India Mortgage Guarantee Corporation (IMGC), India’s first mortgage guarantee company, announced its strategic partnership with Bank of India (BOI), one of India's largest public sector banks, 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.
Leveraging IMGC's guarantee expertise and Bank of India's extensive network of over 5,100 branches across India, this collaboration will enable Bank of India to provide home loan products with greater flexibility and security to potential homeowners. IMGC's guarantee will mitigate the risk of defaults for the bank, allowing them to potentially offer more favorable loan terms to borrowers.
With the rising demand in the affordable housing segment, this product aims to make homeownership more accessible for a wider range of borrowers in India.
Speaking on the partnership, Mahesh Misra, MD & CEO of IMGC, said, “The Bank of India – IMGC tie-up will enable both institutions to expand coverage in their target borrower segments. The products will promote financial inclusion and aid in early home ownership. We are confident that this partnership will grow from strength to strength in the months to come.”
Speaking on the development, A K Pathak, Chief General Manager & S B Sahani, General Manager of BOI said, “We are pleased to announce a tie-up with India Mortgage Guarantee Corporation (IMGC) for Mortgage Guarantee on individual Home Loans. 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. We look forward for excellent response from the market to the product”
