High interest rates, lack of savings, unwillingness to borrow, high property rates and insufficient loan availability are the key constraints faced by prospective home buyers, reveals a new survey.
The India Mortgage Guarantee Corporation (IMGC) has launched its first ever annual research survey titled Home Hunt 1.1, which captures the trends in housing and perspectives on housing finance in India.
First-time buyers’ high dependence on personal savings to pay down payment was also delaying home ownership, the survey revealed.
More millennials live with their parents (46 per cent), than in rented (31 per cent) or self-owned homes, reflecting their financial dependence on parents. “Lack of loan history” and “obtaining requisite loan amount” is a bigger challenge for young borrowers compared with others, the survey showed.
The survey — which was undertaken across 14 cities (metros, mini metros and small towns) — covered 4,000 respondents in the age group 25-44 years. The research took into account data from people who have already bought a home as the ones ones planning to buy.
The survey was released by Sriram Kalyanaraman, Managing Director and CEO, National Housing Bank (NHB), in the presence of Amitava Mehra, CEO, IMGC.
srivats.kr@thehindu.co.in
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