mortgage sector has been performed well over the past few years, as mortgage lending rose significantly over the past few decades, from 1 per cent of India’s GDP back in 1990, to the current rate of 11 per cent, worth approximately ₹27 trillion.
“The sector has performed admirably even throughout COVID-19. In comparison to the previous year, distribution increased by 185% in FY 2021. Banks provided over 65% of these loans, while housing finance companies (HFCs) provided the rest,” Rahul Bhave, an executive director at the National Housing Bank, said. “In the housing sector, the entire game has changed, and technology is influencing the industry.”
He made these comments during a webinar organised by Valocity, a provider of cloud-based technology services to lenders. Experts from regulatory agencies, banks and embassies participated in the event which was conducted with the objective of discussing the role played by technology in the mortgage ecosystem. Among the attendees was Amitabh Kant, the chief executive of NITI Aayog, who emphasised the significance of the digitalisation of the country’s home loan portfolio, particularly in order to achieve India’s ambition to become a knowledge-based economy.
“The use of technology, and the data intelligence will enable the end-to-end system and enable transparency,” the CEO of the policy think tank said. “The rich experience of New Zealand-based Valocity Global Company will add a lot of value to the market. Amidst the unique advantages offered by India, this is an incredible opportunity for everyone in the property and valuation ecosystem.”
