The corona epidemic and the lockdown have caused significant economic losses for business people. Because of this, millions of people have lost their jobs over the last one year and the business has suffered. The impact has been on the repayment of banks’ loans. When analyzing banks’ loans, it has been found that in the last 15 months, the number of repayment cases in home loans has tripled. However, now experts in the banking sector say the worst is over and all hope for further improvement.
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The Indian Mortgage Guarantee Company (IMGC), which manages around Rs 12,000 crore of home loans, says the loan default has doubled in the last one year. The number of claims we pay on June 15 has tripled since March 2020, the company said. The number of claims we have been paying has tripled in the last 15 months. The IMGC guarantees home loans to about 20 lenders including State Bank of India (SBI), Housing Development Finance Corp (HDFC), ICICI Bank and Axis Bank.
1.35 trillion of debt is trapped in the property market
According to real estate consultant Anarok, the debt market in the real estate market is under intense pressure of around Rs 1.35 lakh crore. That is, this loan is likely to sink or become NPA. According to the report, banks have given 7.5 lakh loans in real estate out of which 5.02 lakh are unsecured. At the same time, there is a risk of 1.35 trillion NPAs. These loans are issued by banks, NBFCs (non-bank financial institutions) and home financiers to real estate companies. The banks have bad loans with 50 developers nationwide.
The construction of six lakh houses has been stopped
Since the Corona crisis, nearly six million households across the country have been shut down. Their total value is more than five trillion rupees. This information was received from the Enrock Property Consultant report. According to the report, six lakh hangars came from big cities along with the country. Their construction began in 2014 or earlier. The 1.74 lakh homes valued at Rs 1.40 lakh have been completely trapped and two-thirds of these homes are priced below Rs 80 lakh, the report said.
The biggest crisis in Delhi-NCR
According to the report, most housing schemes are stuck in Delhi-NCR. About 1.13 lakh homes are trapped and their value is estimated at Rs 86,463 crore. After that, 41,730 houses worth Rs 42,417 crore were trapped in the Mumbai metropolitan area. NCR is now ahead in terms of pending projects. Of the more than six lakh units here, 52 per cent have been caught or delayed in completing them. Their total value is Rs 2.49 lakh crore. On the other hand, 28 per cent of homes worth Rs 1.52 lakh crore in the Mumbai metropolitan area are trapped.