The profile of the first-time homebuyer is undergoing a marked shift. In 2019, only 38% of buyers were under 35; by 2026, that share rose to 64%, with Bengaluru accounting for nearly 68% of first-time buyers in this age group. This generational change is being driven by the tech economy and startup culture, as younger buyers increasingly view homeownership not as a retirement milestone but as a foundation for building long-term wealth, a report by NoBroker said on March 24
Interestingly, the share of unmarried first-time homebuyers is also seeing a gradual decline, the report said.
In Bengaluru, buyers under the age of 35 contribute 68% of the first-time buyers, fueled by high early-career incomes and a cultural normalization of taking on significant debt in one’s late 20s and early 30s, it said.
The rise of the unmarried homebuyer
The influx of younger buyers has brought with it a subtle but important demographic shift: a steady decline in the share of first-time homebuyers who are married. As recently as 2019, about 73% of first-time buyers were married at the time of purchase; that figure has since fallen to around 65%.
This reflects two broader trends: urban millennials are marrying later, and there is a growing willingness to take on significant financial commitments independently. Single buyers, particularly women, are increasingly entering the housing market on their own terms, the report showed.
Yet, paradoxically, the co-applicant model has gained traction. Even as fewer buyers are married, those who are married or in partnerships are more likely than before to opt for joint loan applications. The logic is twofold: co-applicants enhance overall loan eligibility and, in many cases, help unlock meaningful stamp duty benefits.
Today’s first-time homebuyer is younger, more leveraged, and increasingly part of a dual-income household where both partners are not just contributors but co-applicants. The home loan has evolved from a cautious financial instrument to the primary vehicle of aspiration, the report said.
In Mumbai, a flat 1% discount on stamp duty applies across all property values when a woman is listed as a co-applicant. In Bengaluru, the benefit is more targeted, as it applies to properties under ₹35 lakh, but uptake remains strong in that segment, it said.
In the NCR region, the savings are among the most attractive, Delhi offers a 2% concession, bringing stamp duty down to 4% for women compared to 6% for men, while Haryana cities like Gurugram and Faridabad provide a 1-2% reduction, and Noida in Uttar Pradesh charges around 6% for women versus 7% for men, the report showed.
Women-only loans account for less than 5% disbursals
Women now account for approximately 30% of property registrations, but women-only loans account for just [<5%] of disbursals. The gap tells its own story: women are overwhelmingly present in these transactions as co-applicants, not as standalone borrowers, it said.
EMI burden and the new risk calculus
The most consequential shift in the first-time buyer landscape is the dramatic increase in the share of income devoted to loan repayments. The industry standard and a longstanding internal guideline for most banks have been to cap EMI obligations at 50% of net monthly income.
As of 2026, the average EMI-to-income ratio among first-time buyers has climbed to [60-65%], up from [45%] in 2019. This is not simply a market trend; it represents a structural shift in how financial risk is calibrated and, in some cases, accommodated.
Lenders are adapting. Several banks have quietly stretched their effective underwriting limits beyond the 50% threshold to accommodate borrowers. This particularly applies to dual-income couples whose combined income profile makes the loan serviceable, even if they are individually below par, the report said.
The affordability pressure is further evidenced by the sheer scale of loan dependency in the market today. More than 80% of residential property purchases are now financed through home loans. This figure underscores how fundamentally the ‘save first, buy later’ model has been displaced by ‘borrow now, build equity later,’ the report added.