Bhubaneswar most affordable city in India in terms of Median House Price to Monthly Income while Mumbai remains the least affordable, according to Reserve Bank of India (RBI's) latest quarterly residential asset price survey.

The RBI has been conducting a quarterly residential asset price monitoring survey (RAPMS) since July 2010 on housing loans disbursed by select banks/ housing finance companies (HFCs)1 across 13 cities - Mumbai, Chennai, Delhi, Bengaluru, Hyderabad, Kolkata, Pune, Jaipur, Chandigarh, Ahmedabad, Lucknow, Bhopal and Bhubaneswar. The survey compares selected cities in terms of EMI-to-income (ETI) ratio - representing loan eligibility; house price to income (HPTI) ratio – reflecting affordability; and loan to income (LTI) ratio among other parameter affordability measures.

According to Median House Price to Monthly Income factor Mumbai got a score of 74.4 while Bhubaneswar got 54.3, as of March 2019.

Chennai,Delhi, Bengaluru, Hyderabad, Kolkata,Pune, Jaipur, Chandigarh, Ahmedabad, Lucknow and Bhopal got scores of 58.6, 58.5, 56.1, 60.3, 56.5 66.6, 55.9, 63.4, 70.4, 58.6and 56.2 respectively.

Other highlights from the RBI survey:

The median Median Loan to Value (LTV) ratio moved from 67.7% to 69.6% between March 2015 and March 2019 showing that banks have become increasingly risk tolerant.

The median EMI-to-Income (ETI) ratio has remained relatively steady during the past 2 years; however, Mumbai, Pune and Ahmedabad recorded higher median ETI compared to other cities .

Housing affordability worsened over the past 4 years as the house price to income (HPTI) ratio increased from 56.1 in March 2015 to 61.5 in March 2019 . Mumbai remains the least affordable city in India, while Bhubaneswar remains the most affordable city.

The movement of median loan to income (LTI) ratio also confirms worsening housing affordability as it moved from 3.0 in March 2015 to 3.4 in March 2019.