NEW DELHI: Millennials and Gen Zs, which means those in the age group of 18-34 years, accounted for 53% of the demand for home loans in India, Magicbricks has estimated, based on consumer preference on the platform.
Between October 2022 and October 2023, the leading real estate portal also observed that 58% of the demand for home loans was for the affordable segment(up to Rs 40 lakh), with Gurugram being the sole outlier.In Gurugram, demand for home loans with Rs 40-60 lakh ticket size was also significantly high (25%), followed by demand for loans of Rs 1-1.5 crore (13%).
Further, 80% of the demand came from residents in tier 1 cities and Mumbai (22%), Bengaluru (19%), and Noida (17%) lead home loan disbursements, it said. Magicbricks said that male applicants contributed to 74% of the total demand.
“There is a discernible shift in investment preferences of Gen Z and millennials towards real estate, mirroring a similar trend in the home loans category. To facilitate smoother home loan procedures, Magicbricks has already partnered with 50+ financial institutions and targeting a five-fold growth, with enhanced convenience and accessibility for our customers,” said Nimesh Bhandari, business head – home loans.