Market Size of India Home Mortgage Finance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Home Mortgage Finance Market Analysis
India Home Mortgage Finance Market is poised to grow at a CAGR of 7% during the forecast period.
With favorable conditions like rising income levels, improved affordability, and fiscal support, the demand for homes is expected to grow in this market. Real estate in India is on an upcycle. Developers are now financially stronger and more disciplined.
Due to the outbreak of the COVID-19 pandemic, the home mortgage finance market in India was heavily impacted. Due to the lockdown in India, there were limited job prospects and a drop in income; some people even lost their jobs during the pandemic, which resulted in a fall in the housing market and housing loan demand. The pandemic resulted in the central banks using three key tools to make the most out of the housing situation: Open market operations, interest rates, and reserve requirements. RBI (the Reserve Bank of India) also slashed repo rates, reaching a two-decade low at 4.4%. With all these policies, the government attempted to make home loans more affordable during a crisis where job security for most sectors was not guaranteed.
In India, housing finance is offered by banks and housing finance companies (HFCs). With the introduction of several economic reforms and a rise in demand for housing infrastructure across cities, globally renowned industrial houses are now venturing into the housing market. At present, public and private sector banks and foreign banks are extending loans to prospective buyers. However, the home mortgage finance market is dominated by HFCs.
