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Interest for owning home returns, banks see pick up in loans
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SME Times News Bureau | 05 Mar, 2021
People have started buying their dream home again after the Covid-19
induced lockdown and economic disruptions completely dried out new
purchases.
Such has been the renewed customer interest in housing
that builders are selling even tough-to-sell, non-'vastu' houses
without offering much discount.
And the numbers are showing that
the housing activity is again picking up momentum. According to a report
by Emkay Global Financial Services, systemic monthly mortgage
disbursement in February has been at a high of Rs 75,000 crore as
against Rs 40,000 crore average. This is mainly due to pent-up demand
driven by benign rates, attractive property prices, low stamp duty
(temporary though in Maharashtra) and change in customer behaviour to
house ownership/bigger house size.
Financial distributor
Andromeda has clocked nearly Rs 2,100 crore in disbursement in February
(up 20 per cent YoY) with home loans at Rs 1,250 crore (60 per cent of
disbursement).
After a dip in H1FY21, systemic retail loan
growth trend remained healthy in H2FY21 (up 9 per cent YoY/7 per cent
YTD) with mortgage growing 8 per cent YoY/6 per cent YTD amid the
festive cheer, the brokerage said in its report.
Among large
players, SBI leads the pack with nearly 31 per cent market share in
recent disbursements made in the mortgage segment, followed by the HDFC
group at 19 per cent , ICICI at 13 per cent , BOB at 9 per cent and
Axis at 7 per cent . Kotak has shown fresh aggression in line with
management's guidance, with 3 per cent market share in home loan
disbursements in February.
"We expect overall retail credit
growth to accelerate further (currently 9 per cent YoY vs 15 per cent
last year), led by mortgages (contributing 51 per cent of retail loans)
and back-end support by unsecured (Cards/PL) and vehicle loans," the
brokerage said.
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As on 13 Aug, 2022 |
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