HDFC Ltd. said it has approved retail home loans worth more than ₹ 2 lakh crore between April 1, 2021 and March 21, 2022, the highest ever in a financial year.
The demand for these loans have been from across the country, it 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 urbanisation and rising aspirations,” said Renu Sud Karnad, MD.
“The government’s thrust on housing is a recognition that a rapidly growing country like India with a large young population needs more houses at affordable price points which would enable more households to become homeowners,” she said.
Ms. Sud said the Credit Linked Subsidy Scheme (CLSS) schemes under the Pradhan Mantri Awas Yojana (PMAY) have helped immensely to move towards the goal of “Housing for All.”
“The residential real-estate segment will continue to see strong traction going forward as the demand for housing is not just pent-up demand but it is a structural one,” she said.
Emphasising that 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 healthy demand has been seen across metros and non-metros for both affordable as well as high-end markets.
“The sweet spot for housing is still in the price range of ₹50 lakh to ₹ 1 crore,” she said.
Affordable housing will continue to be the driving force behind the real estate sector in India, HDFC said.
HDFC continues to have the largest number of home loan customers of more than 2.7 lakhs who have availed benefits under the CLSS.
As at December 31, 2021, cumulative loans disbursed by the Corporation under CLSS stood at ₹ 45,914 crore and the cumulative subsidy amount stood at ₹ 6,264 crore.
For the nine months ended December 31, 2021, 30% of home loans approved in volume terms and 13% in value terms have been to customers from the economically weaker section (EWS) and low income groups (LIG), the mortgage lender said.
