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Housing loan outstanding rose by 13.7 per cent, or over Rs 2.06 lakh crore, to Rs 17.06 lakh crore during the 12 months ended April 2022, signalling that the real estate sector is on the recovery path after witnessing a slowdown triggered by the Covid pandemic.
The growth in housing loans was 9.9 per cent at Rs 15 lakh crore in the same period of last year, according to Reserve Bank of India data. Credit growth to industry accelerated by 8.1 per cent to Rs 31.52 lakh crore in April 2022 from a contraction of 0.4 per cent in April 2021, the RBI said.
HDFC Ltd had said it recorded its highest monthly individual disbursements ever in March. This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which were not there in the current year, HDFC said earlier this month.
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PremiumState Bank of India, the largest player in the segment, said its home loan book rose 11.5 per cent year-on-year to Rs 5.61 lakh crore in the March 2022 quarter. “Home loan rates are now on the rise after the RBI hiked the Repo rates by 40 basis points to 4.40 per cent. Interest rates and EMIs are set to rise further,” said a senior banker.
Personal loans segment continued to perform well, registering acceleration in growth to 14.7 per cent (Rs 34.42 lakh crore outstanding) in April 2022 from 12.1 per cent in April 2021, primarily driven by housing and vehicle loans segments, RBI said.
On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 11.3 per cent in April 2022 as compared with 4.7 per cent a year ago.
If the RBI data is any indication, home prices are also on the rise. All India Home Price Index (HPI) recorded an annual growth (y-o-y) of 1.8 per cent in Q4 of 2021-22 as compared with 3.1 per cent in the previous quarter and 2.7 per cent a year ago, the RBI said. The year-on-year movements in HPI varied widely across the cities — ranging from a growth of 19.2 per cent (Kolkata) to a contraction of 11.3 per cent (Bengaluru).
According to a report from CREDAI, Colliers and Liases Foras, the average residential prices in India rose 4 per cent during January-March 2022 after a prolonged slowdown, indicating that the residential market is on its path to recovery.
Meanwhile, credit card outstanding also shot up by 20 per cent, or over Rs 25,000 crore, to Rs 1.53 lakh crore by April 2022 from Rs 1.28 lakh crore a year ago, indicating that consumers were spending more. Vehicle loans also rose by 11.5 per cent to Rs 4.13 lakh crore during the 12-month period.
The RBI said credit growth to industry accelerated to 8.1 per cent in April 2022 from a contraction of 0.4 per cent in April 2021. Size-wise, credit to medium industries registered a growth of 53.5 per cent in April 2022 as compared with 44.8 per cent last year. Credit growth to micro and small industries rose to 29.0 per cent from 8.7 per cent, while credit to large industries recorded a growth of 1.6 per cent against a contraction of 3.6 per cent during the same period last year.
Credit growth (y-o-y) to agriculture and allied activities continued to be robust at 10.6 per cent in April 2022 (10.7 per cent in April 2021), the RBI said. The services sector’s credit growth picked up to 11.1 per cent in April 2022 as compared with 2.4 per cent a year ago, mainly due to NBFCs, trade, tourism, hotels & restaurants and transport operators.
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