A home🏠 buying spree in smaller towns in 🇮🇳 has proved to be a boon😄 for the banking sector, who are seeing a 6⃣ year high in mortgage loan growth rate📈. Major banks🏦 - State Bank of India(SBI), ICICI & Axis Banks say that demand for credit💵 from smaller towns are helping their overall home loan tally👍. Outstanding home loans in 🇮🇳 stood at nearly ₹7 lakh crores💰 at the end of November. This has come as a boost🚀 to the sector who are seeing a sluggish growth😨 in corporate loans. Rising income levels⬆, increasing urbanisation & lower⬇ mortgage interest rates over the past year is the reason for the increase in loans💵 from Tier-II cities according to Jayanthy Lakshmi, Chief GM for real estate lending at SBI😯. Banks also prefer home-loans business because it helps them sell other products to households and involves lesser risk👍.
Original Image Credit: IANS