Bank Of India Join Hands With IMGC To Offer Mortgage Guarantee-Backed Home Loans

The first mortgage guarantee firm in India, India Mortgage Guarantee Corporation (IMGC), today announced a strategic alliance with Bank of India (BOI), one of the major public sector banks in the country, to provide innovative mortgage guarantee-backed home loan products for salaried and self-employed customers.

With the support of IMGC's guarantee expertise and Bank of India's vast branch network spanning over 5,100 branches nationwide, this partnership will allow Bank of India to provide potential customers with home loan offerings that are more flexible and safe. The bank will be less likely to experience default thanks to IMGC's guarantee, which would enable them to provide borrowers with better loan terms.

Mr. Mahesh Misra, MD & CEO of IMGC, said, "The Bank of India - IMGC tie-up will enable both institutions to expand coverage in their target borrower segments. The products will promote financial inclusion and aid in early home ownership. We are confident that this partnership will grow from strength to strength in the months to come."

Mr. A K Pathak, Chief General Manager & Mr. S B Sahani, General Manager of BOI said, "We are pleased to announce a tie-up with India Mortgage Guarantee Corporation (IMGC) for Mortgage Guarantee on individual Home Loans. Bank has launched a Home Loan product with mortgage guarantee provided by IMGC to strengthen credit delivery system and facilitate flow of credit to affordable housing sector. We look forward for excellent response from the market to the product"

Incorporated in 2012, IMGC is the first mortgage guarantee company in India. Since its founding in 2012, it has had home loan guarantees worth more than Rs 25,000 crores for more than 100,000 clients at 400 locations throughout the country. The company has worked with more than twenty-three lenders, banks, and housing finance companies (HFCs).