The collaboration between IMGC, with its specialised knowledge in mortgage guarantees, and GICHFL, which has an extensive network, will enable the provision of more flexible and secure home loan products.
India Mortgage Guarantee Corporation (IMGC), has announced a partnership with GIC Housing Finance Ltd (GICHFL) to offer innovative mortgage guarantee-backed home loan products, as per a report by PTI.
This strategic alliance aims to provide prospective salaried and self-employed home loan applicants with unique mortgage guarantee-backed offerings, specifically aimed at improving accessibility and affordability within the growing housing finance market, a joint statement said on Monday.
By combining IMGC’s expertise in mortgage guarantees with GICHFL’s extensive network, the partnership will offer more flexible and secure home loan products to a wider range of borrowers, it said.
The mortgage guarantee product is essential in assisting lender partners to engage in responsible lending with reduced risk, while also helping home buyers fulfill their dreams of owning a home through higher eligibility and lower equated monthly installments, the statement pointed out.
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Speaking on the partnership, IMCG Chief Alliance Officer Akriti Singh stated such mortgage guarantee-based innovations enhance value for lenders and help in maintaining focus on risk mitigation and raise operational efficiencies.
“This collaboration will not only enable us to expand our range of offerings but also make homeownership more accessible for the middle and low-income groups,” GICHFL MD and CEO Paul Lobo said.
India’s housing market has seen significant growth in recent years, with the residential sector witnessing sustained expansion. Major cities like Mumbai, Delhi, and Bengaluru have been at the forefront of this boom.
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This partnership aims to further accelerate this growth by making homeownership more attainable for a broader spectrum of borrowers, the statement added.
