8 minutes read

Growth and Digital Transformation in India's Home Loan Market

Explore the significant growth of India's home loan market and the digital shifts influencing consumer behavior and lending practices.

Dheeraj Kumar
22/01/2024

India's home loan sector has experienced significant year-over-year growth since the fiscal year 2020, with an increasing number of individuals applying for home loans and investing in personal real estate. This trend is evident in the surge of online searches related to home loans, focusing on interest rates, EMI calculators, and comparisons of interest rates across different banks. Addressing these consumer inquiries is becoming increasingly important for lending institutions.

A report by Techmagnate, a leading digital marketing agency based in New Delhi, highlights how non-banking financial companies (NBFCs), banks, and other lending institutions can leverage these search trends to enhance their digital marketing strategies and achieve tangible results. According to a CRIF Highmark report, the home loan market reached a staggering ₹22.4 lakh crore in FY'21, marking a 12.1% increase from the previous year and showcasing a 32% Compound Annual Growth Rate (CAGR) from 2017 to 2021. The market is expected to continue its robust growth, with a projected 22% CAGR from 2021 to 2026.

The post-pandemic era has seen a renewed interest in housing investments, despite rising interest rates, indicating a strong and sustained demand for home loans. Techmagnate's report provides insights into the growing search volumes for home loans and highlights the opportunities for brands to increase online visibility and attract customers.

The report also identifies key trends, such as the importance of mobile apps in the home loan process, the rise of localized solutions, and the emergence of vernacular communication, suggesting strategies for lending institutions to adapt and thrive in the evolving market.

In conclusion, the home loan market in India is undergoing significant changes, with digital shifts playing a crucial role in shaping consumer behavior and preferences. Lending institutions that effectively leverage these trends can gain a competitive edge. Additionally, platforms like Probz.ai, an AI-powered platform for collecting qualitative and quantitative insights, can provide valuable data to help businesses understand market dynamics and consumer needs better, enabling them to make informed decisions and tailor their offerings accordingly.

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Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

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