree to strongly agree was employed in a questionnaire-based survey. The demographic  
parameters/factors/variables considered in this study are age, gender, education, occupation and income. As  
mentioned in the literature review, six variables which have an influence on customer satisfaction were  
considered for this study. Under the service quality variable, factors like employee quickness in services, clarity  
in communication, employee competence etc., were considered. Under convenience variable, easy of  
documentation, timeline, convenient process etc, were added. To measure the monetary benefits, service fares,  
processing fees etc., were considered. To measure affordable interest rates, the statements include being  
competitive, consistency and affordability of interest rates were added. To measure easy installments, factors  
like affordability, flexibility in payment system were asked. The majority of the factors and the statements are  
taken from a research study conducted in Greece to understand and measure the significance of factors affecting  
thev purchase decision of Greek customers taking bank loans.xviThe collected data was then used for analysis  
through tests, including T-test, ANOVA (Analysis of Variance), and regression analysis. These statistical  
methods were chosen for their suitability in assessing the relationships among key factors considered in this  
study.  
Data Analysis:  
The factors affecting consumer satisfaction and the depth of consideration of those factors may differ according  
to the demographic profile of customers. Some may consider service quality as the prime criteria for deciding  
banks for home loans, while some may consider affordable interest rates as prime factor for home loans. Such  
factors may differ among different age group, income group, gender etc., so, to analyze the same, few  
demographic variables are considered in this study. They are gender, age, education, occupation and income.  
The following table 1 represents the frequencies of various categories under demographic profile.  
Demographic variables  
Frequency  
Percent  
28  
Female  
56  
144  
17  
70  
86  
27  
13  
47`  
92  
48  
46  
Gender  
Male  
72  
Below 33  
33-40  
8.5  
35  
Age group  
Education  
41-50  
43  
Above 50  
SSC  
13.5  
6.5  
23.5  
46  
HSC  
Graduate  
Post graduate  
Self Employed  
24  
23  
Occupation  
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Govt. Employee  
Private Employee  
HouseWife  
58  
55  
41  
30  
78  
46  
46  
29  
27.5  
20.5  
15  
30000-45000  
45001-60000  
60001-75000  
Above 75000  
39  
Income  
23  
23  
Table1: Demographic Variables  
To measure the model fitness which is mentioned in the conceptual framework and to analyze the level of impact  
of six variables that are considered in this study on customer/consumer satisfaction, multiple linear regression  
test was employed. Using SPSS, the test was carried out. Before conducting the test, the variables were subjected  
to reliability test. Cronbach alpha reliability test was used. A value more than 0.7 is considered as reliable,  
according to various studies. Some studies, to be more precise, insist on a value of above 0.8.xvii. There was  
different statement used ot measure the six variables. Using compute variable option in SPSS, the mean of all  
those statements were done for each variable and a common mean value was derived for each. These values  
were used for all the test to measure the association and level of impact.  
Variables  
Service quality  
Cronbach Alpha  
0.773  
Total Number of items  
7
4
4
3
3
Ease of Processing  
Monetary benefits  
Affordable Interest Rates  
Easy Installments  
0.607  
0.674  
0.609  
0.669  
Table 2: Reliability Test  
As there are several studies which link service quality and customer satisfactionxviii; ease of processing, low  
rates etc., and customer satisfactionxix, a regression equation to test the same is as follows.  
Y=b0+b1S+b2P+b3M+b4I1+b5I2  
Where b0,b1,b2,b3,b4,b5 are constants. S is service quality, P is ease of processing, M is monetary benefits, I1 is  
affordable interest rates and I2 is easy installments.  
The results of multiple/multilinear regression is used to measure the relationship between satisfaction of  
customers and the factors affecting the same is given below. R and R square explain the total correlation and the  
total variance, that can be described by independent variables. The regression value generally varies from 0 to  
1. The more it is near 1, the stronger and better is the linear relationship.xx. In this research study, the R value is  
0.715 and so the model is considered as fit and the 51.2% of variance of dependent variable is described by the  
independent variables.  
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Regression Model Summaryb  
Mode  
l
R
R Square  
Adjusted R  
Square  
Std. Error of the Estimate  
1
.715a  
.512  
.499  
.458  
a. Predictors: (Constant), easyinstallments, easeofprocessing,  
affordableinterestrates, servicequality, monetarybenefits  
b. Dependent Variable: customer/consumer satisfaction  
Table 3: Regression model and summary  
ANOVAa  
Sum of  
Squares  
Mean  
Square  
Model  
df  
F
Sig.  
1 Regression  
Residual  
Total  
42.565  
40.615  
83.180  
5
8.513  
.209  
40.662  
.000b  
194  
199  
a. Dependent Variable: customersatisfaction  
b. Predictors: (Constant), easyinstallments, easeofprocessing,  
affordableinterestrates, servicequality, monetarybenefits  
Table 4: Regression ANOVA result  
To test the acceptability of null hypothesis, we require F test that is identified through variance analysis in the  
ANOVA table above. From the data in the above table, it can be determined that the value of the F is 40.662 for  
the variance generated by the regression. As the P value is below 0.01, the regression model is fit and the  
correlation between the factors /variables considered for finalising home loan and customer/consumer  
satisfaction is at a significant level.  
Coefficientsa  
Unstandardized Standardized  
Coefficients  
Coefficients  
Std.  
Model  
B
Error  
.290  
.070  
.069  
.080  
Beta  
t
Sig.  
1 (Constant)  
servicequality  
easeofprocessing  
monetarybenefits  
-.293  
.225  
.231  
.252  
-1.011 .313  
3.191 .002  
3.346 .001  
3.156 .002  
.191  
.204  
.202  
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affordableinterestrates  
easyinstallments  
.164  
.071  
.141  
2.303 .022  
.274  
.077  
.225  
3.541 .000  
a. Dependent Variable: customersatisfaction  
Table 5: Regression Coefficients  
Based on the unstandardized coefficients for interpretation of results, we obtain the equation for regression as  
follow:  
Y = -0.293 + 0.225S+0.231P+0.252M+0.164I1+0.274I2  
Where Y denotes customer/consumer satisfaction (dependent variable for this study), S =Service quality, P =  
Ease of Processing, M = Monetary benefits, I1 = affordable interest rates, I2 = easy installments  
In this study, the unstandardized coefficient (B) = -0.293 represents the estimated customer satisfaction score  
when the other variables used to measure the satisfaction level ie the dependent variable carry a value of zero.  
Though this constant is not significant, it is considered as the overall fit of the model is good with significant P  
value. The equation further explains the level of impact that each factor has on customer satisfaction. After  
analysing the regression coefficients, it can be concluded that Ease of installments, monetary benefits and ease  
of processing play a major role in deciding the banks for taking home loans and thereby ending up in customer  
satisfaction. Interestingly affordable interest rates take a back seat in deriving customer satisfaction, The equation  
further demonstrates that customer satisfaction rises by 0.225 times for one unit rise in quality of service; 0.231  
times for every one unit increase in Ease of Processing; 0.252 times for every one unit increase in monetary  
benefits; 0.274 times for every one unit rise in easy installments; and at last 0.164 times for every one unit  
increase in affordable interest rates. All the above factors and their regression coefficients to measure customer  
satisfaction attain statistical significance with P value lesser than 0.05.  
Dimensions/  
Gender Age  
Education  
Occupation Income  
Demographic factors  
Service Quality  
0.373  
0.111  
0.35  
0.375  
<.001  
<.001  
<.001  
0.029  
0.023  
0.203  
0.382  
0.858  
0.002  
<.001  
<.001  
<.001  
Ease of Processing  
Monetary benefits  
0.561  
0.646  
0.417  
Affordable  
Rates  
Interest  
0.771  
Easy Installments  
0.631  
0.071  
0.224  
<.001  
<.001  
Table 6: P values of T Test and ANOVA  
Marketers need to find out the differences in mean values of various factors that are used to assess customer  
satisfaction. This helps them to understand the amount of effect of all demographic variables considered in this  
study on different factors used to measure the dependent variable. The above table shows the results of  
independent students T test and ANOVA on the variables considered in this study. Its interesting to know that  
the demographic variables education and income have a significant effect on the factors considered. The  
satisfaction level of the factors differs among people with different educational background and income. The P  
values of both this demographic groups for all the variables remain below 0.01. The highly educated group is  
more agreeing towards the effect/impact/influence of the above-mentioned factors on customer satisfaction than  
the less educated group. The less educated group feels that the influence/impact of the factors on the levels of  
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consumer/customer atisfaction is lesser. In the similar way, the high-income group agrees that the factors  
considered has a influence/impact on customer satisfaction, whereas the low income group feels that the impact  
is lesser. When it comes to gender as demographic variable, irrespective of gender, all have moderate acceptance  
towards the impact of factors on customer satisfaction. Similarly, irrespective of the age group, all have moderate  
acceptance towards the impact of factors on customer satisfaction. There are only mild differences in the mean  
values. When it comes to occupation, the Government employees seems to be have slightly higher acceptance  
on the influence/impact/effect of factors on customer satisfaction than the other sector employees.  
Correlations  
customersatis  
faction  
reommendat  
iontoothers  
servicequality  
Correlation  
Coefficient  
.492**  
.523**  
.530**  
.460**  
.530**  
1.000  
.718**  
.539**  
.550**  
.551**  
.435**  
.466**  
.718**  
1.000  
easeofprocessing1  
monetarybenefits  
Correlation  
Coefficient  
Spearm  
an's  
rho  
Correlation  
Coefficient  
affordableinterestrat  
es  
Correlation  
Coefficient  
easyinstallments  
Correlation  
Coefficient  
customersatisfaction Correlation  
Coefficient  
reommendationtoot  
hers  
Correlation  
Coefficient  
**. Correlation is significant at the 0.01 level (2-tailed).  
Table 7: Correlation Coefficients.  
The above table explains the spearman correlation results done using SPSS. It helps to measure the level of  
association and its strength between the given variables and customer satisfaction. It also shows the direction in  
which the relationship exists. Normally, the results of correlation range from -1 to +1. The value nearing -1  
demonstrates a strong negative correlation and a value nearing +1 demonstrates a strong positive correlation. In  
this research, the correlation between the variables service quality(.492), easy of processing(.523), monetary  
benefits(.530), affordable interest rates(.460), easy installments(.530), and customer satisfaction. This proves  
that there is a moderate significant positive correlation between them. An increase in the unit of anyone variable  
will result in a better, increased customer satisfaction. Similarly, there exists a moderate correlation between the  
variables and the willingness to recommend the product to others. But the correlation between  
customer/consumer satisfaction and customer willingness to recommend the services to others.(rho  
value=0.718). This indicates that higher or more the satisfaction of customers, higher or more will be the  
customer willingness to recommend the products/services to others.  
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Ranks  
Parameters  
Clarity in in understanding the installment structure  
The interest rates offered by SBI are competitive  
Affordable monthly instalments  
Mean Rank  
20.50  
18.39  
17.83  
Employee's quickness in answering queries  
Low processing fees  
16.82  
16.72  
Responsiveness to customers needs  
15.14  
Clarity of communication during loan process  
flexibility in adjusting instalments based on financial circumstances  
15.12  
8.54  
Table 8: Freidman Rank Test  
Test Statisticsa  
N
200  
1946.467  
24  
Chi-Square  
df  
Asymp. Sig.  
a. Friedman Test  
0.000  
Table 9: Friedman Rank test statistic  
Friedman rank correlation test is conducted to understand the differences in customer opinion on the  
influence/impact of different factors on customer/csonsumer satisfaction. The results show that there exists a  
significance in the difference in the opinion of respondents, as the P value is 0.000 and chi square is 1946.467.  
The important factor that was considered by respondents to select banks for home loans are clarity in  
understanding installment structure, competitive interest rates, employee quickness in answering queries, low  
processing fees . Whereas the least important factor was flexibility in adjusting installments based on financial  
circumstance.  
CONCLUSION:  
In India, with increase in purchasing power, the demand for home loans too witnessing a higher demand.  
Investors always plan their investments and set goals to achieve the same. Depending upon their financial  
position and other investment options, a careful study is done by all investors before real estate investment  
decision. And in Indian culture, purchasing and owning a house is a legacy that has to be carried forward by  
every generation. There are several banks which offer home loans and it is equally important for the banks to  
keep a record of all the factors considered by customers to end up in purchasing. This article has covered six  
such factors which affect the purchase decision of home loans and the bank to be selected for the same. Among  
those factors, impact of easy installments, monetary benefits and ease of processing are important and have  
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higher impact than the other factors on customer satisfaction. Even Friedman test proves the same that  
installments, processing fees, service quality are prime important. This also includes the affordable interest rates  
too. This research study provides an insight into the indepth expectations of customers from home loan providers.  
This can be used to develop strategies accordingly to attract new customers and to retain the already existing  
customers.  
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