LIC Housing Finance has made a partnership with India Mortgage Guarantee Corporation (IMGC) to offer special loan scheme, under which borrowers can repay the amount till the age of 75 years.
IMGC will provide the company with mortgage guarantee that compensates financial institutions for losses that may arise from a default on a mortgage loan. This strategic partnership will help the company to accommodate more home loan borrowers, increase market penetration besides combating Non-performing assets (NPAs).
LIC Housing Finance is one of the largest Housing Finance Company in India. The main objective of the company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses.
