Based on the preferences of customers on its platform between October 2022 and October 2023, Magicbricks has observed that Millennials and Gen Zs (age group of 18-34 years) constituted 53% of the total demand for home loans in India. While male applicants contributed to 74% of this demand, female applicants constituted 26%.
The leading real estate portal also observed that 58% of the demand for home loans is for the affordable segment (up to INR 40 lakh). Gurugram was the only outlier, where demand for home loans of the ticket size INR 40 to 60 lakh was also significantly high (25%); followed by the demand for loans of INR 1 to 1.5 crore (13%).
Further, 80% of the demand came from residents in tier 1 cities and Mumbai (22%), Bengaluru (19%), and Noida (17%) lead home loan disbursements.
Elaborating on the same, Nimesh Bhandari, Business Head- Home Loans shared, "There is a discernible shift in the investment preferences of Gen Z and millennials towards real estate, mirroring a similar trend in the home loans category. With a stabilized repo rate, real estate remains an attractive investment asset for this demographic, and we expect a sustained surge in demand in the forthcoming months. To facilitate smoother home loan procedures, Magicbricks has already partnered with 50+ financial institutions and targeting a five fold growth, with enhanced convenience and accessibility for our customers"
Magicbricks also shared that HDFC, SBI and Bajaj Housing lead in terms of home loan applications on its platform.
