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Nirmal Bang Report
We hosted one of the largest direct selling agents in the country, over an investor call.
One of the key takeaways from the discussion was that the recovery in retail lending space has been primarily led by home loans.
The resurgence in home loan demand has been surprising, driven by a combination of asset price correction (20-30%) and ultra-low interest rates (6.5-6.6% starting for banks).
In places like Mumbai, reduction in stamp duty has also helped. Personal loans and loan against property (LAP) are also seeing some recovery but it is not as strong as home loans.
Inquiry levels for salaried personal loans are at approximately 85% of pre-Covid-19 levels while self-employed business loans and LAP products are operating at 30-35% of pre-Covid-19 levels.
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