Buy – now – pay – later mantra is still prevailing among the new breed of Indians, which have very positive way of looking up things.
"Growth in home loans has been slowing this year. This is largely on account of rising property prices.
Recent studies have revealed that home loans market has shown signs of slowdown. Despite rising income levels, bankers are on the view that the biggest impediments in its growth are the property prices. Property prices have increased by about 50% to 60% in the last one year, though in some pockets the rise was as much as 100% to 150%.
"Growth in home loans has been slowing this year. This is largely on account of rising property prices and higher base," said Rajiv Sabharwal, senior general manager, ICICI Bank. The home loan portfolio, which has registered a growth rate of about 30% year-on-year, has dipped to 25% this fiscal. HDFC, its close competitor, denied having witnessed any slowdown in home loan disbursements, its spokesperson said.
ICICI Bank crowned as the largest home loan player had the total retail disbursement figures of Rs 33500 including home loan disbursements of about Rs 13400 crore. Retail assets constituted 69% of advances and 66% of customer assets. Rising interest rates have also to some extend, bankers said, had an impact on the home loan market. Home loan rates have increased by over 1% in the past one year. For a pure fixed home loan without the money market option the interest rate stands at around 11%. While, a floating rate loan is pegged anywhere between 9.5% to 10%.
Any ways home loans are still the hot pursuit among the Indian with market showing some signs of slowness. With due time people getting more affordable the market is still very live. Assets of more than Rs 160000 crore the market still looks healthy and intact. The buy – now – pay – later mantra is still prevailing among the new breed of Indians which have very positive way of looking up things.
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