Latest News | Housing Loans Outstanding Stood at Rs 33.53 Lakh Crore at Q2FY24: NHB
Get latest articles and stories on Latest News at LatestLY. Individual housing loans outstanding stood at Rs 33.53 lakh crore at the end of September, a growth of 14 per cent year-on-year, with the MIG segment accounting for the maximum credit, according to National Housing Bank (NHB).
New Delhi, Mar 12 (PTI) Individual housing loans outstanding stood at Rs 33.53 lakh crore at the end of September, a growth of 14 per cent year-on-year, with the MIG segment accounting for the maximum credit, according to National Housing Bank (NHB).
NHB, a statutory body under the Government of India, has released the Report on Trends and Progress of Housing in India.
"As on September 30, 2024, EWS and LIG accounted for 39 per cent, MIG accounted for 44 per cent and HIG accounted for 17 per cent of outstanding individual housing loans," the report said.
It further said individual housing loan disbursements during the half year ended September 2024 were Rs 4.10 lakh crore while disbursements during the year ended March 2024 were Rs 9.07 lakh crore.
The report broadly covers the housing scenario and house price movements, flagship programmes of GoI in the housing sector, role of Primary Lending Institutions (PLIs) in providing housing credit, performance of Housing Finance Companies (HFCs) and outlook for the sector.
"Major initiatives of GoI, such as PMAY-G, PMAY-U, impact assessment of PMAY-U, Urban Infrastructure Development Fund (UIDF), Affordable Rental Housing Complexes (ARHC) scheme, etc. have been covered in the report," it said.
It also said the outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanisation, transit-oriented development, digitisation and other factors.
The report further said housing finance companies (HFCs) have played a pivotal role in the Indian housing sector by catering to the diverse needs of homebuyers.
Owing to their flexible eligibility criteria, robust customer service, efficient documentation, and reduced processing time, HFCs have secured their place in the Indian financial landscape.
"While the housing sector has shown strong growth, regional disparities in credit flow remain a significant challenge for HFCs with Southern, Western, and Northern states account for the bulk of housing finance disbursements while there is low penetration of credit flow in the eastern and northeastern regions," the NHB said.
Similarly, the penetration of branch network for HFCs is less in northeastern regions of the country.
NHB said efforts to address regional disparities in housing finance are ongoing.
The government and regulators are working to increase mortgage penetration in underserved areas, with initiatives like the co-lending model aiming to combine the liquidity of banks with the reach of HFCs to extend housing credit to underserved populations.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)