look news india
Ahmedabad: The outstanding loan of the housing sector in the last two financial years is about Rs 2 crore. A record Rs 10 lakh crore in March this year. 27.23 lakh crore has been reached. This information is given in the sector-wise distribution data of bank loans of RBI. Experts in the banking and real estate sector said that the outstanding amount of housing loans has increased due to the emerging demand in the residential property market after Corona.
According to Reserve Bank of India data on sector-wise distribution of bank credit for March, 2024, outstanding credit for housing (including priority sector housing) in March, 2024 stood at Rs. 27,22,720 crores. In March, 2023 this figure will be Rs. 19,88,532 crore in March, 2022 and Rs. 17,26,697 crores.
The data also revealed that in March 2024, outstanding loans for commercial real estate stood at Rs. 4,48,145 crores. In March, 2022 it was Rs 2,97,231 crore. According to reports from various property consultants, home sales and prices have increased significantly in the last two financial years.
The high growth in housing loans is due to the boom in all segments of the residential sector. Due to the efforts of the government, there has been a rise especially in the affordable housing segment. Housing loan growth will remain strong, but may slow to 15-20 per cent due to the high base.
The increase in outstanding housing loans is mainly due to the volume of properties offered and sold in the last two financial years. This is due to the significant increase. Since FY 2020-21, tier 1 cities have seen prices rise between 50-100 per cent. This increased the average loan size per property.
Experts said the housing loan segment will continue to be bullish as demand for residential real estate will remain strong. The demand for bigger homes is literally skyrocketing. Homes that were once considered a luxury have today become a necessity.