The report by Magicbricks also revealed that 58% of the demand for home loans was for the affordable segment (up to Rs 40 lakh). Gurugram, however, was an outlier with high demand for loans of Rs 40-60 lakh (25%) and Rs 1-1.5 crore (13%).
Millennials and Gen Zs (18-34 years) constituted 53% of the demand for home loans in India between Oct 2022 and Oct 2023, according to Magicbricks. The portal handled 3-4 lakh home loan applicants, with 74% male and 26% female applicants. 80% of the applicants were from tier 1 cities. The report revealed that 58% of the demand was for the affordable segment, while Gurugram saw high demand for loans of Rs 40-60 lakh (25%) and Rs 1-1.5 crore (13%).
According to Nimesh Bhandari, Business Head- Home Loans at Magicbricks, there’s a shift in investment preferences of Gen Z and millennials towards real estate, in line with the trend in home loans. With a stabilised repo rate, real estate continues to be an attractive investment asset for this demographic, and he expects a sustained surge in demand in the coming months.
Magicbricks’ data showed that Mumbai had the highest number of disbursed home loans, followed by Bengaluru and Noida. Delhi was the fourth highest, followed by Chennai, Hyderabad, Pune, and other cities.
