Muthoot Homefin allies with India Mortgage Guarantee Corporation for mortgage guarantee backed loans

Muthoot Homefin partners with India’s first and only Mortgage Guarantee Company, India Mortgage Guarantee Corporation (IMCG)

Muthoot Homefin (India) Ltd (MHIL) is the housing loan section of the Muthoot Group. MHIL focuses on providing affordable housing loans to Lower Middle Income (“LMI”) groups and Economically Weaker Sections (“EWS”) of society in tier 2, tier 3 and tier 4 cities. It currently operates in 16 States and Union territories serving more than 24,000 customers.   

Muthoot Homefin partners with India’s first and only Mortgage Guarantee Company, India Mortgage Guarantee Corporation (IMCG) which is well equipped and uniquely positioned to manage Risk for Mortgage Guarantee loans in the Indian market. They will offer innovative Mortgage Guarantee backed Home Loan products to MHIL’s home loan customers in the affordable housing segment.  

The IMCG firm has tie-ups with more than 19 lenders comprised of Banks, Housing Finance Companies and NBFCs and it has guaranteed home loans worth Rs 12,520 crore to more than 70,000 home loan borrowers. 

Mahesh Misra, CEO, IMGC said, "We look forward to partnering with Muthoot and expand our mutual footprint. The product has been developed using a calibrated approach and we are confident of a steady scale-up. Muthoot has ambitious plans for the next financial year and we are delighted to collaborate with them in this journey." 

The program between IMGC and Muthoot Homefin (India) Ltd has been designed in a manner to address the needs of a wide range of customers through varied products like Cash Salaried Program, Enhanced Loan Tenor, Pension Program, High Networth Program and Assessed Income Program.