India needs more housing products for youngsters, elderly

RBI deputy governor HR Khan says there is a need to have fixed-tenure long-term products for the younger generation

India has a huge population of youngsters and elderly, and the housing sector needs to develop products to cater to their needs, Reserve Bank of India deputy governor HR Khan said here Monday.

"There is a need to have fixed-tenure long-term products for the younger generation. Also, there is a need to have products for the older generation," Khan told a gathering of bankers in the Odisha capital.

"There is a huge ageing population in India and who are retiring in good condition of health. But they are not able to leverage their good financial position due to lack of products," he said.

"One such product is reverse mortgage loan, which is unique. We need more products like this."

"Similarly, we need more products for people who do not have regular flow of income. For them, institutions like micro-finance institutions (MFIs), which are closely connected to the people, need to cater to them," he said.