This was a result not just of wooing home loan customers but also because corporate loan pickup was lower than initially expected. In fact, corporate loan growth at 5.7% in FY23 was lower than the previous year’s 7.5%. Meanwhile, home loans grew 15% in FY23, as against 12.9% in FY22, according to data from the Reserve Bank of India (RBI).
Most banks have been aggressively chasing home loan customers, resulting in incremental housing loans of ₹2.5 trillion in FY23, the highest in at least 15 years, RBI data showed. In comparison, loans to industries in 2022-23 stood at ₹1.8 trillion. Both numbers are net of loan repayments.
In FY22, the equation was somewhat different as incremental home loans were at ₹95,419 crore, while corporate loans were at ₹2 trillion.
Trends in the behaviour of home loan borrowers differed across banks. While some lenders said they saw little change in home loan demand, others saw some degree of postponement of purchases. Since May last year, RBI has raised the repo rate—the benchmark for home loans—by 250 basis points (bps) before pausing in April.
Diese Geschichte stammt aus der May 09, 2023-Ausgabe von Mint Mumbai.
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Diese Geschichte stammt aus der May 09, 2023-Ausgabe von Mint Mumbai.
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