Piramal Capital partners with IMGC to offer home loans of Rs 5 lakh-75 lakh
Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation to offer home loans ranging from Rs 5 to 75 lakh to salaried and non-salaried customers.
Under this agreement, India Mortgage Guarantee Corporation (IMGC) will provide a guarantee on part of the loan so that it will be secured in the event of default.
The housing finance company aims to generate 10-12% of its business from the partnership by the end of FY23, PCHFL said in a statement Wednesday.
The “Gruh Setu Home Loan” product aims to meet the ambitious needs of salaried and self-employed customers in all geographical areas. It is designed to provide loans to individuals who receive a salary by bank or cash, retirees, employees of sole proprietorships and partnerships.
It will also appeal to independent professionals such as doctors or architects, small business owners, owners and business partners in partnership.
PCHFL, the wholly owned subsidiary of Piramal Enterprises, said the partnership with IMGC will allow the company to deepen its offering through more than 300 branches across the country.
Under the product, PCHFL will offer home loans ranging from Rs 5 to 75 lakh for terms up to 25 years at very affordable rates, the company said.
IMGC is the first and only Mortgage Guarantee Company in India.
“Piramal’s affordable housing solutions are for unserved and underserved clients in Bharat. Although we have designed specific products to serve this population, there is a segment that is currently unsustainable when it comes to credit,” said Jairam Sridharan, Managing Director of PCHFL.
With the acquisition of DHFL, PCHFL is a leading player in the retail lending segment with access to over one million (10 lakh) lifetime customers, a presence in 24 states with a network of over 300 branches, the company said.
PCHFL plans to expand its operations to approximately 1,000 cities, with a physical presence in approximately 500 to 600 cities, over the next three years.
The company relies on the “phygital” lending platform driven by machine learning (ML) and artificial intelligence (AI), including the new mobile app, she added.
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