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Jakarta Post

Banks, fintech firms target millennials for mortgage loans

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Mon, October 21 2019   /  01:43 am

Financial institutions are creating more mortgage financing options to fit the needs of millennials as they believe this younger generation will become their main customers in the future. Despite the common perception that millennials are more interested in traveling than owning their own properties, a recent survey from Alvara Research Center reveals that 54.2 percent of Indonesia’s millennials prioritize owning a house or apartment to live in.However, with skyrocketing property prices, those aged between 20 and 35 years old will be unable to buy a house with their own money. At least a third of the country’s millennials surveyed by the center received financial assistance from their parents to buy a house.To cater to this generation’s need for housing and mortgages, financial institutions such as banks and financial technology (fintech) firms are creating innovative lending optio...