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NEW DELHI: India Mortgage Guarantee Corp. (IMGC) has partnered with with RBL Bank to offer mortgage guarantee-backed home loan products for salaried and non-salaried customers. This partnership with IMGC will help RBL Bank extend ortgage guarantee-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.
“We 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," said Parag Kale, Business Head – Secured Business, RBL Bank.
The collaboration will also allow RBL Bank to mitigate credit risks by leveraging IMGC’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 the lender.
“We 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," said Mahesh Misra, CEO, IMGC.
IMGC has built a significant competitive position by guaranteeing over 85,200 home loans amounting to more than ₹15,400 crore, 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.