Tier 3 & 4 cities outpace NCR in home loans uptake
Demand for home loans from country’s tier 3 and 4 cities and districts have been growing at a faster pace than the top two tier districts, including Mumbai and Delhi (NCR), while the country’s home loan market is likely to double in five years, SBI Research concluded in its recent report. Total portfolio in terms of outstanding grew over 10 per cent in the just concluded fiscal. The share of housing loans in bank credit has increased to 14.4 per cent in June 2022 from 13.1 per cent in March 2020. Housing contributes around 50 per cent of the personal/retail loans. Metropolitan regions of Bangalore, Chennai, Delhi (NCR), Hyderabad, Kolkata, Mumbai, Ahmedabad, and Pune are categorized as tier 1. State capitals and evolving areas are categorized as Tier 2. The rest of the districts are categorized as tier 3 and tier 4 based on their urban population. Home loan demand in the rural areas has been on the rise primarily due to the government’s SVAMITVA scheme. The scheme provides people in the hinterland with the right to document their residential properties, which can then help them to use their properties for economic purposes.
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