NoBroker Witnesses 39% Surge in Home Loans Disbursed in Q3’23 as Compared to Q3’22

National, 19 December 2023: In the dynamic Indian real estate landscape, 2023 has emerged as an exciting year, witnessing a substantial upswing in home buying activity. Alongside, ancillary services such as home loans have also experienced an impressive growth. NoBroker, India’s first proptech unicorn, started its home loan vertical in 2020. The volume of loans disbursed has seen exponential growth across all cities. Both these indicators point to the bullish attitude of home buyers. In the final quarter of 2023, the company had witnessed a 39% increase in disbursal of home loans as compared to the same period in 2022.

This surge underscores the growing trust of homebuyers on real estate platforms. Reasons such as convenience, faster processing, and availability of multiple loan options under one roof are major drivers behind this trend.

According to NoBroker data, individuals between 32 to 48 years of age make up majority of the total demand for home loans in India. The average loan volume is INR 70 lakhs with an average tenure of repayment being 23 years.

Furthermore, the luxury housing sector in the Indian real estate market is experiencing a remarkable boom, fuelled by a discernible shift in consumer preferences towards spacious accommodations and preference for premium properties. Mumbai has aced the luxury property game. Mumbai and Delhi-NCR together account for 33.5% of loans disbursed in Q3 FY23.

Among the major cities, Bangalore, Pune, and Gurgaon have emerged as topmost choices of home buyers, RTMI properties, gated, plot (minimal maintenance). This heightened demand can be chiefly attributed due to emergence of multiple startups and IT hubs. The business ecosystem has opened gates to increased number of job opportunities, which in turn, has boosted housing demand in these cities.

According to Amit Agarwal, CEO & Co-founder, NoBroker, “This quarter has seen tremendous growth, driven by rising property prices and a surge in demand for buying a property. Conventionally, the festive season has been considered an auspicious time for property purchases, and the demand in this quarter has outpaced the demand during the same quarter over the past 3 years. This, in turn, has resulted in a surge in prices and escalated the demand for home loans. Alongside, an interesting trend has emerged, showcasing the increasing inclination of the millennials towards property ownership. This is evident in their growing preference for home loans and also in the reduction in average age of people taking loans. Adding to this momentum, proptech platforms are playing a pivotal role in making the process of securing home loans convenient and streamlined. The digitization of real estate transactions has significantly expedited the home loan application and approval process, providing users with a seamless and efficient experience.

Our annual real estate report of 2023 has shown a notable uptick in first time buyers in the country. Interest has poured in from both investors and end-consumers alike. Real estate has stood out as the most bankable option as compared to other more volatile investment avenues.”

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