Bank of India partners with IMGC for mortgage guarantee-backed products
Bank Of India and India Mortgage Guarantee Corporation (IMGC) have partnered to offer mortgage guarantee backed home loan products, focusing on salaried and self employed customers in the affordable housing segments.
IMGC is India's first mortgage guarantee company with over 5,100 branches and plans to provide home loan products with more flexibility and security to customers.
“The Bank has launched a Home Loan product with a mortgage guarantee provided by IMGC to strengthen the credit delivery system and facilitate flow of credit to the affordable housing sector”, said A K Pathak, Chief General Manager, Bank Of India.
With healthy growth in the affordable housing segment, this partnership aims to mitigate the risk of defaults for the bank and offer more favourable loan terms to its customers.
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