A significant surge in demand for high-value home loans has been witnessed, with the Rs 50 lakh – Rs 1 crore segment emerging as the most sought-after category in Q4 2024 (October-December 2024), according to MagicLoans, the home loan business of Magicbricks.
This segment accounted for 36% of the total home loans disbursed by the Magicbricks platform, during the quarter, highlighting a growing preference for premium housing. The Rs 10 lakh – Rs 50 lakh category followed closely, making up 33.7% of total disbursals.
Pune led the way, contributing 30.6% of all home loans disbursed, followed by Hyderabad (22.6%), Bengaluru (17.3%), and Gurugram (14.2%). Gurugram also recorded the highest average loan ticket size, reflecting strong demand for luxury properties.
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Commenting on the same, Sudhir Pai, CEO, Magicbricks, said, “For the first time in nearly five years, the RBI has cut the repo rate, which lowers borrowing costs for homebuyers and developers, enhancing affordability and stimulating housing demand. It also aligns with government initiatives like the SWAMIH Fund, which aids stalled projects, and ongoing efforts to boost affordable housing. Easier capital access for developers is expected to drive supply growth, fostering a favorable real estate market.”
The platform also shared that home loan disbursals with ticket size of Rs 50 lakh to Rs 1 crore surged 80% in Q4, indicating rising residential prices and a shift toward aspirational living. Additionally, the total number of home loans disbursed by Magicbricks more than doubled in October-December 2024 as compared to January-March 2024, underscoring the robust demand in the housing sector.
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