Sub-prime crisis and India

There is a lot happening in US because of the sub-prime crisis . I was reading in some website that there was no sub-prime lending in India. Sub-prime lending is about giving a loan to a person with poor credit history. In India, lending to people with poor credit history is minimal . If we look at the chunk of middle class home loan borrowers, they have good credit history.But their hefty home loan EMI payments are dependent highly rather solely upon their pay checks. A lot of borrowers are from IT industry. So, If the IT Industry is hit or even shaken significantly there may be a problem of repayment that can arise in India too.
Although real estate prices are stable for a year or so, they have been at a BUBBLE level only (I feel, a correction in Indian real estate is long overdue now). So, any shake up in the employment stability scenario can shake up the economy a bit..( and also the foundation of a couple of banks??). At this juncture, the impact of US crisis on Indian IT seems to be a significant event. Lets keep our fingers crossed till the event unfolds itself or passes of quietly.
search terms : IT recession, US , Impact on IT companies like TCS, Infosys, IBM, Cognizant. Real estate correction in India, Are you paying High EMIs. Home loans, Job scenarios because of sub-prime crisis, IT recruitment scenario, Recession , economic slow down in India.

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