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India Mortgage Guarantee Corporation (IMGC), the country’s first and only mortgage guarantee company, has entered into a partnership with Clix Housing Finance Limited (Clix HFL) to offer mortgage guarantee backed home loan products for salaried and non-salaried customers in the affordable housing segment.
Speaking on the partnership, Mahesh Misra, CEO, IMGC said in a statement “We are very pleased to partner and work with Clix in strategically identified segments and are confident that this will be a hugely successful partnership in the months to come. Over the years we have worked with our lender partners to create customer-centric products. We have a defined execution roadmap with emphasis on driving financial inclusion through this partnership with Clix”.
Gaurav Pawra, CEO, Clix Housing Finance, said, “With the rising demand in the affordable housing segment, this strategic partnership would support to fulfil ‘early home ownership’ dreams of the first-time homebuyers and enable Clix to enhance its penetration in the low & mid-market segment besides mitigating the credit risk in case of default”.
Affordable housing
Affordable housing is one of the most promising segments in the retail finance space and IMGC has been playing a crucial role in helping lender partners foray into this space with minimal risk and helping home buyers fulfil their dreams of owning a home through higher eligibility and lower EMIs.
Mortgage guarantee backed home loans will broaden Clix HFL’s coverage of home loan products and customer segments enabling more business while also supporting the flagship mission of Government of India of “Housing for All by 2022”
Also read: Tailwinds far outweigh turbulence in housing finance industry
Pawra said that Clix has been consistently working on making the loan process simpler and accessible for all since the company’s very inception. “With this partnership, we shall be able to tap a wider range of customers, improve conversion rates and offer higher loan amounts to customers. We are truly pleased to have IMGC on board with us on this journey towards building a more inclusive society, which has easy access to affordable housing loans,” he added.
IMGC is providing various surrogate products for self-employed customers like Banking Product, Low LTV Product, Assessed Income Product to cater to the needs of varied customers. IMGC has currently tie-ups with more than 18 lenders comprising of banks, housing finance companies and NBFCs and it has guaranteed home loans worth ₹12,000 crore to more than 60,000 home loan borrowers.
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