India’s largest lender SBI and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers.
The offering will help increase home loan eligibility up to 15% within the regulatory norms. The MoU between SBI and IMGC is a strategic initiative which will enable to improve housing loan volumes in the non-salaried segment.
Source- The Economic Times
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- IMGC is a joint venture between National Housing Bank, Genworth Inc International Finance Corporation and Asian Development Bank.
- It is providing mortgage default guarantee to the lending Institutions in India.
