IMGC & GIC Housing Finance Partner for Mortgage Guarantee-Backed Home Loans

New Delhi, Jan 13 (PTI) India Mortgage Guarantee Corporation (IMGC), has announced a partnership with GIC Housing Finance Ltd (GICHFL) to offer innovative mortgage guarantee-backed home loan products.

This strategic collaboration aims to introduce innovative 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, a joint statement said on Monday.

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, it said.

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, it said.

Speaking on the partnership, IMCG Chief Alliance Officer Akriti Singh said, such mortgage guarantee-based innovations are value accretive for the lender 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.

The housing segment in India has witnessed 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, it added.