IMGC to focus on strengthening partnerships with finance institutions: CEO

India Mortgage Guarantee Corporation (IMGC) would focus on strengthening partnerships with banks and financial institutions, a top official said on Tuesday.

The company is backed by marquee investors -- Enact MI, Sagen (Brookfield Group), National Housing Bank, IFC (World Bank Group), And Asian Development Bank.

The mortgage guarantee company, since its inception in 2012 has breached Rs 20,000 crore in home loan guarantees to over one lakh customers across 400 locations.

In FY2022-23, IMGC doubled its market share in South India accounting 30 per cent of all originations in the region. The company guaranteed Rs 2,300 crore in home loans for over 18,000 families.

 

"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," IMGC CEO Mahesh Misra said.

"Strengthening partnerships with banks and financial institutions is a key focus for IMGC, ensuring that more Indians have access to affordable home loans and promote inclusive homeownership," he said.

IMGCs expansion plans include entering new markets and increasing its guarantee portfolio to Rs 30,000 crore by FY2024, he added.