India Mortgage Guarantee Corporation (IMGC) has struck a deal with private sector lender RBL Bank to offer home loans.

The firms will offer mortgage guarantee (MG) backed home loans to both salaried and non-salaried customers.

The tie-up will see RBL Bank offer MG-backed home loans to customers across the country through its network of more than 500 branched, the firms said in a statement.

“The combined expertise would…help create a conducive lending environment for early home ownership by ensuring timely disbursal of housing credit and longer tenure to customers,” they added.

The lender hopes to benefit from IMGC’s expertise mitigate credit risks.

Notably, a key advantage of the partnership is double authentication, which means that as IMGC will also validate each loan before it is sanctioned building high quality of portfolios for RBL Bank.

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The collaboration between IMGC and RBL Bank aims to address the needs of a wide range of customers through variety of credit offerings.

RBL Bank secured business head Parag Kale said: “This collaboration enables us to extend our products to a broader customer base while ensuring enhanced risk management. It will also allow us to increase the tenor of home loans and ensure affordability.”

IMGC CEO Mahesh Misra noted that in retail finance space, affordable housing is one of the most promising segments and IMGC has been enabling its bank partners tap into this space with minimal risks, while helping customers fulfil their dream of home ownership.

Through its partnership with 23 banks, IMGC claims to have guaranteed home loans worth more than INR154bn.