India Mortgage Guarantee Corp. on Monday announced its partnership with public sector Bank of India to offer innovative mortgage guarantee-backed home loan products. This collaboration focuses on salaried and self-employed home loan customers in the affordable housing segment, a joint statement said.
Leveraging IMGC's guarantee expertise and Bank of India's extensive network of over 5,100 branches across India, this collaboration will enable the bank to provide home loan products with greater flexibility and security to potential home owners.
IMGC's guarantee will mitigate the risk of defaults for the bank, allowing them to potentially offer more favourable loan terms to borrowers, it said.
With the rising demand in the affordable housing segment, this product aims to make home ownership more accessible for a wider range of borrowers in the country, it said.
Mahesh Misra, MD & CEO of IMGC, said the tie-up will enable both institutions to expand coverage in their target borrower segments and the products will promote financial inclusion and aid in early home ownership.
BoI Chief General Manager A K Pathak said the bank has launched a home loan product with mortgage guarantee provided by IMGC to strengthen credit delivery system and facilitate flow of credit to affordable housing sector.
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