Millennials and Gen Zs ( in the age group of 18-34 years) constituted 53 percent of the total demand for home loans in India, according to a report released by Magicbricks, a real estate portal. The report said that between October 2022 and October 2023, it handled 3-4 lakh home loan applicants of which 74 percent applicants were male and 26 percent were female.
Eighty percent of the home loan applicants Magicbricks handled came from residents in tier 1 cities and Mumbai (22 percent), Bengaluru (19 percent) and Noida (17 percent).
According to the report, 58 percent 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 percent); followed by the demand for loans of Rs 1 -1.5 crore (13 percent).
Also read: More than half of Gen Z and millennials prefer working from office: Survey
“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,” said Nimesh Bhandari, Business Head- Home Loans at Magicbricks.
Also read: Realty shift: GenZ, millennial homebuyers prefer sole ownership, larger ticket sizes post pandemic
Meanwhile, according to the data shared by Magicbricks, the highest number of home loans disbursed were in Mumbai followed by Bengaluru and Noida. The fourth highest was Delhi followed by Chennai, Hyderabad, Pune and others.
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