This study empirically examines the effectiveness of macroprudential policy (MaPP) on bank credit, housing credit, and housing prices in the Indian context. The study uses structural vector autoregression (SVAR) during 2004M04–2020M03 and reveals that MaPP effectively limits bank credit, housing credit, and housing price appreciations. Furthermore, the study provides evidence of the asymmetric effect of MaPP, implying that MaPP tightening considerably affects bank credit and housing prices, whereas MaPP loosening considerably affects housing credit. Finally, our analysis indicates that MaPP effectively limits housing prices across cities in India. © 2022 Economic Society of Australia, Queensland