Mortgage lender HDFC informed on Wednesday that it approved the record retail home loans of more than Rs 2 lakh crore in fiscal 2022.
The demand for the loans came from across the nation, HDFC said in a statement.
HDFC managing director Renu Sud Karnad said, “In over four and half decades, I have not seen a better time for the housing sector than now due to lower interest rates, stable property prices, government’s thrust on affordable housing, improved affordability, favorable demographics, increasing urbanization and rising aspirations”.
According to her, the residential real estate industry will continue to grow in the future since housing demand is structural, not just pent-up.
“In the past year, we have seen a strong pipeline of new launches surpassing pre-pandemic levels. The demand for housing continues to be from first-time homeowners as well as those moving up the property ladder – generally into larger homes,” she said.
Both metros and non-metro areas are experiencing high demand. Demand is strong in both the low-cost and high-end markets.
According to Karnad, the sweet spot for housing lies between Rs 50 lakh and Rs 1 crore.
She added that the need for inexpensive homes in India is tremendously deep and resilient and that affordable housing would continue to be the driving force behind the real estate business in India.
With more developers shifting their focus to the mid and affordable segment by offering the right-sized, right-priced units, the so-called affordable residential real estate segment continues to attract homebuyers.
Credit Linked Subsidy Scheme Disbursements:
HDFC tops when it comes to the number of home loan customers it has. Over 2.7 lakh customers are there who have availed of the benefits provided under the Credit Linked Subsidy Scheme (CLSS).
As of December 31, 2021, cumulative loans disbursed under CLSS were Rs 45,914 crore, and the cumulative subsidy amounted to Rs 6,264 crore.
For the nine months ended December 31, 2021, or the first three-quarters of the fiscal, 30 percent of home loans in volume terms and 13 percent in value terms approved to customers belonging to the Economically Weaker Section (EWS) and Low Income Groups (LIG).