IMGC and Bank of India Partner to Offer Mortgage Guarantee-Backed Home Loans

IMGC and Bank of India Partner to Offer Mortgage Guarantee-Backed Home Loans

New Delhi: India Mortgage Guarantee Corporation (IMGC) has tied up a strategic partnership with Bank of India (BOI) to offer mortgage guarantee-backed home loan products. 

The collaboration significantly targets salaried and self-employed individuals in the affordable housing sector, aiming to enhance accessibility to homeownership.

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Collaboration Details:

IMGC's guarantee expertise along with the BOI's extensive network of over 5,100 branches across India enables the provision of flexible and secure home loan products.
The partnership aims to mitigate default risks for the bank, purportedly making it accessible for more favourable loan terms to borrowers.
The focus lies on promoting financial inclusion and facilitating early homeownership within the affordable housing segment.

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Mahesh Misra, MD & CEO of IMGC, emphasized the partnership's role in expanding coverage within target borrower segments and promoting financial inclusion. A K Pathak, Chief General Manager of BOI, highlighted the introduction of a home loan product with IMGC's mortgage guarantee to strengthen the credit delivery system and support the affordable housing sector's credit flow.

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