- 34% of women think buying a new home is the best investment option right now
- 52% of women have already started looking for a new home
- 48% of women consider brand credibility and transparency when researching a housing finance company to get a loan and buy their “dream home.”
Mumbai, March 07, 2022: One in two women strongly agree that over the past year they have become much more inclined towards building assets and buying real estate for investment purposes, revealed the latest study, Post ‘Generation-Rent’ from Godrej Housing Finance (GHF). The study was commissioned to better understand changing consumer preferences and the factors driving decisions to consider property purchase, asset creation and investment opportunities by Indian consumers for securing their future in a post-pandemic world.
Women have always been the keepers of the home, but now, in an era where women are also taking on roles such as entrepreneurs, lawyers, engineers, doctors, they are also focusing on the financial aspects of buying of a house. The study further revealed that 52% of women have already started looking for a new home and a home loan provider in the past year. 34% of women think buying a new home is the best investment option. The study also found that 48% of women consider brand credibility and transparency when researching a housing finance company to secure a loan and buy their “dream home.”
Read also : The pandemic has highlighted the role and importance of personal finance: Abhisek Puglia, Founding Team, GoalTeller
“Generation-Rent” is a well-documented phenomenon associated with Millennials around the world who prefer renting to owning consumer durables and even homes. Contrary to previous assumptions, around 76% of Indians highlighted that they now plan to switch from renting to owning assets as an investment and lifestyle choice.
Godrej Housing Finance’s Post ‘Generation-Rent’ study found that almost half of Indians (49.13%) had started making progress in their house hunting aspirations and contacting housing companies. housing finance over the past year. 32.9% believe buying a new home is the best investment option right now, while 16% mentioned owning a home is a top priority as working from home is the new standard.
The study also revealed that 25.5% of Indians rate owning a home as the second most important aspect defining “personal security”, with job security topping the rankings at 40.6%. voting for.
Commenting on the conclusions, Manich ShahMD and CEO, Godrej Housing Finance, said: “The pandemic has brought about a clear shift in preference among Indian consumers. They are moving towards sustainability through long-term investments. With accessibility at an all-time high, there’s probably never been a better time to buy a home, which is both an important part of asset allocation and a key pillar of financial security. That said, customers feel that this change requires stronger support from their financial partner to advise and support them in this long-term commitment. The study reaffirmed our need to redouble our efforts to provide innovation, flexibility and digital alternatives in product design and delivery to facilitate home ownership and facilitate the financing journey. client. »
The study further revealed that policy flexibility, brand credibility and transparency, digital offerings, and relative turnaround time for processing are the top factors driving funding partner selection. This can be attributed to consumers becoming accustomed to on-demand satisfaction of their needs through digital technology.
The study also found that frictionless, digital-first processes are seen as both a benefit and a starting point for consumers when choosing today’s finance brands. Companies and services that offer end-to-end digital solutions are gaining consumer preference over more traditional financing models.