More than Rs. 10 lakh crore in home loans in the last two years
RBI statistics revealed
Home loan arrears in the country have reached Rs. 27 lakh crore. RBI statistics RBI statistics revealed that, especially in the last two fiscal years, these loans have increased by Rs. 10 lakh crore and reached Rs. 27.23 lakh crore by March this year. Experts from the banking and real estate sectors are analysing the increased demand in the residential market after COVID as the reason for this growth.
By March 2024, loans in the housing sector had reached Rs. 27,22,720 crore. In March 2023, these were Rs. 19,88,532 crore, and by March 2022, they were Rs. 17,26,697 crore. In commercial real estate, there were Rs 4,48,145 crore loans by March 2024. In March 2022, it was Rs 2,97,231 crore. According to the reports of various property consultants, house sales and prices have increased significantly in the last two financial years.
Bank of Baroda Chief Economist Madan Sabnavis said that the high growth in home loans was due to the housing boom in all sectors. He said that the affordable housing segment has picked up mainly due to government incentives.
It is mentioned that the demand for buying houses has increased after COVID, and the same is seen in home loans. He estimated that even if the growth in home loans increased, this growth would be less than 15 to 20 percent due to high interest rates. Sameer Jasuja, MD, CEO of real estate data and analytics company Prop Equity, believes that the significant increase in the number of properties started and sold in the last two years is the reason for the rise in home loans.
He said that since the financial year 2021, prices in major cities have increased by 50 to 100 percent, and the average loan size has also increased. He said that the demand for residential real estate is strong, so the momentum in the housing loan segment will continue.
