Bank Segment to Lead India Home Loan Market until 2024

Increasing population and government’s push on the affordable housing are driving the Home loan market in India during the forecast period

According to TechSci Research report, “India Home Loan Market, By Type, By Source, By Interest Rate, By Tenure, By Area of Property, Competition, Forecast & Opportunities, 2024”, home loan market in India is anticipated to grow at a brisk rate on account of increasing population and affordable mortgage rates. Generally, people seek home loan for extension, renovation, repair or buying a house. Moreover, owing to growing employment opportunities in tier 1 cities, more and more people are shifting to these cities by purchasing home through home loan, which is anticipated to drive India home loan market through 2024.

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Home loan market in India can be segmented based on type, source, interest rate, tenure, area of property and region. In India, bank and housing finance companies (HFCs) are the preferred sources for home loan. Banks dominated the market in 2018 and the trend is likely to continue in the forthcoming years as well. This is due to the fact that banks offer attractive interest rates when compared with housing finance companies which are regulated by National Housing Bank. Additionally, banks follow marginal cost of funds-based lending rate (MCLR) model which is attracting a lot of customers. In terms of interest rate, market can be bifurcated into fixed rate and floating rate. Fixed rate is the preferred choice by majority of Indians as floating interest rate is subjected to market interest rate and repayment might increase if market rates increases.

Major players operating in India home finance market include housing finance companies and banks. For instance, some of the major banks in the country include State Bank of India, HDFC Bank, and ICICI Bank, among others. Another method of housing loan is house financing companies, such as Bajaj Finance, Kotak Mahindra. The companies operating in the loan market are offering flexibility in terms of interest rates, service charge & fees and tenure in order to draw customers.

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“Rising government focus towards housing for all under Pradhan Mantri Awas Yojana, income tax rebate for interest repayment and affordable mortgage rates are driving the growth of home loan market in India. Moreover, low interest rate in India in comparison to other countries along with increasing urbanization would further steer growth in India home loan market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Home Loan Market, By Type, By Source, By Interest Rate, By Tenure, By Area of Property, Competition, Forecast & Opportunities, 2024” has analyzed the potential of Home loan market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India Home loan market.

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