India Mortgage Guarantee Corp. Partners With GIC Housing Finance For Innovative Home Loans

India Mortgage Guarantee Corp. has partnered with GIC Housing Finance Ltd. to offer innovative home loan products backed by mortgage guarantees.

This collaboration aims to provide unique mortgage guarantee-backed home loan options for both salaried and self-employed individuals, making housing finance more accessible and affordable.

According to a joint statement released on Monday, the partnership combines IMGC's expertise in mortgage guarantees with GICHFL's extensive network to offer flexible and secure home loan products to a broader range of borrowers.

Mortgage guarantees play a vital role in supporting lenders by reducing risk, while also enabling home buyers to access higher loan eligibility and lower equated monthly installments. Akriti Singh, IMGC's chief alliance officer, emphasised that such innovations are beneficial for lenders, focusing on risk mitigation and improving operational efficiency.

"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 Managing Director and Chief Executive Officer Paul Lobo said.

The housing sector in India has experienced substantial growth in recent years, fuelled by rising demand and government initiatives. This partnership seeks to further boost this growth by making home ownership more accessible to a wider range of borrowers.

Shares of GIC Housing Finance closed 6.01% lower at Rs 181.97 apiece on the National Stock Exchange, compared to a 1.47% fall in the benchmark Nifty. The share price has fallen 22.60% from the date of its listing.

(With PTI Inputs)