New Delhi, Mar 19 (UNI) State Bank of India (SBI) and India Mortgage Guarantee Corporation (IMGC) on Monday signed Memorandum of understanding (MoU) to offer innovative Mortgage Guarantee scheme for prospective non-salaried and self-employed home loan customers.

In a press release SBI said that with the rising demand in affordable housing segment, this product aims to provide home finance to select target audience at better terms. The offering will help increase home Loan eligibility up to 15 per cent within the regulatory norms. SBI would be the first bank to provide a mortgage backed home loan product to the non-salaried class who find it difficult to own their first home.

PK Gupta, MD (Retail & Digital Banking), SBI said, “We are happy to announce partnership with India Mortgage Guarantee Corporation (IMGC) to meet the demand of prospective self-employed and non-salaried customer segment. MOU between SBI and IMGC is a strategic initiative which will enable us to improve housing loan volumes in non-salaried segment. Under this product applicant can avail higher finance based on Risk Grade of the borrower, by opting for IMGC default guarantee cover.”

Speaking at the launch Mahesh Misra, CEO – IMGC said “We are delighted to partner with the State Bank of India, the country’s largest lender. As the first mortgage guarantee company in India, IMGC is committed to facilitating early home ownership and promoting affordable housing choices to customers.”

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