Piramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal Enterprises Limited, has partnered with India Mortgage Guarantee Corporation (IMGC), India’s first and only Mortgage Guarantee Company. It will offer Gruh Setu Home Loan – mortgage guarantee backed affordable home loans to customersfrom the unserved and underserved regions.
Gruh Setu Home Loan aims to cater to the aspirational needs of salaried and self-employed customers across geographies and take them a step closer to owning their dream home. The loan offering is designed to extend loans to individuals who receive salary by bank or cash, pensioners, employees of proprietorships and partnership firms as well as self-employed professionals like doctors or architects, small business owners, proprietors and partners of partnership firms.
Jairam Sridharan, Managing Director, PCHFL, said, “Piramal’s Affordable Housing solutions are targeted towards the unserved and underserved customers of Bharat. While we have designed specific products to serve this population, there is a segment that is presently credit unviable. Our new offering Gruh Setu, created in partnership with IMGC, allows us to expand credit into this population with the support of a mortgage guarantee. We expect this partnership to generate 10-12% of our housing business.”
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The partnership with IMGC will enable PCHFL to deepen its offering through 300+ branches located across the country. Under this product, PCHFL will offer home loans ranging from INR 5 lakh to INR 75 lakhs for tenures up to 25 years at highly affordable rates.
Speaking on the partnership, Mr. Mahesh Misra, CEO, IMGC, said, “We are delighted to partner with Piramal Capital & Housing Finance. Piramal’s domain expertise in real estate will result in a well-structured mortgage guarantee backed home loan product that will help fulfill the ‘Early Home Ownership’ dream of first-time home buyers in India. It will also provide affordable home loans, through lower down payments, longer loan tenures, and lower EMIs. IMGC will offer complete support to PCHFL in empowering the underserved markets and expanding its operations to 1000+ cities.”
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