HDFC ties up with IMGC for Home Loan

HDFC collaborated with IMGC (India Mortgage Guarantee Corporation) for a mortgage guarantee-backed home loan.

What is a Mortgage Guarantee?

• Mortgage guarantee is a financial product which compensates lending institutions for the losses that may occur when a home owner defaults on a mortgage loan.
• In a 'Mortgage Guarantee', the risk of the home loan gets transmuted from the bank/FIs (financial institution) to the mortgage guarantee company.

Sigficance of this Collaboration:

• This collaboration will help HDFC provide more loan to a home loan customer on an improved eligibility.
• The main objective of the collaboration is to address middle age-salaried customers, self employed customers and young salaried customers.

Question:

Q. Who has collaborated with IMGC (India Mortgage Guarantee Corporation) for a mortgage guarantee-backed home loan?
a. SBI
b. LIC Housing Finance
c. Ujjivan Finance
d. HDFC