Home loan in India: Owning a home has always been a dream for millions of Indian families. Now, this dream is turning into reality as more and more people from the middle class are taking home loans to build their own houses. A recent report from the State Bank of India (SBI) shows that home loan demand is reaching new record levels.
SBI Home Loan Portfolio Crosses ₹9 Lakh Crore
According to SBI, their home loan portfolio has crossed ₹9 lakh crore, which is a record-breaking number. This shows that people are actively investing in their dream homes, despite economic challenges. The rising trend is also boosting the real estate sector and supporting the overall economy.
Total Home Loans in India Touch ₹39 Lakh Crore
The Reserve Bank of India (RBI) reported that by the end of the financial year 2023–24, the total housing loans in India have reached around ₹39 lakh crore. This growth highlights the strong interest among people to invest in housing and secure a comfortable future.
Impact on the Economy
Increasing home loans are not just about personal dreams. They have a wider impact on India’s economy:
- Higher spending increases consumption in the market
- More production is needed to meet the demand, creating job opportunities
- The real estate and construction sectors benefit significantly
In simple words, more home loans mean more money circulating in the economy, helping industries and creating new employment opportunities.
Growth in Other Loan Segments
SBI Chairman C.S. Shetty said that not only home loans but other segments are also seeing strong growth:
- RAM (Retail, Agriculture, MSME) loans have crossed ₹25 lakh crore
- MSME loans increased by 17–18%
- Agriculture and retail loans grew by nearly 14%
Additionally, corporate loans are recovering, showing a 7.1% growth, while gold loans and personal unsecured loans are also rising steadily.
Expectations for the Future
With RBI cutting repo rates, loans may become even cheaper. SBI has increased its total loan growth target from 12% to 14%, expecting more people and companies to borrow this year. Lower interest rates could further boost demand, helping more middle-class families achieve their dream homes.
Conclusion
India’s middle class is increasingly relying on home loans to fulfill their housing dreams. With record-breaking numbers and growing demand, the home loan sector is playing a key role in the country’s economic growth. If you are planning to buy a home, now seems like a great time to explore your options.
