Millennials and Gen Zs, who’re within the age group of 18-34 years, constituted 53 per cent of the full demand for house loans in India, in accordance with a report by realty portal Magicbricks. It stated that whereas male candidates contributed to 74 per cent of this demand, feminine candidates constituted 26 per cent.
“A total of 58 per cent of the demand for home loans is for the affordable segment (up to Rs 40 lakh). Gurugram was the only outlier, where demand for home loans of the ticket size Rs 40 to 60 lakh was also significantly high (25 per cent); followed by the demand for loans of Rs 1 to 1.5 crore (13 per cent),” Magicbricks stated in a press release.
It added that 80 per cent of the demand got here from residents in tier-1 cities and Mumbai (22 per cent), Bengaluru (19 per cent), and Noida (17 per cent) lead house mortgage disbursements.
Nimesh Bhandari, enterprise head (house loans) of Magicbricks, stated, “There is a discernible shift in the investment preferences of Gen Z and millennials towards real estate, mirroring a similar trend in the home loans category. With a stabilised repo rate, real estate remains an attractive investment asset for this demographic, and we expect a sustained surge in demand in the forthcoming months.”
He added that to facilitate smoother house mortgage procedures, Magicbricks has already partnered with greater than 50 monetary establishments and focusing on a fivefold development, with enhanced comfort and accessibility for our clients.
The Magicbricks report is predicated on the preferences of clients on its platform between October 2022 and October 2023.
