BOI partners with IMGC for affordable housing mortgage guarantee

Tags: Economy/Finance

Bank of India (BoI), a public sector bank (PSB) in India, has partnered with India Mortgage Guarantee Corporation (IMGC) to introduce mortgage guarantee-backed home loan products targeting the affordable housing segment.

An Overview of the News

• This collaboration extends to both salaried and self-employed individuals seeking home loans in the affordable housing category.

• The IMGC guarantee serves to reduce the risk of default for the BOI, enabling the bank to extend more favorable loan terms to borrowers.

• This agreement is strategically aimed at promoting financial inclusion and increasing access to home ownership opportunities across India.

• By strengthening the loan delivery mechanism, the partnership helps increase credit flow to the affordable housing sector.

• Leveraging IMGC's expertise in guarantees and BOI's extensive network of over 5,100 branches across the country, the partnership aims to offer home loan products to potential home owners with better flexibility and security.

About IMGC

• IMGC is governed by the 2008 Mortgage Guarantee Company Guidelines of RBI.

• Mahesh Mishra holds the post of Managing Director (MD) and Chief Executive Officer (CEO) in IMGC.

• Established in 2012, IMGC is headquartered in Noida, Uttar Pradesh.