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<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23127366" type="General" weightage="20" keywordseo="consumption-loan" source="Orion">consumption loan</keyword> portfolio grew by 15.2% year-on-year (YoY) to Rs 90.3 lakh crore as of March 2024, according to the latest <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> bureau report. The fourth edition of the CRIF High Mark report noted a slowdown from the 17.4% growth recorded in March 2023, largely due to a deceleration in the home <keyword id="6362287" type="General" weightage="100" keywordseo="loans" source="Orion">loans</keyword> segment, which accounts for 40.1% of the overall consumption loan portfolio by value. The home loans portfolio saw growth slowing down to 7.9 % YoY in FY24, from the 23 % expansion seen in FY23. This was mainly due to muted growth in "originations", which increased by 9.2 % in FY'24 compared to 18.2 % in the previous fiscal year. Origination refers to the process by which a lender creates or initiates a new loan or credit, including evaluating, processing, and approving a borrower's application. The report finds a shift toward higher <keyword id="6871589" type="General" weightage="20" keywordseo="ticket-size" source="Orion">ticket size</keyword>s, with a growing preference for loans above Rs 35 lakh, although the average ticket size (ATS) rose by 32% from Rs 20.1 lakh in FY20 to Rs 26.5 lakh in FY24. In contrast, the personal loans segment maintained strong momentum, growing by 26% YoY in FY24, despite recent regulatory reforms. Larger ticket loans of Rs 10 lakh and above increased their share in originations by value, while loans under Rs 1 lakh continued to dominate in volume. Banks led in value-based originations, whereas non-banking financial companies (NBFCs) remained dominant in volume. Two-wheeler loans experienced a 34% YoY growth in FY24, up from 30% in FY23, fueled by a shift to higher ticket-size loans. However, the overall volume of originations grew at a slower pace of 13% in FY24 compared to 32% in FY23. <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">Auto loans</keyword>, on the other hand, grew by 20% YoY in FY24, compared to 22% in FY23. Consumer durable loans posted a robust growth of 34% YoY in FY24, up from 26% expansion in the previous fiscal. This growth was driven by a shift to larger ticket sizes, although origination volumes grew by only 8.5% in FY24, compared to 38.2% in FY23. The MSME lending segment displayed mixed results, with individual MSME loans growing faster than entity MSMEs. The individual MSME portfolio increased by 29% YoY in FY24, accelerating from 15% in FY23, while entity MSME loans grew by just 6.6 % YoY, a sharp slowdown from 17.2 % in the previous year. Microfinance lending also saw strong growth, with the portfolio rising by 27% YoY in FY24, compared to 21% in FY23. "The resilience of the Indian credit market is evident in the strong performance across various lending categories and the stability in delinquencies. Home loans remain dominant, but the growth in personal loans, two-wheeler loans, and the rebound of NBFCs highlight significant shifts in the lending landscape," CRIF High Mark MD Sanjeet Dawar said.

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

<div type="image" title="In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Or, if it leaves the rates unchanged, your EMIs wont budge one bit" msid="114284206" hostid="261" caption="&amp;lt;p&amp;gt;In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Or, if it leaves the rates unchanged, your EMIs wont budge one bit&amp;lt;/p&amp;gt;"></div> On September 18, 2024, the <keyword id="19951097" type="General" weightage="20" keywordseo="us-fed" source="keywords">US Fed</keyword> delivered a jumbo-sized surprise to the global economy. Not only did they trim their interest rates by a massive 50 basis points to bring their yields down to 5%, but also hinted at further rate cuts in the upcoming months. This move from the fed and several other central banks globally had pushed expectations high for a similar rate slash closer home, from the <keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword> this month. But governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, in a “picture abhi baaki hai” moment, decided to hold the repo rates here steady, leaving them unchanged at 6.5% for the record 10th straight time. Although, he did tinker with the policy stand, changing it from “rate cuts are absolutely off the table” to a more accommodating “we’re okay with bringing down the rates, if needed”. This, rather neutral, stance from India’s financial custodian sparked hopes for a rate cut in December this year. However, the stubborn <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> levels in September have again dented such hopes. As consumers, you may be wondering what all the hullabaloo this is about, since it hardly makes a difference to your regular financial routine. Well, the majority of both economic growth and inflation is closely connected to this policy stance from the central bank and it does have a rather indirect effect on both our earnings and spending. But more directly, it would have clear implications for those looking to own a house. Even the slightest modification of interest rates, or the lack of it, influences the <keyword id="19916018" type="General" weightage="20" keywordseo="emi" source="keywords">EMI</keyword> you pay significantly. So, all aspiring homebuyers, is this the right time to take out a loan and buy a house? Can you expect a rate cut anytime soon, and what will that mean for your home-owning dreams? We lay it out. <h2>What’s the connection?</h2>You see, buying a house is no small feat, at least financially. The task becomes even more herculean if you are scouting for your own roof in cities like Delhi, Noida, Bangalore or Mumbai where, as Circuit from Munnabhai says, “room shuru hote hi khatam ho jata hai”. Naturally, you’ll have to take a <keyword id="6354730" type="General" weightage="20" keywordseo="Home-loan" source="Orion">home loan</keyword> from the bank. Don’t be mistaken, the bank won't give you a loan that covers 100% of the value of the property you want to own. Rather, your loan amount will be equivalent to a certain percentage of the property’s total value. RBI’s guidelines on this are pretty clear: <ul><li>If your loan amount is up to Rs 30 lakh, you can get a loan worth 90% of the property’s value.</li></ul><ul><li>If the loan amount is between Rs 30 lakh and Rs 75 lakh, you are eligible for a loan worth 80% of the property’s value. </li><li>If you are taking a loan of more than Rs 75 lakh, your loan amount will be equivalent to 70% of the property’s value. </li></ul>Now assuming that you have the money, it's all about paying back the principal amount, but not without a little (read hefty) interest added on top. See, when you’re taking a home loan, you are actually signing up for a long-term, even multi-decadal financial commitment, which will unfailingly present itself to your bank accounts and finances every single month, in the form of EMIs, or equated monthly instalments). When you take a home loan, you can choose to pay the interest in two ways (talk about choices!). One is that you decide to keep a fixed rate of interest throughout the tenure of your home loan. So, if you opt for a 25-year fixed-rate home loan at the rate of 8.8% p.a., you’ll have to pay interest at this rate for the next 25 years, till your entire loan is paid off. Yes, you can go backsies and switch to a floating-rate home loan by paying a fee. Floating, as the name suggests, means that your interest rate is not set in stone. But starting October 2019, when it comes to a floating interest rate home loan, your payable interest and EMIs are directly impacted by any changes in <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword>, which were left unchanged by RBI this time around. Why are these two so chummy, you might ask. Well, <keyword id="173069" type="General" weightage="20" keywordseo="Home-loan-interest" source="Orion">home loan interest</keyword> rates are a sum of two things: <ol><li>Repo Rate (the rate at which RBI lends money to banks)</li><li>Operational cost + margins</li></ol>Any plus or minus in this equation would send your home loan interests tanking, or skyrocketing. Vivek Iyer, Partner, Grant Thornton Bharat explains that any change in the repo rates impacts the cost of funds and thereby the home loan interest rates. “When the interest rates are expected to reduce, the corresponding impact will be in the form of a reduced EMI. Home loan borrowers should always try to borrow at a floating rate when interest rates are expected to reduce and at a fixed rate when the interest rates are expected to increase. This minimizes the outflow in the form of EMIs that the home loan borrowers will experience”, he continues. So, no change in repo rates means no change in your home loan interest payout and no financial relief whatsoever. A rate cut, which most experts are anticipating will start this December, would mean your EMI payments come down, and your wallet might save a little more. But there’s also a chance of an UNO reverse happening. In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Consider this. You took a floating interest rate home loan worth Rs 50 lakh in January 2022 at 8% p.a., for a period of 20 years. This brings your total monthly EMI to Rs Rs 41,822. But, as luck would (or won't) have it, RBI raised the interest rate by 250 basis points between May 2022 and February 2023, bringing it to its current status of 6.5%. Some back-of-the-envelope calculations suggest that now, your home loan interest payout will also rise by a hefty 2.5%, taking the total to 10.5%. In other words, you’ll have to dish out Rs 49,919 per month as EMI. Now, won't you heave a sigh of relief if the RBI were to bring down the interest rate by say, even 50 basis points, or 0.5%? Agreed, your EMI will come down just marginally, to Rs 48,251. But look at this over a 20-year period, and you’ll see how big the difference is. <h2>Are rates set to change anytime soon?</h2>Generally, RBI hikes the repo rates if it sees inflation spiralling out of control. Then, in a bid to reduce consumer spending, it raises interest rates to make borrowing expensive. But when the apex bank sees sluggish consumption in the economy, inflation in control and wants to boost spending, it slashes down on interest rates, making it more lucrative for people to borrow. As of now, most experts are not anticipating any changes in the interest rates anytime soon. This means home loans are not getting cheaper anytime soon. The CPI data, which came out yesterday, saw inflation rise to 5.49% in September, compared to 3.65% last month. Food and beverage prices jumped to a four-month high of 8.36% in September, as opposed to a 5.3% rise in August. So a rate cut seems a no-go at the moment! Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities explains that the RBI had probably expected a hardening of inflation and that's why it chose to hold on to the rates in the monetary policy announcement last week. “Now, it seems that RBI will take a cautious stance going ahead and will not be in a hurry into rate cuts like its global peers”, he added. In all this, one thing is clear, in the grand movie of the Indian economy, the RBI has chosen stability over drama. And just like in every good Bollywood film, we're left wondering what twist the sequel will bring. Until then, it might be “The End" for rate cuts, but the show must go on for the Indian economy!

Simply Put: Boom or bust — how RBI’s decision to leave rates unchanged affects homebuyers

Top 8 banks offering low interest rates on home loans; check full list here

<div type="image" title="The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books." agency="ANI" msid="114778648" hostid="261" caption="&amp;lt;p&amp;gt;The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books.&amp;lt;/p&amp;gt;"></div> Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, IndusInd Bank set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e. an NPA, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, RBI, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and <keyword id="20117932" type="General" weightage="20" keywordseo="navi-finserv" source="keywords">Navi Finserv</keyword> from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending instalments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honour any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its gross NPA for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. IDFC Bank’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in <keyword id="6051027" type="General" weightage="20" keywordseo="Unsecured-loan" source="Orion">unsecured loan</keyword>s, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. <keyword id="6376194" type="General" weightage="20" keywordseo="kotak-mahindra" source="Orion">Kotak Mahindra</keyword> Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> headmaster who runs his dominion with an iron fist. However, that's a story for another day. Do you have a topic in mind you'd want a simpler explanation for, or insights or personal experience to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

<ul class="summary-list"><li>Shireen Nagdive worked as a software engineer in India when she applied for a master's in the US.</li><li>She told Business Insider it was a big risk taking out a $59,000 loan for her studies.</li></ul>This as-told-to essay is based on a transcribed conversation with 29-year-old Shireen Nagdive from Kalyan, India, about her experience moving to the US and working for Salesforce. The following has been edited for length and clarity.I grew up in a very small town in India called Kalyan, near Mumbai. I've been interested in computers since I was a child and wanted to pursue a career in <a target="_blank" class="" href="https://www.businessinsider.com/computer-science-job-market-was-tougher-than-i-expected-2023-12">computer science</a> since the eighth grade.I did my bachelor's degree in computer science at Visvesvaraya National Institute of Technology in <a target="_blank" class="" href="https://www.businessinsider.com/indians-leaving-big-tech-to-launch-startups-back-home-2024-9">India</a> from 2012 to 2016. In the last year of my course, I got an offer as a software engineer for a multinational company in India.I'm the first woman in my family to graduate from college and work for a big corporation.<h2 id="a8a22fef-ba92-45d4-8510-b66557966d2f">I applied for a master's in the US</h2>I moved in with some roommates from work. They were all sitting the graduate record examination, which can help with admissions to <a target="_blank" class="" href="https://www.businessinsider.com/graduate-school-masters-mba-college-regret-2024-7">business schools in the US</a>.I'd never heard of it. No one close to me had pursued a career outside our hometown, let alone in the US.At 23, I knew I wanted to spend my whole career in tech, and it seemed like a good time to study for a couple of years in the US. I wanted to deepen my understanding of computer science and work on more complex projects. I decided to do the exam and see what happened. Every day after my 9-to-5, I'd study for the exam.I sat the exam and got decent marks, so I applied for several master's degrees in computer science in the US in 2017. I had a rough idea of how expensive they were, but I didn't know how I'd pay for them. I got into the computer science master's program at Stony Brook College in New York to start in 2018.<h2 id="e52405e2-72cb-4d22-aabd-529d38764bc3">I took a big risk taking out a loan</h2>I'd funded my examination and college application fees through my job, but I had no idea how I would finance a master's degree in America.The course fees were $59,000. That is a lot of money, which my family didn't have.I'd have to take on a <a target="_blank" class="" href="https://www.businessinsider.com/professor-student-loan-debt-suddenly-forgiven-2024-8">lot of debt</a>. One option was to take out a collateral loan on our family home. The bank would be able to take the property as collateral if I didn't make my payments. My dad and I discussed this, but we didn't want our only house to be an asset on the loan.I decided to take out a non-collateral loan to cover the fee cost, which has a higher interest rate.Relatives asked me why I was taking on so much debt for my education instead of buying a house in India, building my own company, or making an investment. My dad, who had paid for my bachelor's degree, was worried, but my mom encouraged him to trust me.I questioned whether it was worth it, but I wanted to invest in myself. I thought: "If I don't take this risk now, I will regret it for the rest of my life."To counteract my doubts, I developed a calculated risk framework. What would be the worst thing that could happen, and how I would resolve it?The worst-case scenario was that I didn't get a job in the US, and it would take me a lot longer to repay my debt, including more interest. My solution was to return to India, where I knew I could get work. It might take me a decade to repay my debt, but at least I'd have no regrets.<h2 id="2e018fd4-9e86-4790-b36d-30a1edca9c44">I focused on what I could control</h2>I'd never been to the US before, but my debts scared me more than moving to a new country. Stony Brook is in New York. I visualized skyscrapers like in movies, but the college was actually in Long Island. My room was cramped. I initially wondered why I had come, but I made friends and adjusted to the city.Two weeks after I started, my friend and I wanted to try out salsa classes. That day, I heard from my roommates that someone on the course had already landed an internship with Microsoft. I hadn't even started preparing to apply to internships. I ditched the salsa and told myself I'd focus solely on my applications to tech jobs and interview preparation.Landing an internship could help my résumé and could be converted into a full-time offer. I worked day and night at college and gave my 100%. Working so hard on application alongside my course and assignments was pretty stressful. All the computer science students worked and lived on the same campus – it felt competitive, but also motivating.I was often homesick and called my parents daily. I liked hearing about what they had for lunch and dinner, just the basic things.<h2 id="af48b5f8-1d58-4940-a393-2a3efa2f747a">I landed a job with Salesforce</h2>I got an internship with <a target="_blank" class="" href="https://www.businessinsider.com/salesforce-ping-pong-work-flexible-2024-7">Salesforce</a> in the summer of 2019 while doing my master's. It was in Washington state. I got to work on a project. I realized it was a great place for engineering and innovation and I really liked the culture. It helped me figure out I wanted to work on the backend side of things, on large scale systems.My manager was a great mentor and when I finished the project, I was offered a full-time role on the technical team that aligned with my interests. It was based in the Bay Area.I felt so relieved, and happy that my hard work had finally paid off. Not only could I repay my debt, but I could contribute to a great tech product at Salesforce.<h2 id="8a98083b-2e92-4cf4-85d8-b5f826c379d4">I moved to Silicon Valley</h2>I moved to the Bay Area in February 2020. I realized how much <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-new-york-london-tech-where-to-live-2024-8">tech innovation is happening in the area</a> and how many opportunities there were to build relationships with people in the industry. But I was <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-us-from-india-big-tech-changed-me-2024-7">homesick</a> because I couldn't travel home to India during the pandemic.I managed to pay back my loan in 2020.I've been here for four years, with Salesforce sponsoring my visa. I'm enjoying life in the US and haven't got plans to return to India. I'll figure that out in a couple of years.I'm so grateful I get to work with smart engineers on my team on a daily basis. I've seen an improvement in my problem-solving and communication skills in engineering.Last year, I was able to bring my parents to the US for a holiday. It was a dream for me to show them around all the beautiful places in California. I've grown so much over the last few years both as a software engineer and as a person. Starting from scratch in a new country makes you tough. I'm so glad I invested in myself.For other students who don't have a family background where they know how to figure all this out, if I can achieve my <a target="_blank" class="" href="https://www.businessinsider.com/what-is-the-american-dream-gen-zers-flexibility-freedom-individualism-2023-5">American dream</a>, you can too.If you've taken a significant career risk and would like to share your story, email <a target="_blank" href="mailto:ehopkins@businessinsider.com">ehopkins@businessinsider.com</a>.

I moved to the US from India and took out a $59K loan to follow my dream of landing a job in Big Tech. My risk paid off. 

<keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51 per cent of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept <keyword id="173069" type="General" weightage="20" keywordseo="home-loan-interest" source="Orion">home loan interest</keyword> rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6 per cent to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46 per cent to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29 per cent to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63 per cent to 22,885 units from 14,080 units. Sales of <keyword id="135249" type="General" weightage="20" keywordseo="residential-properties" source="Orion">residential properties</keyword> in Hyderabad increased 41 per cent to 16,375 units from 11,650 units. In Chennai, housing sales rose 42 per cent to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7 per cent to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

You Searched For "home loan in india" and got 6 results

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I moved to the US from India and took out a $59K loan to follow my dream of landing a job in Big Tech. My risk paid off.

Ella Hopkins

Housing sales up 36 pc in Jul-Sep in top 7 cities to record 1,20,280 units: Anarock

PTI

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