The demand for home loans in the mid and high range segments is increasing in the big cities of the country.
According to a survey by Magicbricks, the demand for mid and high range segment home loans is more in Bangalore, Hyderabad, Delhi, Mumbai and Pune. According to the report, 46 percent of the customers want to take a home loan in the category of 30 lakh to 1 crore and above.
- Last Updated:February 24, 2021 8:09 PM IS
Why is the demand for home loans increasing in the mid-high segment
According to the survey report, about 46 percent of the customers want to get a home loan in the category of 30 lakh to 1 crore and more. It has been told that in cities like Bengaluru, Hyderabad, Delhi, Mumbai and Pune, the demand for home loans in the mid and high range segment is increasing. According to the report, about 20 percent of home buyers want to take home loans in the category of Rs 50 lakh to 1 crore and above. In the report, several reasons have been given for increasing demand for home loans. Among them, due to work from home (WFH), the need for a separate room as an office in the house, reduction in circle rates and stamp duty and a drop in interest rates are the main reasons.
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Magicbricks CEO Sudhir Pai said that the demand for mid and high segment properties has increased due to the steps taken by the central and state governments. Pai said that the market environment is also becoming according to the demand. According to customer data on MagicBricks home loan, on this platform, home buyers have searched for an average home loan of Rs 34 lakh. These are good signs for real estate sector. It is clear that in all segments of residential real estate, transactions are increasing gradually. The survey also said that apart from home loan, loan against property and balance transfer is also increasing.