Piramal Capital, IMGC partners to offer home loans of Rs 5-75 lakh

Piramal Capital and Housing Finance Limited (PCHFL) has signed a partnership with India Mortgage Guarantee Corporation (IMGC) to offer home loans from Rs 5-75 lakh for up to 25 years to salaried and non-salaried customers. PCHFL expects to grow 10-12% of business from the partnership with IMGC by the end of FY23. Managing Director of PCHFL, Jairam Sridharan, said that the company had designed specific products to serve unserved and underserved customers. However, there is a segment that is presently credit unviable. He added that the company's new offering Gruh Setu, created in partnership with IMGC, allows the company to expand credit into this population with the support of a mortgage guarantee. This partnership with IMGC will enable the company to expand its offering through over 300 branches located across the country. CEO of IMGC, Mahesh Misra, said that it would provide affordable housing loans through lower down payments, longer tenures, and lower equated monthly installment (EMIs). The company would support PCHFL in empowering the underserved markets and expanding its operations to more than 1,000 cities. According to an official, PCHFL has plans to expand its operations in 1,000 cities, with a physical presence in about 500-600 cities in the next three years. Image Source Also read: Piramal Enterprises notes 32.12% slump in net profit at Rs 426.49 cr