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Astounding Factors That Are Driving The Growth of Home Loans Year on Year - Know Here!
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The real estate industry in India is estimated to contribute about 13% to the GDP of the country by 2025 and the market is expected to reach $1 trillion by 2030. The affordable housing sector and urban housing are expected to contribute to this growth in a significant way and already there is an increase in the demand for home loans. More and more people are looking to apply for home loans, using home loan EMI calculators to check their home loan eligibility, and getting started on their home-buying journey. Here are some of the key factors that are driving the growth of home loans year on year:
The prospects for the housing finance industry look bright for the next decade due to all these factors. Socio-economic factors such as an increase in the purchasing power of the younger generations, rapid urbanisation, cultural shifts towards nuclear families, the government’s focus on affordable housing for all and more are steadily increasing the demand for housing and by extension the demand for home loans.
Most of the leading housing finance companies have also come up with newer business models and are catering to the needs of different segments with a prioritised focus on the affordable housing segment. Along with the newer business models, digitalisation of processes for increased efficiency and customer experience are also factors driving the growth of home loans.
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