Housing finance companies have played an important role in the Indian housing sector.
The National Housing Bank (NHB) says that by the end of September, the personal home loan was outstanding Rs 33.53 lakh crore. This is 14 percent higher than last year. The special thing is that the MID section was the highest dues. That is, the dues of home loan customers coming under the middle income group were recorded the highest. According to PTI news, NHB, a statutory body under the Government of India, has released a report on housing trends and progress in India.
44 percent outstand of MIG
According to the news, the NHB report stated that by September 30, 2024, the outstanding personal housing loans of EWS and LIG were 39 percent, 44 percent of MIG and 17 percent of HIG. The individual home loan disbursement during the half -yearly half of September 2024 was Rs 4.10 lakh crore, while the Disabsment (disbursement) during the year ended March 2024 was Rs 9.07 lakh crore.
The report includes housing landscape and house prices fluctuations, major programs of the Government of India in the housing sector, the role of primary loan institutes (PLI) in providing housing loans, the performance of housing finance companies (HFCs) and the approach to the region is widely included.
Dynamic approach to housing area
The report stated that the major initiatives of the Government of India, such as PMAY-G, PMAY-U, PMAY-U have been included in the report for the impact evaluation, Urban Infrastructure Development Fund (UIDF), affordable rent housing complex (ARHC) scheme, etc. It also states that the approach to the housing sector inspired by budget announcements, urbanization, transit oriented development, digitization and other factors on PMAY 2.0 remains promising.
Important role of housing finance companies
Housing Finance Companies (HFC) have played an important role in the Indian housing sector by meeting the diverse needs of home buyers. Due to its flexible eligibility criteria, strong customer service, skilled documentation and low processing time, HFC (Housing Finance companies) have secured their place in the Indian financial scenario. The NHB said that while the housing sector has shown a strong growth, regional inequalities in the loan flow remain a significant challenge for HFC, a large part of the housing funding in the southern, western and northern states, while debt flows in eastern and northeastern regions are low. Similarly, the branch network for HFC in the northeastern regions of the country has low access.
Latest business news
