High interest rates; lack of savings and unwillingness to borrow; high property rates and insufficient loan availability are the key constraints faced by prospective home buyers, reveals a new survey.

India Mortgage Guarantee Corporation (IMGC) has launched this first ever annual research survey titled Home Hunt 1.1, which captures the trends in housing and perspectives on housing finance in India.

The IMGC Home Hunt 1.1 survey was released by National Housing Bank (NHB) Managing Director & CEO Sriram Kalyanaraman in the presence of Amitava Mehra, CEO, India Mortgage Guarantee Corporation.

The survey—which was undertaken across 14 cities (metros, mini metros and small towns)—covered 4,000 respondents in the age group of 25-44 years. This research took into account data from both people who have already bought a home and ones that are planning to buy.

High dependence on personal savings to pay down payment for first time home buyers was also delaying home ownership, the survey revealed.

Almost half of millennials live with parents (46 percent), than in rented (31 per cent) and self-owned homes reflecting their financial dependence on parents. “Lack of loan history” and “obtaining requisite loan amount” is a bigger challenge for young borrowers as compared to others, the survey showed.

srivats.kr@thehindu.co.in