SBI and India Mortgage Guarantee Corporation (IMGC) signs MOU

MUMBAI:
State Bank of India and India Mortgage Guarantee Corporation (IMGC) today signed an MOU to offer innovative Mortgage Guarantee scheme for prospective non-salaried and self-employed home loan customers.
With the rising demand in affordable housing segment, this product aims to provide home finance to select target audience at better terms. The offering will help increase home Loan eligibility up to 15% within the regulatory norms. SBI would be the first bank to provide a mortgage backed home loan product to the non-salaried class who find it difficult to own their first home.
P K Gupta, MD (Retail & Digital Banking), SBI said, “We are happy to announce partnership with India Mortgage Guarantee Corporation (IMGC) to meet the demand of prospective self-employed and non-salaried customer segment. MOU between SBI and IMGC is a strategic initiative which will enable us to improve housing loan volumes in non-salaried segment. Under this product applicant can avail higher finance based on Risk Grade of the borrower, by opting for IMGC default guarantee cover.”
SBI has always been at the forefront of pioneering innovative products to serve the unorganized sector and fulfilling the unmet demand of Home buyers. The MoU with IMGC will pave the way for the bank to introduce many more products in the mortgage guarantee backed home loan segment to fulfil the aspirational needs of Indians of buying their dream homes.
Speaking at the launch. Mahesh Misra, CEO – IMGC said “We are delighted to partner with the State Bank of India, the country’s largest lender. As the first mortgage guarantee company in India, IMGC is committed to facilitating early home ownership and promoting affordable housing choices to customers. The exclusive arrangement with SBI is aligned to our joint goal of responsibly expanding the housing finance market in India, through innovative product offerings. “