Abstract
Housing finance in India has grown at a rapid pace during the last two decades. However, the share of outstanding housing loans as a percentage of GDP stood at only 7.3% in 2005. This share has doubled since 2001. Mortgage penetration in India is very low. At about 7%, mortgage penetration is comparable to other emerging markets but is way below developed countries. It has taken more than three decades for mortgage penetration to reach this level in India. Low mortgage penetration can be viewed either as a huge untapped potential which is set to rise as the middle-income group expands or merely as a consequence of inefficiency in mortgage markets so that a large proportion of households are unable to access credit.
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