Strong growth in small homes
Hindustan TimesReal estate may be a slump and banks may be licking their past wounds, but the shift to affordable housing – a win-win combination for cash-strapped realtors and first-home seekers, is bearing fruit. HT Image Public sector bank executives say the demand for sub-Rs.20 lakh mortgages is reviving, with strong appetite in Tier II cities, where the needs are strong but budgets low. Aided by government initiatives under its stimulus plan, home loan rates for the sub Rs 20 lakh level is below 10 per cent and that is aiding the trend. While early last year, there was sound demand for home loans for upto Rs 1 crore with the real estate sector booming across the country, including the big metros, a change is now visible Reserve Bank of India data reveals that credit towards housing in the April to December period of 2007-08 registered a growth of 14.6 per cent at Rs 31,780 crore while in the first nine months in current fiscal it is 21,989 crore, marking a deceleration of growth at 8.8 per cent. “After October last year, there no demand for housing loan but from January, things have started to look up,” JM Garg, chairman and managing director, Corporation Bank said.
History of this topic
Individual housing loans outstanding grow 14% to ₹33.53 lakh crore in Q2FY24, MIG segment leads with 44% share: NHB
Hindustan Times
Bank credit outstanding to real estate rose to Rs. 28 lakh crore in July: RBI
The Hindu
78% of new accounts booked in 2017-18 were home loans under ₹25 lakh category: NHB
Hindustan Times
'PSBs require equity worth Rs 1.7 lakh crore by March 2019'
India TV News
HDFC says home prices high | India TV News
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