As per the RBI data, more people are borrowing money to buy SUVs than houses. Vehicle loans have increased by 137% in three years as against a 47% rise in home loans, which have seen a decline in share from 52% pre-pandemic. Analysts believe the trend may continue due to the ticket size and aspirations of Indians.
Sunita Singh is a 30-year-old working professional who wanted to buy a house in Mumbai. But looking at the overall prices of a one-BHK flat in the city’s suburbs, she figured out she would require borrowing at least INR90 lakh and pay a hefty EMI every month for the next 15 years. She changed her mind and decided to go for a Hyundai Venue – a mini SUV. She now pays an EMI of INR37,000, which will go on for the next 5 years but doesn’t mind doing
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