+
Home loan portfolios in Q1 indicate no harm caused by Covid-19
ECONOMY & POLICY

Home loan portfolios in Q1 indicate no harm caused by Covid-19

Covid-19 has not deterred home purchasers, according to the first-quarter figures of home loan portfolios from major banks.

A comparison of bank housing loan data for the first quarter reveals a significant increase ranging from 6% to around 14% when compared to the corresponding quarter in FY22.

The home loan portfolio of State Bank of India increased by 11% to Rs 5,05,473 crore in the first quarter of the current fiscal year ended June 30, accounting for 23% of the bank's total domestic advances, up from Rs 4,55,443 crore the year before.

SBI and other banks have seen a hike in home loan demands despite the Covid-19 pandemic. The house loan portfolio of Canara Bank grew 13.15% to Rs 65,136 crores during the same time period.

The growth in the portfolio was only 10.6% in 2020. Punjab National Bank, which grew by 6.1%, is also in the same league.

A senior SBI official explained that the bank employees braved the pandemic and that loan application processing and disbursement were not hampered. In the absence of increased corporate loan growth, a greater emphasis has been placed on retail loans, of which home loans make up a significant portion.

Home loans are growing in line with the market, according to Sanjiv Chadha, Managing Director and CEO of Bank of Baroda.

Home loans, along with gold and car loans, are seen as very safe for business during pandemic times, as per bankers. Analysts claim that home loan growth is expected to continue this year.

Banks are also stepping up their efforts to keep the economy growing. SBI has increased its focus on residential mortgages.

It announced a full waiver on processing fees until August 31 as part of its Monsoon Dhamaka offer.

The processing fee was 0.40% prior to the offer. Other banks are preparing special offers for the upcoming festival season to entice customers.

Image Source


Also read: Housing sales notes 75% growth in H1 2021: CBRE South Asia

Covid-19 has not deterred home purchasers, according to the first-quarter figures of home loan portfolios from major banks. A comparison of bank housing loan data for the first quarter reveals a significant increase ranging from 6% to around 14% when compared to the corresponding quarter in FY22. The home loan portfolio of State Bank of India increased by 11% to Rs 5,05,473 crore in the first quarter of the current fiscal year ended June 30, accounting for 23% of the bank's total domestic advances, up from Rs 4,55,443 crore the year before. SBI and other banks have seen a hike in home loan demands despite the Covid-19 pandemic. The house loan portfolio of Canara Bank grew 13.15% to Rs 65,136 crores during the same time period. The growth in the portfolio was only 10.6% in 2020. Punjab National Bank, which grew by 6.1%, is also in the same league. A senior SBI official explained that the bank employees braved the pandemic and that loan application processing and disbursement were not hampered. In the absence of increased corporate loan growth, a greater emphasis has been placed on retail loans, of which home loans make up a significant portion. Home loans are growing in line with the market, according to Sanjiv Chadha, Managing Director and CEO of Bank of Baroda. Home loans, along with gold and car loans, are seen as very safe for business during pandemic times, as per bankers. Analysts claim that home loan growth is expected to continue this year. Banks are also stepping up their efforts to keep the economy growing. SBI has increased its focus on residential mortgages. It announced a full waiver on processing fees until August 31 as part of its Monsoon Dhamaka offer. The processing fee was 0.40% prior to the offer. Other banks are preparing special offers for the upcoming festival season to entice customers. Image Source Also read: Housing sales notes 75% growth in H1 2021: CBRE South Asia

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?