In a year, the amount of outstanding home loans rises by Rs 3.4 lakh crore: RBI
According to RBI data, credit card outstanding increased by 26.2%, or almost Rs 55,000 crore, to Rs 2.67 lakh crore in May of this year compared to a surge of 31.5% at Rs 2.12 lakh crore the same month last year.
In May 2024, the amount of outstanding housing loans increased more quickly despite a decline in personal loan segment growth on an annual basis. According to data from the Reserve Bank of India, credit growth to housing, the largest component of the personal loan segment, surged by 16.9%, or Rs 3.40 lakh crore, to Rs 23.49 lakh crore in May 2024 as opposed to a growth of 13.8% at Rs 20.09 lakh crore the previous year.
But in May 2024, the growth in personal loans slowed down to 17.8% (y-o-y) from 19.1% in the previous year, mostly as a result of other personal loan growth that was less rapid.
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