RBL Bank, IMGC tie up for mortgage guarantee-backed home loans

India Mortgage Guarantee Corporation (IMGC) on July 13 announced its strategic partnership with RBL Bank to offer mortgage guarantee-backed home loan products to salaried and non-salaried customers.

This partnership with IMGC will help RBL Bank extend mortgage guarantee-backed home loans to new borrower segments through the bank’s network of over 500 branches across the country, IMGC said in a statement.

The alliance would enable a compelling value proposition for its customers and help create a conducive lending environment for early homeownership by ensuring timely disbursal of housing credit and longer tenure to customers, it said.

The tie-up has been designed in a manner to address the needs of a wide range of customers through varied products, it said. Private player IMGC provides mortgage guarantee to lenders for home loans.

It has provided guarantee to more than 85,200 home loans amounting to more than Rs 15,400 crore through its partnership with 23 lenders, including banks and housing finance companies.