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HDFC ties up with India Mortgage Guarantee Corp

IANS  |  New Delhi 

Housing Limited has partnered with the Mortgage Guarantee Corporation (IMGC) to offer a

The partnership aims to make it possible for to further penetrate the home loan market and access an enlarged customer base, helping them to own a home of their choice, said.

This product will help HDFC to offer more loan to a home loan customer on an enhanced eligibility as it also helps customers to avail beyond their retirement period.

On this partnership for a new product, Renu Sud Karnad, Managing Director, HDFC Ltd., said: "We are determined to strengthen the housing segment in Our partnership with IMGC is one big step towards it. Mortgage-guarantee is already a popular product in international market and this partnership will help diversify our offerings to a wider segment of customers."

She added: "This will also help us to support the government of under the Scheme (PMAY) to provide housing for all by 2022."

The partnership would address the needs of a wide range of customers in three defined variants. These include middle age-salaried customers, self employed customers and young salaried customers and a wide segment of customers who have been hitherto unserviced.

Mahesh Misra, Chief Executive Officer, IMGC, said: "HDFC Ltd. is known for its leadership position in the housing segment. We are witnessing great acceptance of our product in the Indian housing We see stepped-up interest in using mortgage guarantee as an effective risk mitigant across lending categories."

Mortgage guarantee or mortgage insurance, as it is known in some markets, is well established in the US, and with market penetration of 15 per cent in the US and 22 per cent in Likewise in India, mortgage guarantee is on the rise with market penetration between 5-20 per cent across lenders who are leveraging the product to grow their books.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 14:42 IST
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