- Disbursals for INR 10 lakh to 50 Lakh increase 86%, while 80% surge in 50 lakh- 1 crores in 2024
- Pune contributed 30.6% of all home loans disbursed by Magicbricks
Mumbai: MagicLoans, the home loan business of Magicbricks, India`s leading real estate portal, has reported a significant surge in demand for high-value home loans, with the ₹50 lakh – ₹1 crore segment emerging as the most sought-after category in Q4 2024 (October-December 2024). This segment accounted for 36% of the total home loans disbursed by Magicbricks platform, during the quarter, highlighting a growing preference for premium housing. The ₹10 lakh – ₹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.
Sudhir Pai, CEO, Magicbricks shared “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 loans with ticket size of ₹50 Lakh – ₹1 Crore Home Loan Disbursals 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.