Mortgage Industry in India

The Mortgage Industry in India is one of the biggest divisions in the banking financial services and insurance sector in India. The Mortgage Industry in India was antecedently known as the Indian housing finance industry. Now the Mortgage Industry in India is worth of is about US $ 18 billion. The gross domestic product to mortgage ratio in India is very low in comparison to other developed countries. The ratio in the foreign countries ranges from 25% to 60% whereas in India the ratio is 2.5%. The India Mortgage Market is showing fast growth in the past few years.

The foremost players in this sector are the finance corporation but presently the commercial banks are also started playing an important role in the development and growth of the Mortgage Industry in India. At present the market leader in the Mortgage Industry in India is the Housing Development Finance Corporation (HDFC), with the State Bank of India (SBI) following the lead. The Life Insurance Corporation (LIC) Housing Finance Limited and the Industrial Credit and Investment Corporation of India (ICICI) Bank also constitute an important part of the mortgage industry in India.

The mortgage industry in India improving day by day and there is a sudden surge in market for credit. The mortgage industry in India is expected to grow at a rapid rate in a few years time. The rise in the infrastructural developments and real estate based activities has turn powered the growth of the mortgage industry in India. The mortgage industry in India is considered as an important but a decisive factor in the growth of the economy as well as the country. The growth in the mortgage industry was also boosted by the fiscal policies under the financial allotments of the 5 year Plans. The mortgage industry has to make further developments and for that the assistance of the government as a provider and authoritarian agency in required. The foreign direct investments and private funds are to be encouraged. The lengthy governmental procedures have to be abolished in order to get access to faster mortgage loans. The laws regarding property and land, rent, have to be improved. Credit rating bodies and mortgage insurance providers will further boost the growth of the Mortgage Industry in India.

The services offered by the mortgage industry in India

• Debt consolidation service
• New home loans
• Home equity loans
• Mortgage refinancing
• Real estate lending
• Latest mortgage quotes

Some of the important players in the mortgage industry in India

• HDFC Bank Mortgage Service
• State Bank of India Mortgage Loan
• LIC Housing Finance
• Bank of India Mortgage Scheme
• State Bank of Mysore Mortgage Loan
• United Bank of India Mortgage Scheme
• ICICI Bank Mortgage Service
• Canara Bank Mortgage Service
• Bank of Baroda Mortgage Scheme
• Union Bank of India Mortgage Scheme

Mortgage Calculator

Last Updated on 5/26/2011