New Delhi: Housing finance major HDFC Limited has partnered with the India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product. On this partnership for a new product, Renu Sud Karnad, Managing Director, HDFC Ltd., said: "We are determined to strengthen the housing finance segment in India. We see stepped-up interest in using mortgage guarantee as an effective risk mitigant across lending categories." Mortgage guarantee or mortgage insurance, as it is known in some markets, is well established in the US, Australia and Canada with market penetration of 15% in the US and 22% in Canada. Likewise in India, mortgage guarantee is on the rise with market penetration between 5-20% across lenders who are leveraging the product to grow their books.

Source: Mint May 15, 2019 09:11 UTC