LICHF – IMGC tie up: Repayment of home loans till 75 years of age
LIC Housing Finance has partnered with India Mortgage Guarantee Corporation (IMGC) to offer special loan scheme, under which borrowers can repay the amount till the age of 75 years.Under the new partnership, IMGC will provide LICHFL with mortgage guarantee which is a kind of financial product that compensates financial institutions for losses that may arise from a default on a mortgage loan, LICHFL said in a release. This strategic tie-up will help the LICHFL to accommodate more home loan borrowers, increase market penetration besides combating NPAs, it said.Speaking about the tie-up, VinaySah, MD & CEO, LICHFL said that the partnership with IMGC will help add more home loan borrowers and mitigate risk across lending categories."We will also be able to tap into the large segment of employees working in SMEs, MSMEs, small entities and self-employed individuals who have so far been out of the ambit of prospective home loan borrowers. Through this LIC HFL would support the vision of Housing for All by 2022 of the Government of India," Sah said
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