Piramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal Enterprises Limited, has partnered with India Mortgage Guarantee Corporation (IMGC), India’s first and only Mortgage Guarantee Company.
It will offer GruhSetu Home Loan- a mortgage guaranteebacked affordable home loans to customers from the unserved and underserved regions.
Steps to avail the loan:
- Customers can either directly apply for loan to PCHFL or by reaching out to channel partners such as Connectors and DSAs
- Fill in the application form and submit the required loan documents
- Loan eligibility assessment is done by PCHFL and IMGC
- Customer is given options for a home loan structure that suits their requirements with longer loan tenures, lower EMIsand affordable rates of interest
- The loan is disbursed after the property verification is done by PCHFL
GruhSetuHome Loan aims to cater to the aspirational needs of salaried and self-employed customers across geographies and take them a step closer to owning their dream home. The loan offering is designed to extend loans to individuals who receive salary by bank or cash, pensioners, employees of proprietorships and partnership firms as well as self-employed professionals like doctors or architects, small business owners, proprietors and partners of partnership firms.
Jairam Sridharan, Managing Director, PCHFL, said, “Piramal’s Affordable Housing solutions are targeted towards the unserved and underserved customers of Bharat. While we have designed specific products to serve this population, there is a segment that is presently credit unviable. Our new offering GruhSetu, created in partnership with IMGC, allows us to expand credit into this population with the support of a mortgage guarantee. We expect this partnership to generate 10-12% of our housing business.â€
The partnership with IMGC will enable PCHFL to deepen its offering through 300+ branches located across the country. Under this product, PCHFL will offer home loans ranging from INR 5 lakh to INR 75 lakhs for tenures up to 25 years at highly affordable rates.
Speaking on the partnership, Mahesh Misra, CEO, IMGC, said, “We are delighted to partner with Piramal Capital & Housing Finance. Piramal’s domain expertise in real estate will result in a well-structured mortgage guarantee backed home loan product that will help fulfill the ‘Early Home Internal Use—Confidential Ownership’ dream of first-time homebuyers in India. It will also provide affordable home loans, through lower down payments, longer loan tenures, and lower EMIs. IMGC will offer complete support to PCHFL in empowering the underserved markets and expanding its operations to 1000+ cities.â€
With the acquisition of DHFL, PCHFL is one of the leading players in the retail lending segment with access to over 1 million lifetime customers, presence in 24 states with a network of over 300 branches.
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