April 15, 2024: Mortgage guarantee company India Mortgage Guarantee Corporation (IMGC) has announced its strategic partnership with public sector bank Bank of India (BOI) to offer mortgage guarantee-backed home loan products, according to an official release. The 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 favourable loan terms to borrowers, the release said.
With the growing demand in the affordable housing segment, the product aims to make homeownership more accessible for a wider range of borrowers in India.
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.”
A K Pathak, chief general manager and 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.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected] |
Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
Related Posts
Home loans to get cheaper as RBI slashes risk weight.
Home loans turn cheaper, as Bank of Baroda and others cut rates.
Housing credit growth slows to 16% in FY17: ICRA.
SC seeks RBI’s response on plea over banks not passing on benefits of low interest rates.
Home loan interest rates and EMI in top 15 banks, in December 2018.
HDFC Home Loan Rate: Find the Best Rates for Your Dream Home.
