Even though the interest rates in the country have increased rapidly during the last one year, but this has not affected the demand for home loans. According to a report, a total of 34 lakh home loans worth Rs 9 lakh crore were disbursed during the year 2022, out of which ticket size of less than Rs 25 lakh was the maximum.
In home loans It came so fast
This information has been revealed in a joint study done by Equifax and Andromeda on retail loans. According to the study, the demand for home loans increased by 18 per cent annually during the period from January 2022 to December 2022. During this period, banks, housing finance companies and other financial institutions together disbursed home loans worth Rs 9 lakh crore. In terms of numbers too, home loans are set to grow by 17 per cent during 2022.
The report revealed
Equifax and Andromeda have released ‘Indian Retail Loan Overview – April 2023’ Reported by name. According to the report, from December 2021 to December 2022, the total portfolio outstanding of home loans has increased by 16 percent. It was also revealed that during 2022, a huge increase of 57 percent was recorded in personal loans. In this way, the size of the retail loan industry has increased to Rs 100 lakh crore by December 2022.
Category wise home loan growth
Total home loan amount up to Rs 25 lakh In the case of , the rate of increase went up to 67 per cent. On the other hand, in the category of high-end homes i.e. ticket size of Rs 75 lakh to Rs 1 crore, loan disbursement registered a growth of 36 per cent. In 2021 too, the annual growth in the Rs 0-25 lakh category was 67 per cent.
Personal loan portfolio increased so much
The study revealed that from December 2021 to December 2022, home loan The outstanding portfolio grew by 16%. There has also been a boom in personal loans during the past years. Personal loans saw a growth of 32% from December 2020 to December 2021 and 57% from December 2021 to December 2022.
Borrowers increased due to these reasons
Andromeda Sales & Distribution Private Limited’s Executive Chairman V Swaminathan said, whether it is public sector banks, or private or housing finance companies… all are registering good growth in the home loan business. At the same time, several factors are responsible for the increase in demand for personal loans, such as increasing consumption-driven demand, ease of access to credit and competition among lenders.
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