look news india
In the last two years, the number of home loan maturities in the country has increased by about Rs 10 lakh crore and in March this year it was Rs 10 lakh crore. RBI's data on 'Sectoral Deployment of Bank Credit' has reached a record high of Rs 27.23 lakh crore. Experts in the banking and real estate sector have attributed this increase in home loans to the rapid growth seen in the residential property market after the Corona epidemic. According to the Reserve Bank of India's March 2024 data on sectoral deployment of bank credit, the home loan figure in March 2022 is expected to be Rs. Which increased to Rs 17,26,697 crore in March 2023. And Rs 19,88,532 crore in March, 2024. 27,22,720 crores. The data also revealed that the loan figure for commercial real estate in March, 2022 stood at Rs. Which increased to Rs 2,97,231 crore in March 2024. 4,48,145 crores. Housing sales and prices have increased significantly in the last two financial years. Madan Sabnavis, chief economist, Bank of Baroda, said the high growth in home loans is attributed to the housing boom seen across sectors. Especially due to government pressure, the affordable housing segment has increased. In view of Covid, the demand for buying houses has reduced, the effect of which is visible here. Home loan growth will remain strong but may slow down by 15-20 percent due to the high base. The growth in housing loans is mainly due to the significant increase in the volume of properties launched and sold in the last two financial years.
Prefer a comfortable living area, dedicated workspace
Demand for larger homes is skyrocketing and buyers are preferring comfortable living areas and dedicated workspaces. We are seeing an increase in people's interest in properties with dedicated home offices and outdoor space facilities, which were once considered luxuries but have now become necessities in modern times. The long-term outlook for the housing market is incredibly strong and home loan growth is likely to remain strong accordingly. Realtors believe the area is in its second or third year of long-term regeneration. Real estate industry bodies CREDAI and NAREDCO are demanding the government to increase tax relief on home loans to further boost housing demand. They want the deduction given on interest payment on home loan to be increased from the existing Rs. Increase from two lakhs to Rs. Five lakhs should be made.