Survey Indicates Average Home Loan Size Of Indian Women Is Higher Than Men
Housing demand and sales has been looking up for quite sometime now. The latest report by PropTiger.com by the name Realty Decoded recorded an increase of 24 per cent in terms of housing sales on a year-on-year basis across nine cities while Mumbai, Pune and Chennai displayed a 50 per cent improvement in sales over the previous year. All this, when the number of launches have dipped. It is little wonder then that home loan borrowers have also gone up.
Women are leading
A recent report by BankBazaar titled Moneymood 2019 identified that women have been borrowing more on an average. Attractively priced loans seems to be the biggest incentive. Average loan size of women when she is the primary applicant is estimated to be Rs 27.57 lakh which is higher when compared to that of men which is Rs 22.97 lakh.
In Delhi, the average home loan size by men stands at Rs 24.48 lakh while that of women is Rs 27.98 lakh. In Chennai, it stands at Rs 30.10 lakh in the case of men as against Rs 34.79 lakh for women. In Bengaluru too, women lead with a margin of about a lakh and the ticket size stands at Rs 37.85 lakh. In Kolkata, the difference is about Rs 15.86 lakh with the average ticket size by women at Rs 37.84 lakh.
It is easier to see this in the context that wherever women are borrowers, it is usually a double-income household and hence the ticket-size is higher as against where men are primary applicants, there is a higher chance of these being a single-income household and hence the ticket size is comparatively lower.
In Mumbai, the average ticket size of home loan by women homebuyers is however lower at Rs 29.71 lakh while that of men is Rs 32.84 lakh.
Tinsel town Mumbai has the distinction of having the highest female home loan ticket size estimated to be Rs 1.43 crore. Delhi boasts the highest home loan ticket size of Rs 5 crore while Chennai follows with a ticket size of Rs 2.20 crore.
It is interesting to note that in a recent joint study by Makaan.com and Housing.com, we noticed that women are actively taking the lead when searching for a rental property too. In 2016, women users accounted for 51 per cent of the sessions online while men accounted for 49 per cent. By 2018, women account for 54 per cent of online sessions across the two platforms, and the share of men in this regard has dwindled to 46 per cent.
Not just that, it was also identified that women may be looking at a house purchase or rent, more practically. For example, as against 39 per cent men who tend to look at photos of properties when they contemplate renting, 48 per cent women make it a point to go through these in order to get the complete understanding of what kind of a property deal are they getting into. Likewise, they are more into research applying, on an average 3.5 filters to check the size of unit or date of possession or other information while men only went in for three filters on an average. Women that way have been paying more attention to detail, the study shows.