Project data

Data: Household finance in India

We employ loan-level data on over a million loans disbursed in India between 1995 and 2010 to understand how fast-changing regulation impacted mortgage lending and risk. Our paper uses changes in regulatory treatment discontinuities associated with loan size and leverage to detect regulation-induced loan delinquencies. We also find that an acceleration in the classification of assets as nonperforming resulted in substantially lower delinquency probabilities and losses given delinquency.

Data details

The data sits under “Additional Materials”. It’s in Stata and Csv (Excel) format.

From the ReadMe: Our primary data sources are mortgage loan microdata from a large Indian mortgage provider. Unfortunately, these data were only obtainable under a confidentiality agreement which precludes us from sharing our lender’s name. Prior to their usage, these data were filtered to restrict attention to residential home mortgage loans to Indian residents disbursed 1995 through 2010. We remove a small number of loans with unconventional interest rate schemes, aborted loans (closed prior to disbursement), and a very small number of loans missing valid loan-cost ratio or interest rate data. These “clean” proprietary loan-level data are contained within the datasets “loandata_for_reg” referenced in the code.

In addition, we obtained from our mortgage lender a complete transaction record for a stratified subsample of 10,000 loans. These data are referenced by the files “sample_10k_id_0830_redraw” (which identifies the loans sampled), “amrt” (records of expected mortgage installments and interest rates), and “trans” (records of transactions).

Publicly available data sources used in addition to our mortgage loan data are provided in the file These files include:
1) India_10Y_Gov.csv – Yields on ten year Indian Government Bonds from Global Financial Data
2) India_Prime.csv – Indian prime rate from Global Financial Data
3) TByields.csv – Yields on one year Indian Government Bonds from CMIE Prowess
4) World Bank GDP and Inflation.csv – Annual Indian nominal GDP and inflation data from the World Bank
5) Otherannualseries.csv – Annual real GDP from the World Bank, and annual economic growth series from CMIE Prowess

Link to the data