Housing loans @ Rs. 33.53 lakh crore

Housing loans @ Rs. 33.53 lakh crore: Housing loans in the country are witnessing significant growth. According to the National Housing Bank (NHB), by September of last year, housing loans across the country had reached Rs 33.53 lakh crore, marking a 14% increase over the past year. The report revealed that the majority of loans were taken by the middle-income group (MIG).

The NHB released a report on trends and progress in the housing sector in the country. “As of September 2024, 39% of the outstanding individual housing loans across the system were related to the lower-income group (LIG), 44% were related to the middle-income group (MIG), and 17% were from higher-income groups (HIG),” the NHB report stated.

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For the financial year ending in March 2024, a total of Rs 9.07 lakh crore in personal housing loans were sanctioned, with Rs 4.10 lakh crore issued in the six months from April to September 2024.

Despite the strong growth in the housing sector, the NHB pointed out that the regional disparities in loan sanctioning posed a significant challenge for Housing Finance Companies (HFCs). “The highest percentage of housing loans are being sanctioned in southern, western, and northern states, while the issuance of loans in eastern and northeastern regions remains comparatively lower,” the report detailed.