Personal housing loan in India grew 14% to Rs 33.53 lakh crore – NHB report
Delhi Delhi: According to the report released by the National Housing Bank (NHB), the outstanding individual housing loan as on September 30, 2024, stood at Rs 33.53 lakh crore, showing a growth of 14 per cent compared to the same period last year.
This shows that the housing sector is growing well. According to the Finance Ministry quoting the NHB, the share of housing loans by category was 39 per cent for economically weaker sections (EWS) and low income group (LIG), 44 per cent for middle income group (MIG) and 17 per cent for high income group (HIG).
Individual housing loan disbursement during the half year ended September 2024 was recorded at Rs 4.10 lakh crore, while disbursement for the full financial year 2023-24 reached Rs 9.07 lakh crore.
Meanwhile, the Housing Price Index (NHB-RESIDEX) recorded a growth of 6.8 per cent year-on-year for the September 2024 quarter, up from 4.9 per cent in the previous year, indicating sustained demand in the housing market.
The report highlights the significant growth in individual housing loans, price movements, government initiatives, and key challenges in the sector.
The report covers key initiatives of the Government of India such as PMAY-G, PMAY-U, impact assessment of PMAY-U, Urban Infrastructure Development Fund (UIDF), Affordable Rental Housing Complexes (ARHC) scheme, etc.
The report identifies regional disparities in credit flow and vulnerability to climate-related risks as some of the key challenges to be addressed by the sector.
It also identifies technological advancements in construction, digitisation of land records, etc. as some of the factors that will facilitate growth opportunities for the sector.
Highlighting the key observations in the report, the Finance Ministry said the prospects for the housing sector remain promising, driven by budget announcements on PMAY 2.0, urbanisation, transit-oriented development, digitalisation and other factors.
