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Indian housing credit, in published figures

CRIF · NHB · RBI · Census

Exhibit 1

Mortgage depth, India1

% of GDP

% of GDPTimeline. FY02 3.2; FY12 6.6; FY15 8.0; FY25 11.23.2%FY026.6%FY128.0%FY1511.2%FY25

Three and a half times the FY02 level. Still below every comparator in Exhibit 2.

Individual housing loans as a share of GDP, at four readings.

Table
Year% of GDP
FY023.20
FY126.60
FY158.00
FY2511.20

Exhibit 2

The same measure elsewhere2

% of GDP

% of GDPRange chart. India 11.2 to 11.2; China 20.0 to 28.0; Europe 45.0 to 45.0; United States 51.0 to 76.0; United Kingdom 64.0 to 82.0020406080100India11.2China20 to 28Europe45United States51 to 76United Kingdom64 to 82

IndiaComparators

Published comparators disagree, because some series count housing loans only and others include lending against property. Even on the lowest figures, India is far below each of the others.

Ranges, not points. See the note.

Table
CountryLowHigh
India11.211.2
China20.028.0
Europe45.045.0
United States51.076.0
United Kingdom64.082.0

Exhibit 3

Housing loans outstanding3

₹ lakh crore

₹ lakh crore, Mar-23 to Jun-26Column chart. Mar-23 31.8; Mar-24 35.9; Mar-25 40.6; Mar-26 44.4; Jun-26 45.501020304050Mar-23Mar-24Mar-25Mar-2645.5Jun-26

Up about 10.5% in the year to June 2026. The four-year compound rate is 12.9% over the four years to March 2026, so the latest year is a little below trend.

All reporting lenders: banks, HFCs and NBFCs.

Table
Period₹ lakh crore
Mar-2331.8
Mar-2435.9
Mar-2540.6
Mar-2644.4
Jun-2645.5

Exhibit 4

Amount against count3

Indexed, March 2023 = 100

Indexed to 100 at Mar-23Two lines indexed to a common base of 100.90100110120130140150143114Mar-23Mar-24Mar-25Mar-26Jun-26

Amount outstandingNumber of loans

Amount outstanding grows at about 12.9% a year, the number of active loans at about 4.9%. The difference is the average loan getting larger.

One axis, both series indexed to a common base.

Table
Period₹ lakh croreLakh loans
Mar-2331.8208.6
Mar-2435.9219.5
Mar-2540.6229.9
Mar-2644.4235.7
Jun-2645.5238.4

Exhibit 5

Average outstanding per live loan3

₹ lakh

₹ lakh, Mar-23 to Jun-26Column chart. Mar-23 15.2; Mar-24 16.4; Mar-25 17.7; Mar-26 18.8; Jun-26 19.105101520Mar-23Mar-24Mar-25Mar-2619.1Jun-26

This is the balance still owed, not the amount sanctioned. A loan disbursed in the same quarter averaged ₹34.1 lakh.

Portfolio outstanding divided by live loans.

Table
Period₹ lakh
Mar-2315.2
Mar-2416.4
Mar-2517.7
Mar-2618.8
Jun-2619.1

Exhibit 6

Disbursed each year3

₹ lakh crore

₹ lakh crore, FY20 to FY26Column chart. FY20 5.84; FY21 5.99; FY22 7.99; FY23 9.39; FY24 10.33; FY25 10.52; FY26 11.8102.557.51012.5FY20FY21FY22FY23FY24FY2511.81FY26

New loans disbursed in each year, as against the balance outstanding in the exhibits above. FY21 is the pandemic year; FY25 was flat; FY26 was ₹11.8 lakh crore.

New housing loans originated, by financial year.

Table
Year₹ lakh crore
FY205.84
FY215.99
FY227.99
FY239.39
FY2410.33
FY2510.52
FY2611.81

Exhibit 7

Who holds it4

₹ lakh crore

₹ lakh croreBar chart. Public sector banks 14.7; Private banks 12.6; Housing finance companies 6.26; Regional rural banks 0.47Public sector banks14.7Private banks12.6Housing finance companies6.26Regional rural banks0.47

Private banks have drawn close to the public sector, and housing finance companies hold a sixth of this measure. It is a narrower basis than Exhibit 3; see the register below.

Individual housing loans by lender type.

Table
Lender type₹ lakh crore
Public sector banks14.70
Private banks12.60
Housing finance companies6.26
Regional rural banks0.47

Exhibit 8

Interest rates by loan type5

% per annum

% per annumRange chart. Home loan 7.1 to 10.5; Loan against property 9.0 to 13.0; Personal loan (banks) 12.0 to 18.0; Credit card revolving 36.0 to 44.001020304050Home loan7.10 to 10.50Loan against property9.00 to 13.00Personal loan (banks)12.00 to 18.00Credit card revolving36.00 to 44.00

SecuredUnsecured

What a borrower is actually offered inside these ranges turns on credit profile, loan size and loan-to-value.

Advertised ranges, not disbursed averages.

Table
ProductFromTo
Home loan7.1010.50
Loan against property9.0013.00
Personal loan (banks)12.0018.00
Credit card revolving36.0044.00

Exhibit 9

Risk weights6

% risk weight

% risk weightRange chart. Home loan, LTV ≤ 80% 35 to 50; Loan against property 75 to 100; Unsecured consumer credit 125 to 1250255075100125Home loan, LTV ≤ 80%35 to 50Loan against property75 to 100Unsecured consumer credit125

SecuredUnsecured

A lender holds capital against every rupee it lends, and the multiplier is set by regulation. In November 2023 the weight on unsecured consumer credit went from 100% to 125% while housing stayed where it was. Part of the rate gap in Exhibit 8 is this capital cost, passed through to the borrower.

Regulatory risk weight by asset class.

Table
Asset classFromTo
Home loan, LTV ≤ 80%3550
Loan against property75100
Unsecured consumer credit125125

Exhibit 10

The households behind it

Two slow-moving series behind housing demand. Smaller households mean more households, and more households mean more homes.

Total fertility rate73.39 (1992-93) → 2.2 (2015-16) → 2.0 (2019-21)
Urban household size84.8 (2011) → 4.4 (2019-21)

Derived

Figures computed from the series above

MeasureValueHow
Portfolio CAGR, four years to March 2026312.9%Compounded from the CRIF portfolio series.
Live-loan count CAGR, same period34.9%Compounded from the CRIF active-loan series.
Bank-only housing CAGR, ten years to September 2025915.3%Compounded from the RBI scheduled-commercial-bank series.

Sources

1
Report on Trend and Progress of Housing in India, 2025SOURCED

Published under section 42 of the National Housing Bank Act, 1987. Source for mortgage depth: individual housing loans as a share of GDP.

2
Mortgage depth comparators, as published by national housing and central-bank sourcesINDICATIVE

Published figures disagree because the denominator and the definition differ: housing loans alone in some series, housing plus loans against property in others. Never to be mixed with household-debt-to-GDP, which is a wider measure again.

3
How India Lends, FY27 Q1 (September 2026 release)SOURCED

Portfolio outstanding, originations, active loans and average ticket across all reporting lenders: banks, HFCs and NBFCs. The broadest of the three datasets. Use it for total market size.

4
Individual Home Loan Outstanding by HFCs, PSBs, PVBs and RRBs, 30 September 2024SOURCED

Individual housing loans split by lender type and by state. Covers housing finance companies and banks; excludes standalone NBFCs that are not registered as HFCs.

5
Lender rate cards and public comparison sites, May 2026INDICATIVE

Headline advertised ranges, not disbursed averages. Actual pricing moves with credit profile, loan size and loan-to-value.

6
Master Circular on Basel III Capital Regulations, FY2024-25, and circular DOR.STR.REC.85/21.06.001/2023-24 of 16 November 2023SOURCED

Risk weights by asset class, and the November 2023 increase on unsecured consumer credit from 100% to 125%.

7
National Family Health Survey, NFHS-1 (1992-93) through NFHS-5 (2019-21)SOURCED

Total fertility rate and household size. NFHS samples differ between rounds, so the household-size move is directional rather than exact.

8
Census of India 2011, Houselisting and Housing Schedule HH-7SOURCED

Baseline urban household size.

9
Bank and Bank-Group-wise data, 'Major Sectoral' seriesSOURCED

Housing loans as gross advances, scheduled commercial banks only. The gap between this and the CRIF figure is roughly the non-bank share.

Figures as published. Where a publisher has restated a series, the latest release is the one used.