Increase in government focus to promote small and medium enterprises, affordable loan offers, and longer repayment tenures are the factors driving the India loan against property market.
According to TechSci Research report, “India Loan Against Property Market By Property Type (Self-occupied residential property, Rented Residential property, Commercial property, Self-owned plot & Others), By Type of Loan (Personal Loan, Business Loan, Building & Construction Loan, Others), By Interest Rate (Fixed Rate; Floating Rate), By Source (Bank & Housing Finance Companies (HFCs)), By Tenure (Upto 5 years; 6-10 years; 11-24 Years; 25-30 Years), By Region, Forecast & Opportunities, FY2026”, the country’s loan against property market is expected to register a CAGR of over 14% during FY2020-FY2026 and in value terms it is expected to reach around USD857.87 billion by FY2026.
Loan against property is generally used by small businesses as a working capital finance, which has faced a huge downfall due to the pandemic. It will take time to recover the lagged effect of financial conditions, relief programs supported by banks and NBFCs. The government’s efforts in promoting businesses are expected to provide aid to the growth of the India loan against property market.
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India’s loan against the property market is majorly driven by the factors like lower interest rates, quick approvals of loans and flexibility. Loan against property, which is also termed as Secured loans, is considered to be more stable than unsecured loans, due to lower interest rates offered by banks.
Loan against property’s eligibility depends on the variables such as age, wages, existing financial commitments, repayment and credit history, and the value of the property as per current market rates. An individual can also include his/her spouse or child as a co-applicant to meet the eligibility criteria, even though they are not a co-owner of the property, but as a co-applicant for the loan they could provide their income proof and credit history. These factors are expected to boost the India loan against property market.
The benefit of a loan against property is that a loan against property in India can be given as collateral for different types of properties. They may also be of various sizes or values. As a protection for this loan, residential, industrial, and even rental property is provided as collateral at different rates, which could be either fixed or floating rate. The fixed rate of interest is anticipated to account for the largest value share in FY2020 as these are being adopted by various banks and housing finance companies in India. Another reason for the dominance of fixed rate is the secured return to the bank.
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Housing Development Finance Corporation Limited (HDFC), Industrial Credit and Investment Corporation of India Bank Limited (ICICI), Life Insurance Corporation Housing Finance Limited (LIC), Punjab National Bank Housing Finance Limited (PNB), State Bank of India (SBI) are the leading players operating in the India loan against property market.
“The growth of loan against property market in India is backed by government’s initiative to promote and boost the MSME’s sector, as well as the cheaper interest rates offered by banks, which acts as major factors in the demand for loan against property.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Loan Against Property Market By Property Type (Self-occupied residential property, Rented Residential property, Commercial property, Self-owned plot), By Type of Loan (Personal Loan, Business Loan, Building & Construction Loan, Others), By Interest Rate (Fixed Rate; Floating Rate), By Source (Bank & Housing Finance Companies (HFCs)), By Tenure (Upto 5 years; 6-10 years; 11-24 Years; 25-30 Years), By Region, Forecast & Opportunities, FY2026” has evaluated the future growth potential of the India loan against the property market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India loan against property market.
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