New Delhi, India Mortgage Guarantee Corporation (IMGC) on Monday announced a partnership with public sector Bank of India (BoI) to offer innovative mortgage guarantee-backed home loan products.
The collaboration is focused on salaried and self-employed home loan customers in the affordable housing segment, a joint statement said.
Leveraging IMGC's guarantee expertise and BoI's extensive network of over 5,100 branches across India, this collaboration will enable the bank to offer home loan products to prospective home owners with greater flexibility and security.
It said IMGC's guarantee would reduce the risk of default for the bank, potentially helping it offer more favorable loan terms to borrowers.
With increasing demand in the affordable housing segment, this product aims to make home ownership more accessible to a wide range of borrowers in the country.
Mahesh Mishra, MD and CEO, IMGC, said the tie-up will enable both institutions to expand coverage across their target borrower segments and the products will promote financial inclusion and assist early home ownership.
BOI Chief General Manager AK Pathak said the bank has launched a home loan product with mortgage guarantee provided by IMGC to strengthen the loan delivery system and facilitate the flow of credit to the affordable housing sector.
The collaboration is focused on salaried and self-employed home loan customers in the affordable housing segment, a joint statement said.
Leveraging IMGC's guarantee expertise and BoI's extensive network of over 5,100 branches across India, this collaboration will enable the bank to offer home loan products to prospective home owners with greater flexibility and security.
It said IMGC's guarantee would reduce the risk of default for the bank, potentially helping it offer more favorable loan terms to borrowers.
With increasing demand in the affordable housing segment, this product aims to make home ownership more accessible to a wide range of borrowers in the country.
Mahesh Mishra, MD and CEO, IMGC, said the tie-up will enable both institutions to expand coverage across their target borrower segments and the products will promote financial inclusion and assist early home ownership.
BOI Chief General Manager AK Pathak said the bank has launched a home loan product with mortgage guarantee provided by IMGC to strengthen the loan delivery system and facilitate the flow of credit to the affordable housing sector.
