Clix Housing Finance Ltd. (Clix HFL), a wholly owned subsidiary of Clix Capital Services Pvt. Ltd., (formerly GE Money Financial Services), has entered into an agreement with India Mortgage Guarantee Corporation (IMGC) to offer mortgage guarantee-backed home loans to salaried and non-salaried persons in the affordable housing segment.
IMGC has been helping different lenders to foray into this space with minimal risk and helping home buyers to own a home through higher eligibility and lower EMIs.
Gaurav Pawra, CEO, Clix Housing Finance, said, “With the rising demand in the affordable housing segment, this strategic partnership would support to fulfil the dreams of the first-time homebuyers and enable us to enhance penetration in the low & mid-market segment besides mitigating the credit risk in case of default.”
Mahesh Misra, CEO, IMGC said,” We are confident that this will be a successful partnership in the months to come. We have a defined execution roadmap with emphasis on driving financial inclusion through this partnership.”
The arrangement between IMGC and Clix Housing Finance has been designed to address the needs of a wide range of customers through varied housing loan products.
To manage the risk for mortgage guarantee loans in the Indian market IMGC has tie-ups with more than 18 lenders comprising banks, housing finance companies and NBFCs. It has as guaranteed home loans worth Rs 12,000 crore to more than 60,000 home loan borrowers.
IMGC is a joint venture of International Finance Corporation, Asian Development Bank, Genworth USA and National Housing Bank.
