India Mortgage Guarantee Corporation (IMGC), India’s first mortgage guarantee company, announced its strategic partnership with GIC Housing Finance Ltd (GICHFL), which is one of the leading housing finance companies, 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.
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. Housing segment in India is witnessing 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.
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.
Speaking on the partnership, Akriti Singh – Chief Alliance Officer of IMGC, said, “We are excited to collaborate with GICHFL to bring innovative mortgage guarantee solutions to their clients. This partnership underscores our commitment to making homeownership more accessible. Such mortgage guarantee-based innovations are value accretive for the lender and help in maintaining focus on risk mitigation and raise operational efficiencies”.
Commenting on the development, Mr. Paul Lobo – MD and CEO of GICHFL said, "We are delighted to partner with IMGC to offer innovative mortgage guarantee-backed home loan products to our customers. This collaboration will not only enable us to expand our range of offerings but also making homeownership more accessible for the middle and low-income groups”.
And Achuta Murthy Sombhatla – Senior Vice President of GICHFL said, " We believe this partnership will play a crucial role in making homeownership a reality for many aspiring homeowners across India. We are committed to providing customer-centric solutions that meet the evolving needs of our borrowers".
