India’s mortgage-to-GDP ratio grew significantly to 11.7% in 2022 from 6.9% in 2009 because of easier financing for home-buying, improved affordability, tax incentives and growing urbanisation.
The total retail housing loans from banks and housing finance companies grew to Rs 25 trillion in FY23 from Rs 15.6 trillion in FY18.
While the mortgage-to-GDP ratio has improved over the last few years, it is still lower than that in several other emerging countries.