24 percent of Home Loans in India Taken in Maharashtra - CRIF Insights

According to data by CRIF High Mark, Maharashtra leads in home loans all over India.

According to Credit information company CRIF High Mark, "the state of Maharashtra leads in the number of home loans taken by buyers. The highest number of applications was witnessed in cities like Mumbai, Thane and Pune. The never-ending urbanization along with the countless opportunities provided by the state is the reason many Indians prefer to have a home in Maharashtra. Till September last year, Maharashtra had 24 percent of the overall home loans compared to the rest of India."

Thanks to technological growth in Pune, its demand as a residence has risen in recent times thus in turn, spiking the number of home loan applications for homes in Mumbai’s neighboring city. Karnataka’s capital city Bengaluru comes in fourth for home loan applications all over India.

The report further reads that the home finance sector saw a 16.8 percent growth throughout the last year. The total amount was a staggering 17.9 trillion. Housing finance companies (HFCs) enjoy the lion’s share with a 41.9 percent market presence. Towards the end of the September quarter, their share decreased from the previous quarter’s 42.23 percent. Meanwhile, Government state banks and private sector banks have a 38.72 percent and 16.05 percent market share respectively.

Private banks saw a rise in their share from the previous quarter’s 15.54 percent because of the NBFC crisis.The lead margin of HFCs is wider, if one were to go by the number of loans sold. It comprised more than 51 percent of the 12.3 lakh loans in the first six months of the current fiscal.

According to the data, the home loans applications percentage for below the amount of Rs 25 lakh was 47.5 percent. Home loans between the amounts of Rs 50-75 lakhs spiked at 24.6 percent. Home loans for the amounts between Rs 25-50 lakhs showed a 22.6 percent rise.

Original Source: Economic Times | Business Standard | The Hindu Business Line 

Money Control | CNBC TV18