Chennai, 13th June 2023
India Mortgage Guarantee Corporation (IMGC), the pioneering mortgage guarantee company, is proud to announce its strategic expansion plans and reinforced partnerships aimed at empowering individuals to achieve early homeownership across the country.
Recognizing the critical role of the housing sector in the Indian economy, IMGC is committed to providing access to finance for unserved and underserved segments. The company actively promotes the “Housing for All” initiative by extending mortgage guarantees to lower and middle-income groups. An impressive 85% of IMGC’s portfolio is eligible under schemes like Pradhan Mantri Awas Yojana (PMAY), highlighting its commitment to financial inclusion.
Since its inception in 2012 as India’s first mortgage guarantee company, IMGC has surpassed ₹20,000 crores (200 billion Indian rupees) in home loan guarantees for over 100,000 customers across more than 400 locations nationwide. Collaborating with 23 lending institutions, including banks, housing finance companies (HFCs), and non-banking financial companies (NBFCs), IMGC has played an instrumental role in turning the dreams of aspiring homeowners into reality.
IMGC’s expansion plans include entering new markets, and increasing its guarantee portfolio to 30000cr by FY 2024. The Corporation is also committed to strengthening its partnerships with banks and financial institutions to ensure that more Indians have access to affordable home loans.
In the fiscal year 2022-2023, IMGC achieved a significant milestone by doubling its market share in South India, accounting for 30% of all originations in the region. The company guaranteed Rs. 2,300 crores in home loans for over 18,000 families, enabling affordable and mass housing initiatives.
Mr. Mahesh Misra, CEO of IMGC, emphasized, “As India’s first ‘Mortgage Guarantee’ company, IMGC is dedicated to empowering the housing finance ecosystem and fostering early homeownership. We firmly believe that homeownership acts as a catalyst for economic growth and social stability. Through our mortgage guarantee product, we enable our lender partners to venture into the affordable housing space with minimal risk while helping aspiring homebuyers fulfill their dreams with higher eligibility and lower equated monthly installments.”
He further added “ IMGC’s expansion plans revolve around enhancing its participation in the housing ecosystem to enable first-time homeownership and provide ongoing support to existing homeowners. Strengthening partnerships with banks and financial institutions is a key focus for IMGC, ensuring that more Indians have access to affordable home loans and promoting inclusive homeownership.:
The Mortgage Guarantee product plays a pivotal role in enabling lender partners to venture into the affordable housing space with minimal risk, while also helping homebuyers fulfill their aspirations through higher eligibility and lower equated monthly installments.
With marquee investors such as Enact MI, Sagen (Brookfield Group), National Housing Bank (NHB), IFC (World Bank Group), and Asian Development Bank, IMGC continues to make significant strides in the mortgage guarantee sector. The company’s commitment to customer-centricity, risk mitigation, and financial inclusion sets it apart in the market, further cementing its position as a leader in facilitating early homeownership in India.