New Delhi, September 25
There has been a tectonic shift in the past decade not just in the overall buying pattern but also in the age of property buyers, according to a new report on Wednesday which found that younger Indians with much lower savings kept away from bank loans seeing them as risky, and were also very cautious about them.
Analysing the age bracket of home seekers in the first half of 2019, the report, conducted by property consultant Anarock, said at least 37% of participants serious about buying homes fall in the age bracket of 35-45 years, followed by 25% in the 45-55-year bracket.
The report also revealed that 20% participants are in the age bracket 25-35 years and at least 7% are under 25 years of age. The homebuyer share of these two age brackets was extremely limited in the early 2000s.
Towards 2009-2010, easy home loan availability boosted the share of homebuyers falling in the 25-35 years age bracket, the study said.
In late 2010, buyers were largely in the age group of 35-45 years and 45-55 years, but the share of homebuyers in the 25-35 years age group was minimal. However, improved tax benefits motivated more working youth in this age bracket to opt for home loans.
Millennials predominantly favoured paying EMIs to own a home over the ‘dead’ expense of rentals.
The ranks of the vital age demographic swelled steadily till about 2015-16.
However, since then, many millennials are rethinking the notion of buying homes at this relatively early age. — IANS
from The Tribune https://ift.tt/2njyFhz
via Today’s News Headlines
No comments: