21 Dec 2020
The average home loan ticket size increased to over Rs 26 lakh in 2020 despite the pandemic as Pradhan Mantri Awas Yojana (PMAY), fall in interest rates, as well as lower registration costs in some circles, evinced customers’ interest in buying properties, according to a study. Due to the pandemic, people’s priorities have changed and they are evaluating their spends and investments very closely.
Year 2020 had very lean months during the lockdown, gradual economic revival and safe access to credit through digital KYC (Know Your Customer) pushed credit uptake to about 80 per cent of pre-COVID levels.
Change in social and work structure due to the pandemic also convinced investors to look at bigger properties and loans. “Consequently, the average home loans ticket size saw a strong increase from Rs 23.82 lakh in 2019 to Rs 26.41 lakh in 2020. The average ticket size for women went up from Rs 25.66 lakh to Rs 31.20 lakh compared with an increase from Rs 23.64 lakh to Rs 26.04 lakh for men,” the report said. However, the transaction was the lowest in high-value segment.