Q4 2024 Sees 80% Jump in High-Value Home Loans, Pune Dominates
Q4 2024 Sees 80% Jump in High-Value Home Loans, Pune Dominates
The final quarter of 2024 witnessed a dramatic upswing in the demand for high-value home loans. MagicLoans, the home loan division of Magicbricks, reports that the Rs 50 lakh to Rs 1 crore segment emerged as the most sought-after category, representing a robust 36% of all loans distributed through their platform.
This trend underscores a burgeoning inclination towards premium housing options. Closely trailing behind, the Rs 10 lakh to Rs 50 lakh segment accounted for 33.7% of total disbursements.
Pune emerged as the frontrunner in home loan distribution, contributing a substantial 30.6% to the overall figures. Hyderabad followed closely with 22.6%, while Bengaluru and Gurugram contributed 17.3% and 14.2%, respectively.
Notably, Gurugram boasted the highest average loan amount, indicative of a robust demand for luxury properties within the region.
An official attributes this surge in demand to the recent RBI repo rate cut, which has lowered borrowing costs for both homebuyers and developers, making housing more affordable. He also notes that this aligns with government initiatives like the SWAMIH Fund, which helps stalled projects, and ongoing efforts to boost affordable housing. Easier access to capital for developers is expected to increase supply, creating a more favorable real estate market.
The platform also revealed that home loan disbursals in the Rs 50 lakh to Rs 1 crore range saw an 80% increase in Q4, pointing to rising residential prices and a shift towards aspirational living. Furthermore, the total number of home loans disbursed by Magicbricks more than doubled in the October-December 2024 period compared to January-March 2024, highlighting the strong demand in the housing sector.
