A recent report by the housing finance regulator showed affordable housing sector drove the individual housing loan market in 2017-18, with 78 percent loans disbursed for the purchase of houses costing less than Rs 25 lakh, reported The Hindustan Times.

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Overall, the individual home loans market grew at 21 percent to Rs 13.1 lakh crore in 2017-18 as compared to a 14 percent growth in the previous year, indicating a turnaround in the sector, the report said citing the data.

The housing data signals that the Pradhan Mantri Awas Yojana (PMAY) impetus is working.

The PMAY scheme, which aims to provide housing for all, gives an interest subsidy on housing loans to those belonging to the economically weaker section, who have an annual income of Rs 6 lakh and middle income group, with annual income between Rs 6 lakh and Rs 12 lakh and between Rs 12 lakh and Rs 18 lakh.