LIC Housing Finance Monday stated it has partnered with India Mortgage Guarantee Corporation (IMGC) to offer a unique mortgage scheme, below which debtors can repay the amount until seventy-five years. Under the brand new partnership, IMGC will offer LICHFL a loan guarantee that is a commercial product that compensates commercial establishments for losses that can arise from a default on a mortgage, LICHFL stated in a launch. This strategic tie-up will help the LICHFL accommodate extra home loan debtors and growing market penetration besides fighting NPAs. “It may even assist LICHFL to accommodate more domestic loan shoppers, improve eligibility criteria, make bigger reimbursement period and simplicity restrictions on the profile of applicants, who face rejection related to paintings profile, workplace,
Speaking approximately the tie-up, Vinay Sah, MD & CEO, LICHFL, said the partnership with IMGC would help add greater domestic mortgage borrowers and mitigate risk across lending classes. “We may also be able to faucet into the huge section of employees running in SMEs, MSMEs, small entities, and self-employed people who’ve thus far been out of the ambit of potential domestic loan debtors. Credit records amongst different reasons may be unspecified with the aid of lending establishments,” it said.
Through this, LIC HFL would help the vision of Housing for All by way of 2022 of the Government of India,” Sah said. Mahesh Misra, the CEO, IMGC, stated: “IMGC and LICHFL teams have labored carefully to design customized products which are aligned to LICHFL’s cease user segment and calibrated expansion strategy. With the backup of IMGC’s, LICHFL could be in a role to offer extended mortgage tenure for borrowers till the attainment of the age of seventy-five years. This will assist growth in mortgage quantum and reduce the weight of monthly EMIs for debtors, Misra stated.