January 13, 2025: India Mortgage Guarantee Corporation (IMGC), India’s mortgage guarantee company has partnered with GIC Housing Finance Ltd (GICHFL), to offer innovative mortgage guarantee-backed home loan products.
This strategic collaboration aims to introduce mortgage guarantee-backed home loan products to prospective salaried and self-employed home loan customers, specifically designed to enhance accessibility and affordability in the growing housing finance sector.
By combining IMGC’s expertise in mortgage guarantees with GICHFL’s extensive network, the partnership will enable it to offer more flexible and secure home loan products to a wider range of borrowers, said the official press statement. Housing segment in India is witnessing significant growth in recent years, driven by increased demand and government initiatives. This partnership aims to further accelerate this growth by making homeownership more attainable for a broader spectrum of borrowers, added the statement.
Mortgage Guarantee as a product plays a crucial role in helping lender partners foray into responsible lending with minimal risk and helping home buyers fulfill their dreams of owning a home through higher eligibility and lower equated monthly installments.
Akriti Singh- chief alliance officer, IMGC, said, “This partnership underscores our commitment to making homeownership more accessible. Such mortgage guarantee based innovations are value accretive for the lender and help in maintaining focus on risk mitigation and raise operational efficiencies”.
Paul Lobo – MD and CEO of GICHFL said, “We are delighted to partner with IMGC to offer innovative mortgage guarantee-backed home loan products to our customers. This collaboration will not only enable us to expand our range of offerings but also making homeownership more accessible for the middle and low-income groups”.
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