Home Loan Outstanding Surges by ₹3.4 Lakh Crore in a Year: RBI Report
The latest data from the Reserve Bank of India (RBI) reveals a significant rise in home loan outstanding, which has increased by ₹3.4 lakh crore over the past 12 months. This growth highlights a robust demand in the housing sector even as the overall growth in personal loans has slowed down. Let’s dive into the details of this financial development and understand its implications. Bank credit to industry grew by 8.9 per cent to Rs 36.87 lakh crore on a year-on-year basis in May 2024 as compared with 6.0 per cent in May 2023, according to the RBI data. Home Loan Growth Outpaces Personal Loan Segment The RBI’s data shows that the outstanding home loans have grown at an accelerated pace, with a year-on-year increase of 16.9% as of May 2024. This brings the total outstanding home loans to ₹23.49 lakh crore, a significant rise from ₹20.09 lakh crore in May 2023. This growth is noteworthy because it reflects a sustained demand for housing finance amidst a slower growth in the broader persona...