CURRENT AFFAIRS

Detailed explanation-1: -The partnership will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across the country, IMGC and RBL Bank said in a joint statement.

Detailed explanation-2: -(IMGC) has partnered with with RBL Bank to offer mortgage guarantee-backed home loan products for salaried and non-salaried customers.

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: -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-5: -Mumbai: ICICI Bank, India’s largest private sector bank, today announced the launch of the country’s first ‘Mortgage Guarantee’ backed loans for retail customers aspiring to purchase their first homes in the affordable housing segment.