BOI and IMGC Home Loans: Making Home Ownership Easier
Buying a home is a big milestone, but for many, especially first-time buyers or those with limited credit history, securing a home loan can be challenging. That’s where BOI (Bank of India) and IMGC (India Mortgage Guarantee Corporation) step in with a unique solution: IMGC-backed home loans.
What is an IMGC Home Loan?
An IMGC home loan is a special type of housing loan where the India Mortgage Guarantee Corporation guarantees repayment to the lender in case the borrower defaults. This reduces risk for the bank, making it easier for people with non-traditional income or weak credit profiles to get a home loan.
Key Features of BOI-IMGC Home Loans:
Higher Loan Eligibility: The guarantee from IMGC allows BOI to lend a higher amount than usual, sometimes up to 90–95% of the property value.
Flexible for Low Credit Scores: Even if you have a low or no credit history, you may still qualify.
Longer Repayment Tenure: You can repay the loan over up to 30 years, making EMIs more manageable.
Ideal for Informal Income Earners: Great for freelancers, small business owners, and self-employed individuals.
Things to Keep in Mind:
The IMGC guarantee is for the bank, not for the borrower, so you are still responsible for paying your EMIs on time.
There may be a slightly higher interest rate or processing fee due to the guarantee.
Who Should Consider It?
First-time homebuyers
People with limited or informal income documentation
Self-employed individuals
Buyers seeking higher loan amounts with smaller down payments
