Axis Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer mortgage guarantee backed home loans in the affordable housing segment. Home buyers will now be offered an improved loan eligibility up to 20% and they shall also enjoy a higher loan-to-value with the mortgage guarantee backed home loans. The mortgage guarantee provided helps the lender to save capital on the risk insured loan component thereby helping lenders to reach out to a larger consumer base in the affordable housing segment. It will now become easier for credit worthy borrowers, having limited down payment capabilities, to get home loans on better terms. Jagdeep Mallaredy, head – Retail Lending & Payment at the bank, said, this strategic tie-up is another of the bank’s endeavors to penetrate deeper into this segment by delivering more value to customers with improved offerings.
