Digging too much on mortage to GDP will miss the main point which is Gruh is a leader in this space and commands a very good position in the industry backed by its track record. If you doubt the core thesis of lending to non salaried people and wonder if the size of opportunity is indeed big enough then one must look at Shriram Transport Finance which lends to a similar segment (people without bank accounts) for used trucks/vans/cars (depreciating asset) and has demonstrated its scalability across the country. STFC's market cap is 2x that of Gruh and still growing.
P.S: Shriram Transport is a wonderful business and I do not mean to undermine that at all.
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