India Home Loan Market Analysis, Opportunity, Forecast, Share, Size, Growth
India Home Loan Market is predicted to expand at a rapid rate of approximately 22% from 2021 to 2026, due to rising urbanization as well as affordable mortgage rates. Housing loan rates are low in India in comparison to other emerging economies, creating opportunities for growth in the home loan market in the country. In addition, the government’s push for affordable housing and acute homelessness is anticipated to boost India’s home loans in the coming five years. Here, we will discuss the India Home Loan Market Forecast, Share, Size, and Growth for 2022–2027.
India Home Loan Market is segmented by Customer Type, Type of Loan, Interest Rate, Type of Housing Loan, By Non-Housing Credit by Source, By Bank Type By Tenure, the area of the property, Method of Purchase, Customer Profile, and by Region. In India banks and Housing finance firms (HFCs) have been the most preferred source for home loans. 2020, this trend is expected to continue in the coming years, too.
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This is because banks provide attractive interest rates when compared to housing finance firms, which are regulated by the National Housing Bank. Furthermore, banks use the MCLR model, which is a marginal cost of funds rate (MCLR) model, which draws many customers.
In terms of market interest rates, they can be divided into the floating rate and fixed rate. The floating interest rate is the choice of most Indians since the floating interest rate provides numerous advantages over the fixed interest rate. Based on the type of customer, the Indian home loans market is split into self-employed and salaried. The salaried segment was responsible for approximately 88% of the market share in 2020.
The majority of demand for home loans is from salaried customers as they are able to spend less. According to Tenure, the market is divided into up to 5 years six to ten years, and between 25–30 years. The segment 11–24 years has the most market share since the most sought-after term for a home loan among consumers in India is 20 years.
In terms of the mode of Purchase By Mode of Purchase, the market is classified into online sales executive direct-walk-in as well as third-party administrators and many others. Sales executive has the highest market share in India Home Loan Market. By region, India Home Loan Market is divided into North, South, West, and East. North region had the highest market share in 2020, and the East, the region is expected to experience the fastest CAGR over the forecast time.
The main players in the India Home Loan Market include SBI Home Loans, PNB Housing Finance, HDFC Housing Finance, LIC Housing Finance, L& T Housing Finance, Indiabulls Housing Finance, DHFL, ICICI Housing Finance, Aadhar Housing Finance Ltd., Edelweiss Housing Finance Ltd, Can Fin and many more. The firms operating in the lending market offer flexibility with regard to interest rates, service charges, and fees, as well as the length of time to attract customers.
The years considered for This Report for India Home Loan Market
- Historical Years from 2016 to 2019
- The base year is 2020
- Estimated Year: 2021
- Forecast Time 2022–2026
The purpose of Study for India Home Loan Market
- To study and forecast the size of India Home Loan Market.
- To define as well as forecast the Indian home market for loans based on their type, source, rates, duration, size of the property, and distribution in the region.
- To determine the drivers and obstacles to India as the home market for loans.
- To study the competitive landscape, like expansions, new product launches, mergers, acquisitions, etc., in India Home Loan Market.
- To determine and analyze the performance of the top players operating in India in the home loan market.
TechSci Research performed both primary as well as extensive secondary research to support this study. In the beginning, TechSci Research sourced a list of companies in the United States. Then, TechSci Research conducted primary research surveys with these firms. In the course of the interview, the participants were also asked about their competition. This method allows TechSci Research could include firms that cannot be recognized because of being unable to conduct secondary research.
TechSci Research calculated the market size of India home loans employing a bottom-up method using which data from various segments of the end-user were recorded and forecasted for the coming years. TechSci Research sourced these values from experts in the field as well as company representatives and externally verified them by analyzing historical data on the various types of products and applications in order to arrive at an accurate, global market size. Numerous secondary sources, such as news articles, company websites or press releases, annual reports of companies’ presentations to investors along with financial documents were examined in TechSci Research.
Key Target Audience for India Home Loan Market
- Companies that provide home loans and another stakeholder
- The government bodies include those that regulate the authorities as well as policymakers
- Alliances, forums, and associations in connection with the market for home loans
- Firms that conduct market research and consult
The study can be useful in providing the answers to many important questions to the stakeholders in the industry including service providers, partners, users, and others. Additionally, it aids them to plan investments and taking advantage of market opportunities.
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