Piramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal Enterprises Limited, has partnered with India Mortgage Guarantee Corporation (IMGC).
It will offer Gruh Setu Home Loan – mortgage guarantee-backed affordable home loans to customers from the unserved and underserved regions, according to a company statement.
Steps to avail the loan
Customers can either directly apply for loan to PCHFL or by reaching out to channel partners such as Connectors and DSAs
Fill in the application form and submit the required loan documents
Loan eligibility assessment is done by PCHFL and IMGC
Customer is given options for a home loan structure that suits their requirements with longer loan tenures, lower EMIs and affordable rates of interest
The loan is disbursed after the property verification is done by PCHFL
The loan offering is designed to extend loans to individuals who receive salary by bank or cash, pensioners, employees of proprietorships and partnership firms as well as self-employed professionals like doctors or architects, small business owners, proprietors and partners of partnership firms.
Jairam Sridharan, Managing Director, PCHFL, said, “Piramal's Affordable Housing solutions are targeted towards the unserved and underserved customers of Bharat. While we have designed specific products to serve this population, there is a segment that is presently credit unviable. Our new offering Gruh Setu, created in partnership with IMGC, allows us to expand credit into this population with the support of a mortgage guarantee. We expect this partnership to generate 10-12 percent of our housing business."
The partnership with IMGC will enable PCHFL to deepen its offering through 300+ branches located across the country. Under this product, PCHFL will offer home loans ranging from Rs 5 lakh to Rs 75 lakhs for tenures up to 25 years at highly affordable rates.
Speaking on the partnership, Mahesh Misra, CEO, IMGC, said, “Piramal’s domain expertise in real estate will result in a well-structured mortgage guarantee-backed home loan product that will help fulfill the ‘Early Home Ownership’ dream of first-time home buyers in India. It will also provide affordable home loans, through lower down payments, longer loan tenures, and lower EMIs. IMGC will offer complete support to PCHFL in empowering the underserved markets and expanding its operations to 1000+ cities.”
