The housing finance company aims to generate 10-12 per cent of its business from this partnership by the end of FY23, PCHFL said in a statement on Wednesday.
The product ‘Gruh Setu Home Loan’ aims to cater to the aspirational needs of salaried and self-employed customers across geographies. It is designed to extend loans to individuals who receive salary by bank or cash, pensioners, employees of proprietorships and partnership firms.
It will also cater to self-employed professionals like doctors or architects, small business owners, proprietors and partners of partnership firms.
PCHFL, the wholly-owned subsidiary of Piramal Enterprises, said the partnership with IMGC will enable the company to deepen its offering through over 300 branches across the country.
Under this product, PCHFL will offer home loans ranging from Rs 5-75 lakh for tenures up to 25 years at highly affordable rates, the company said.
IMGC is India’s first and only the mortgage guarantee company.
“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,” Jairam Sridharan, Managing Director, PCHFL, said.
With the acquisition of DHFL, PCHFL is one of the leading players in the retail lending segment with access to over 1 million (10 lakh) lifetime customers, presence in 24 states with a network of over 300 branches, the company stated.
PCHFL plans to expand its operations to about 1,000 cities, with physical presence in about 500-600 cities, over the next three years.