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HDFC Ties up with IMGC to Provide Mortgage Guarantee Backed Homes

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HDFC Ties up with IMGC to Provide Mortgage Guarantee Backed Homes
Team Outlook Money - 15 May 2019

New Delhi, May 15: HDFC has partnered with India Mortgage Guarantee Corporation (IMGC) to offer mortgage-guaranteed home loan products. The partnership aims to make it possible for the bank to further penetrate the home loan market and access an enlarged customer base, helping them to own a home of their choice, a company statement said here on Wednesday.

Renu Sud Karnad, Managing Director, HDFC Ltd, said,

“We are determined to strengthen the housing finance segment in India. Our partnership with IMGC is one big step towards it. Mortgage-guarantee is already a popular product in international market and this partnership will help diversify our offerings to a wider segment of customers. This will also help us to support the Government of India’s mission under the Prime Minister Awas Yojana Scheme (PMAY) to provide “Housing for all by 2022”.

The company said the partnership would address the needs of a wide range of customers in three defined variants. These include middle age -salaried customers, self-employed customers and young salaried customers and a wide segment of customers who have been hitherto unserviced.

Commenting on the development, Mahesh Misra, CEO, IMGC, said, “HDFC is known for its leadership position in the housing finance segment. We are witnessing great acceptance of our product in the Indian housing finance sector. We see stepped-up interest in using Mortgage Guarantee as an effective risk mitigant across lending categories.”

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