BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

India’s largest lender SBI and India IMGC has signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers. What is the meaning of “M” in IMGC?

A	Money
B	Monetary
C	Management
D	Mortgage

Explanation:

Detailed explanation-1: -The program between IMGC and RBL Bank has been designed in a manner to address the needs of a wide range of customers through varied products.

Detailed explanation-2: -Mumbai, Aug 26: Largest private lender ICICI Bank today launched the country’s first mortgage guarantee-backed home loan product that will expand the credit amount and increase the tenure for an additional fee as well.

Detailed explanation-3: -India Mortgage Guarantee Corporation (IMGC) is India’s first Mortgage Guarantee company (MGC). IMGC came into being with a vision of facilitating early home ownership by mitigating credit risk for home loan lenders. IMGC started operations in 2014 .

Detailed explanation-4: -Mortgage Guarantee is a credit default guarantee taken by mortgage lenders against borrower’s payment defaults. The mortgage guarantee becomes payable when a specified loan becomes non-performing. The intention of taking mortgage guarantee is to mitigate the risk taken by the lenders.

There is 1 question to complete.