According to CRIF Highmark a credit ratings entity, the home loan disbursals grew from Rs 12,221 crore in the third quarter of FY 2020 to Rs 15,476 crore in the corresponding quarter of FY 2022 as per the data provided.
AHMEDABAD: With an increased demand for new homes and luxury residential properties, the disbursal of home loans have shot up by a substantial 25 per cent in the last quarter of FY 2022 compared to the corresponding quarter of FY 2020, the period pre-Covid.
According to CRIF Highmark, credit ratings entity, the home loan disbursals grew from Rs 12,221 crore in the third quarter of FY 2020 to Rs 15,476 crore in the corresponding quarter of FY 2022 as per the data provided.
The last quarter of October to December is a festive time during which sale of property soars each year. In July 2021, after the second wave of Covid-19 ended, the markets surged and overall demand for new homes grew significantly. High demand was supported by low interest rates as well as the need for better and more spacious homes.
“It is clearly a consumer-driven market with people preferring to buy new homes. The lockdown of 2020 did make people realize the importance of good, spacious homes and as a result, the demand improved,” said Ajay Patel, chairman, Credai-Gujarat.
“While a certain segment chose to upgrade to bigger homes, many first-time buyers took advantage of attractive home loan interest rates to invest in their dream homes.” Patel added: “Disbursals of home loans were thus expected to increase.” he added.
With demand going up, new property registrations also rose and an increase in investments was visible in the luxury and premium segment residential real estate.
Tejas Joshi, president, Credai-Ahmedabad, said: “Demand for high-end properties increased because people began seeking homes with better amenities. They want homes that are spacious and well-designed to live comfortably.”
He further added “People are making provisions for working from home and other infrastructure. Therefore, with luxury apartments and projects selling more, the overall ticket size of loans too goes up.”
Joshi went on to say: “Interestingly, we are witnessing keen interest from buyers in the 25-40 age group who typically prefer renting out a place. However, attractive interest rates have lured this section of buyers too into investing in their own homes.”
Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram
#homeloan #housingloan #gujarat #crif #loandisbursals #loaninterestrate
