With a population of more than 1.2 billion, India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player.
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Financial inclusion of low-income households in urban areas is key focusNew Delhi, 14 August, 2013 – The government of India and the World Bank today signed a $100 million credit agreement aimed at helping... Show More + low-income households in Indian cities access loans to purchase, build or upgrade their dwellings.The Low Income Housing Finance Project will be implemented by the National Housing Bank (NHB). It will support the government’s agenda for financial inclusion by making it easier for low-income households in urban areas to access housing finance and by strengthening the capacity of financial institutions that target these groups.India’s urban population is expanding at a rapid pace and is expected to rise to 600 million by 2031, more than double that in 2001. Housing shortages in India are also acute with more than 90% of the shortage being faced by low-income households. In 2012 the urban housing shortage was estimated at 19 million.“Financial inclusion is a priority for the government Show Less -
ACCESS TO FINANCEHigh economic growth coupled with rapid urbanization and a rising middle class have created considerable demand for housing and housing finance in South Asia, according to a World Bank... Show More + report entitled, “Expanding Housing Finance to the Underserved South Asia.”South Asia’s housing and housing finance markets have grown at an impressive 30% in the past decade, but are limited to upper-income groups. Around 30 million middle-and lower-class households in South Asia —which accounts for 11% of the region’s population— have the willingness to pay, but unable to have access to mortgages.In India alone, estimates of the housing shortage range from 20 million to 70 million yet as much as half of this excess demand can be profitably serviced by the housing and housing finance markets.DEMAND FROM LOWER-MIDDLE-CLASSThe report examines housing shortages in South Asia, as well as outlines shortcomings of the market for home financing. To enable a rapid housing and housing finance ma Show Less -