- In the December quarter, there was a 9% decline.
- In terms of value, it was 3% lower.
- According to the TransUnion CIBIL report.
The number of home loans in the country has slightly decreased. In the December quarter of the previous year, the number of individuals taking home loans registered a 9% decline. In terms of value, there was a 3% reduction. These details were shared by the credit bureau company, TransUnion CIBIL.
The report revealed that the demand for loan disbursement during the October-December 2024 period was the lowest in the last two years. While loan inquiries decreased in metro cities, they increased in smaller towns and rural areas.
For first-time borrowers and major customers, the loan disbursement in the December 2023 quarter was 21%, but by the end of December 2024, it had reduced to 17%. The outstanding balance of home loans, which was 15% in the same quarter last year, decreased to 13% by the end of December 2024.
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The report also highlighted a decline in the number of loans for high-risk personal loans and credit cards. It mentioned that the Reserve Bank of India (RBI) had been advising banks and Non-Banking Financial Companies (NBFCs) to reduce their aggressive approach towards unsecured loans and take a more cautious stance over the last few quarters.
At the same time, the report emphasised that the secured loan sector, especially home loans, plays a key role in the financial system, and banks have seen stagnation in this segment as well.
