A report from Magicbricks, a real estate website, found that more than half of the people applying for home loans in India are Millennials and Gen Zs, aged between 18 and 34. In the past year, around 3-4 lakh people applied for home loans, and most of them wanted loans for houses costing up to Rs 40 lakh.
One interesting thing is that in places like Gurugram, lots of people wanted loans for houses that cost between Rs 40 to 60 lakh or even higher, up to Rs 1 – 1.5 crore.
Magicbricks said that most of these people, about 80%, live in big cities like Mumbai, Bengaluru, Noida, Delhi, Chennai, Hyderabad, Pune, and others.
Nimesh Bhandari, who is in charge of home loans at Magicbricks, noticed that younger people are getting more interested in real estate. He thinks that because interest rates have stayed stable, real estate seems like a good investment for them. He believes that this interest in real estate among younger folks will keep growing in the coming months.
Overall, this shows that many young people are looking for loans for affordable houses. It seems like they’re more interested in buying homes, which could be a big change in how they choose to invest their money.