Are millennials and Gen Z behind 90–95% of India's home purchases?
India Today
For many borrowers under 40, applying for a home loan online is no longer optional, it is the preferred way. Around 72% of borrowers in this age group choose digital applications, and nearly half of borrowers above 60 are also getting comfortable with online processes.
Buying a home in India is no longer just a long, paper-heavy journey handled at bank counters. If you are a young homebuyer today, chances are you are doing most of it online. In fact, Millennials and Gen Z make up nearly 90–95% of residential property purchases, and they are doing it in a very digital way, according to a report by BASIC Home Loan.
The report, titled 'How Bharat Finances Its Housing Dreams', is based on responses from over 7,400 existing and aspiring homebuyers, with strong participation from Tier 2 and Tier 3 cities. It paints a clear picture, i.e., young India is driving both homeownership and the shift towards online home loans.
For many borrowers under 40, applying for a home loan online is no longer optional, it is the preferred way. Around 72% of borrowers in this age group choose digital applications, and nearly half of borrowers above 60 are also getting comfortable with online processes.
A big part of this shift is the growing use of DigiLocker, where almost 80% of home loan users are aged 35 or younger. Paperless documentation and faster approvals are making the process feel less stressful and more transparent.
Atul Monga, CEO and Co-Founder of BASIC Home Loan, says, "Millennials and Gen Z are at the heart of India’s housing story, and their preference for fast, transparent digital loan journeys is reshaping the ecosystem."
The report also reveals that smaller cities are becoming strong centres of homeownership growth. Tier 2 and Tier 3 markets are seeing rising participation, especially in the Rs 11–20 lakh middle-income segment, where loan penetration is about 74%.
For many borrowers under 40, applying for a home loan online is no longer optional, it is the preferred way. Around 72% of borrowers in this age group choose digital applications, and nearly half of borrowers above 60 are also getting comfortable with online processes.
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