India's Thriving Housing Loan Market Sees 14% Growth

India's outstanding individual housing loans reached Rs 33.53 lakh crore by September 2024, growing 14% year-on-year with the MIG segment leading. A report by NHB highlights trends, government programs, and challenges in the housing sector. Efforts to improve credit flow to underserved regions are ongoing.

India's individual housing loans outstanding soared to Rs 33.53 lakh crore by September's end, marking a 14% year-on-year increase, with the middle-income group segment receiving the most credit, according to data from the National Housing Bank (NHB).

The NHB's report on housing trends unveiled significant insights, including government initiatives like PMAY and the pressing need for enhanced credit disbursement in less penetrated eastern and northeastern regions. Efforts are being made to bridge these gaps, with new strategies in place to harmonize liquidity and reach underserved demographics.

The housing sector's future seems promising, bolstered by policy advancements and the role of Housing Finance Companies (HFCs) in offering flexible eligibility and reduced processing time, further solidifying their position in India's evolving financial landscape.

(With inputs from agencies.)