The increasing population and the government’s push for 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”, the 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 a 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 homes through a home loan, which is anticipated to drive India home loan market through 2024.
The Important Elements of the India Home Loan Market
The 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 of home loans. 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.
Browse market data Figures and Tables spread through Pages and an in-depth TOC on the “India Home Loan Market”.
Additionally, banks follow the marginal cost of funds-based lending rate (MCLR) model which is attracting a lot of customers. In terms of interest rate, the market can be bifurcated into a fixed rate and a floating rate. The fixed rate is the preferred choice by the majority of Indians as a floating interest rate is subjected to the market interest rate and repayment might increase if market rates increase.
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, and Kotak Mahindra. The companies operating in the loan market are offering flexibility in terms of interest rates, service charges & fees, and tenure in order to draw customers.
Customers can also request 10% free customization on this report.
“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, the low-interest rate in India in comparison to other countries along with increasing urbanization would further steer growth in the Indian home loan market during the 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 the 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 the India Home loan market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: sales@techsciresearch.com
Web: https://www.techsciresearch.com