New Delhi, March 16 PNB Housing Finance announced a partnership with India Mortgage Guarantee Corporation (IMGC) on Monday to provide responsible access to home loans for the affordable housing segment.
The partnership will enable PNB Housing to offer its affordable home loans through IMGC's mortgage guarantee-backed solutions, enabling aspiring home owners, particularly first-time borrowers, to fulfill their homebuying dreams in India, a joint statement said.
As part of this collaboration, IMGC will offer Mortgage Guarantee (MG) solutions supported by a First Loss Default Guarantee (FLDG) structure to home loan borrowers of PNB Housing Finance, it said.
PNB Housing Finance MD and CEO Ajai Shukla, the partnership with IMGC marks a significant step in strengthening this commitment, particularly to deserving borrowers who may not otherwise qualify for traditional financing options.
"We have facilitated mortgage guarantees on home loans exceeding Rs 44,000 crore, supporting over 1,70,000 households across more than 400 locations in India. Our partnership with PNB Housing represents a step in expanding the role of mortgage guarantees as a risk-sharing framework that enables lenders to responsibly extend housing finance while maintaining strong credit discipline," IMGC MD & CEO Mahesh Misra said.