Piramal Capital ties up with IMGC to offer home loans of Rs 5-75 lakh
Piramal Capital & Housing Finance Ltd (PCHFL) has teamed up with the Indian Mortgage Guarantee Corporation to offer home loans ranging from Rs 5-75 lakh to paid and unpaid clients.
Under this agreement, the Indian Mortgage Guarantee Corporation (IMGC) will provide collateral on a portion of the loan so that it is secured against default.
The home finance company aims to generate 10 to 12 percent of its business from this 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 clients in all geographies.
It is designed to grant home loans to people who receive payments at the bank or in cash, retirees, employees of real estate companies and companies.
It will also serve the needs of self-employed professionals such as doctors or architects, small business owners, associate business owners and partners.
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 this product, PCHFL will offer home loans ranging from Rs 5 to Rs 75 thousand for periods of up to 25 years at very reasonable rates, the company said.
IMGC is India’s first and only mortgage escrow company. IMGC is India’s first and only mortgage escrow company.
“Piramal’s affordable housing solutions are aimed at the underserved and underserved clients of Bharat. While we have designed specific products to serve this population, there is currently an unviable sector in terms of credit,” said Jairam Sridharan, CEO of PCHFL .
With the acquisition of DHFL, PCHFL is one of the leaders in the retail lending sector with access to more than 1 million (10 lakh) lifetime customers, present in 24 states with a network of more than 300 branches, said the company.
PCHFL plans to expand its operations to about 1,000 cities, with a physical presence in 500-600 cities, over the next three years.
The company is leveraging a “phygital” lending platform powered by machine learning (ML) and artificial intelligence (AI), including a new mobile app.