Millennials and Gen Zs, who are in the age group of 18-34 years, constituted 53 per cent of the total demand for home loans in India, according to a report by realty portal Magicbricks. It said that while male applicants contributed to 74 per cent of this demand, female applicants constituted 26 per cent.
“A total of 58 per cent of the demand for home loans is for the affordable segment (up to Rs 40 lakh). Gurugram was the only outlier, where demand for home loans of the ticket size Rs 40 to 60 lakh was also significantly high (25 per cent); followed by the demand for loans of Rs 1 to 1.5 crore (13 per cent),” Magicbricks said in a statement.
It added that 80 per cent of the demand came from residents in tier-1 cities and Mumbai (22 per cent), Bengaluru (19 per cent), and Noida (17 per cent) lead home loan disbursements.
Nimesh Bhandari, business head (home loans) of Magicbricks, said, “There is a discernible shift in the investment preferences of Gen Z and millennials towards real estate, mirroring a similar trend in the home loans category. With a stabilised repo rate, real estate remains an attractive investment asset for this demographic, and we expect a sustained surge in demand in the forthcoming months.”
He added that to facilitate smoother home loan procedures, Magicbricks has already partnered with more than 50 financial institutions and targeting a fivefold growth, with enhanced convenience and accessibility for our customers.
The Magicbricks report is based on the preferences of customers on its platform between October 2022 and October 2023.
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