HDFC, India’s largest lender have seen its average home loan shrink by ₹ 3 lakhs. It was 23.6 Lakh for the quarter ended September 2017 as compared to ₹ 23.3 Lakh in the preceding quarter.
According to the company, There has been a sharp drop in average loan size due to the government focus on affordable housing. Another reason for this drop can be the rates of houses which has not moved up. Over the years the average home loan size has been gradually moving up. While there have been hiccups, these have been only for a few thousands and never before has the average loan size fallen by over a lakh which is now over 3 lakhs.
According to experts, The push in HDFC Home Loans have come from Pradhan Mantri Awas Yojana (PMAY), which is a credit-linked subsidy scheme for small borrowers. Besides sops for builders, borrowers also get cheaper loans when they buy homes in the affordable segment. According to HDFC, in March 2017, the credit-linked subsidy scheme was amended to include middle-income groups (MIG), in addition to economically weaker sections and low-income groups. This has widened the scope of the scheme.
With RERA (Real Estate Regulation & Development Act) coming in, Some states have become a slower because the process of getting approvals has been a little time consuming. But according to the HDFC Officials, Things will soon return to some regularity. Despite the expected growth due to RERA, HDFC still had 23% growth in individual disbursements. According to HDFC data, in 2017 the average borrower paid out 3.8 times his annual salary towards a home purchase.
About HDFC Home Loan
HDFC is one of the biggest pioneer in providing home loans for your dream house. The home loans offered by HDFC Bank can be availed by both salaried and self – employed individuals. There loans are tailor made for every individual at attractive rate of interest and long tenure. They offer customised repayment options and special home loan offers for those employed in Indian Army.
Get HDFC Home Loan today to fulfill your dream of owning a house of your own.