| | APRIL 20248homes ChroniclesHOME LOANS: FULFILL THE 'DREAM' WITH THE HELP OF 'DREAM-BUILDERS''Home is abode of happiness. Home is the strong shelter which covers you from any danger like a stringent power. We all admire and weave a dream of having our own house where we can spend quality leisure with our loved ones. Buying a home or owning a property is not that easy as it reflects. In the country like India, majority of the population belong to middle class and lower middle class group, beyond that lies the BPL and EWS section, who find it an immensely tough nut to crack. But at the end of the day our desire for the dream house doesn't let us to sleep until we achieve that. Now-a-days people are fascinated to own their property rather than paying a hefty amount for rent. A house may cost you several lakhs to several crores depending on the standard of living, location and quality of material used. It is utterly difficult for a common man who belongs to middle class and lower income groups to arrange this gigantic pool of money overnight. Thanks to the banking system that we can afford to get this money as debt which we can return in several trenches with a particular rate of interest. Recent Picture of Home Loan IndustryThe Founder & CEO of Easiloan, Pramod Kathuria, commented, "Tier-II & III cities are expected to see significant growth in home loan demand in 2024".He also highlighted that, the growth will be seen due to urbanization, rising disposable incomes, increasing affordability, and the government schemes pertaining to Urban Infrastructure Development Fund.Several reports on real estate investment on Home-buying, the growth of home loan are seen to be transmigrating from affordable segment to higher-value homes.According to a recent CRIF Highmark report, the home loan market has soared to an extraordinary height and achieved Rs.22.4 lakh crore in FY'21, marking a significant 12.1 percent increase from FY'20. In between 2017-2021, the market represented an impressive 32 percent Compound Annual Growth Rate (CAGR) and also the market has seen a robust trajectory of growth with 22 percent CAGR during 2021-2024. Market reports show that, the loans above Rs.75 lakh accounted for nearly 30 percent of new mortgage origination in April-June last year. The loan values from Rs.35 lakh to Rs.75 lakh constituted 31.4 percent of new
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