The growing popularity of mortgage financing in India will do more than just enable millions to become first-time homeowners. It will deepen the financial market, boost the housing and construction industries and spur economic growth, writes Shailaja in the Far Eastern Economic Review.
Issue cover-dated June 17, 2004
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SURESH VARMA, a 32-year-old entrepreneur who runs a small advertising company, recently splurged on a 3.5 million rupee ($77,000) home in the upmarket New Delhi suburb of Gurgaon, for which he took a home loan of 2.5 million rupees. Varma began his career living in a two-room house and driving a beaten-up scooter. Now, he owns a (financed) fancy Honda City car and a plush three-bedroom apartment. His father, who is a retired central-government employee, isn't too happy at the amount of debt his son has taken on. "What if his business goes through an extended downturn?" he wonders.
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Wednesday, June 09, 2004
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