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India Mortgage Guarantee Corporation (IMGC) has entered into a strategic partnership with RBL Bank to offer mortgage guarantee (MG) backed home loan products for salaried and non-salaried people .
The partnership will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across the country, IMGC and RBL Bank said in a joint statement.
“The combined expertise would…help create a conducive lending environment for early home ownership by ensuring timely disbursal of housing credit and longer tenure to customers,” the statement said.
The collaboration will also allow the bank to mitigate credit risks with IMGC’s expertise, it added.
“One of the essential advantages is double authentication, as IMGC will also validate each loan before sanction, ensuring high quality of portfolios for RBL Bank,” the statement said.
Parag Kale, Business Head – Secured Business, RBL Bank, said, the collaboration will enable the bank to increase the tenor of home loans and ensure affordability.
Promising segment
Mahesh Misra, CEO, IMGC, said that affordable housing is one of the most promising segments in the retail finance space and IMGC has been enabling its lender partners foray into this space with minimal risk and helping home buyers own a home through higher eligibility and lower equated monthly instalments.
IMGC has guaranteed over 85,200 home loans amounting to more than ₹15,400 crore, through its partnership with 23 lenders, the statement said.
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