India Mortgage Guarantee Corporation (IMGC) on August 31 announced its partnership with Clix Housing Finance Limited (Clix HFL) with an aim to offer innovative mortgage guarantee backed home loan products for salaried and non-salaried customers in the affordable housing segment.
"With the rising demand in the affordable housing segment, this strategic partnership would support to fulfill 'Early Home Ownership' dreams of the first-time homebuyers and enable Clix to enhance its penetration in the Low & Mid-market segment besides mitigating the credit risk in case of default," Clix Housing Finance CEO Gaurav Pawra said.
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He added that his firm is hoping to tap a wider range of customers, improve conversion rates and offer higher loan amounts to customers with this partnership.
"We are very pleased to partner and work with Clix in strategically identified segments and are confident that this will be a hugely successful partnership in the months to come. Over the years we have worked with our Lender partners to create customer centric products. We have a defined execution roadmap with emphasis on driving financial inclusion through this partnership with Clix," IMGC CEO Mahesh Misra said on partnership.
The firms mentioned that this product is for customers who are receiving salary through a banking channel and have at-least 10 years of service remaining. Under the new product, the tenure for regular home loan is extended to additional 10 to 15 years depending upon the borrower profile.
Apart from this, the firms said that the product is for customers looking at higher loan amounts to own their dream homes, providing higher loan eligibility basis higher LTV and FOIR combination up to 150-160 percent.
IMGC has tie-ups with more than 18 lenders comprises of Banks, Housing Finance Companies and NBFCs and it has guaranteed home loans worth Rs 12,000 crore to more than 60,000 home loan borrowers.
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