India Mortgage Guarantee Corporation (IMGC), Indiaâ€™s first and only Mortgage Guarantee Company, announces its strategic partnership with RBL Bank, one of the leading private sector banks in India, to offer innovative Mortgage Guarantee (MG) backed home loan products for salaried and non-salaried prospective customers.
This partnership with IMGC will help RBL Bank extend MG-backed Home Loans to new borrower segments through its network of over 500 branches across the country. The combined expertise would enable a compelling value proposition for its customers and help create a conducive lending environment for early homeownership by ensuring timely disbursal of housing credit and longer tenure to customers.
The collaboration will also allow the Bank to mitigate credit risks by leveraging IMGCâ€™s expertise. 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.
Speaking on the development, Parag Kale, Business Head â€“ Secured Business, RBL Bank, said, â€œWe are delighted to partner with IMGC. This collaboration enables us to extend our products to a broader customer base while ensuring enhanced risk management. It will also allow us to increase the tenor of home loans and ensure affordability.â€
Speaking on the partnership, Mahesh Misra, CEO, IMGC said, â€œWe are excited to partner with RBL Bank as they chart out a growth journey in retail mortgages. The teams have collaborated to develop an enabling proposition. This shall expand product offering and also mitigate risk.â€
The program between IMGC and RBL Bank has been designed in a manner to address the needs of a wide range of customers through varied products.
IMGC has built a significant competitive position by guaranteeing over 85,200 home loans amounting to more than INR 15,400 Crores, through its partnership with 23 lenders including leading Banks and Housing Finance Companies.
Affordable housing is one of the most promising segments in the retail finance space and IMGC has been playing a crucial role in helping its 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 equated monthly installments.