India Mortgage Guarantee Corporation (IMGC) has entered into a partnership with Bajaj Housing Finance Ltd (BHFL), whereby the latter will leverage the Corporation’s mortgage guarantee-backed solutions to expand access to home loans for underserved and first-time homebuyers across India.

IMGC’s mortgage guarantee will also cover BHFL’s Sambhav Loans, an affordable housing offering designed specifically for customers with informal income profiles or limited credit history, the Corporation said in a statement.

“The collaboration combines IMGC’s expertise in credit risk protection with BHFL’s strong distribution and last-mile lending capabilities to extend formal housing finance to borrowers often excluded due to limited credit histories or informal income profiles,” per the statement.

Mahesh Misra, MD and CEO, IMGC, said, “This partnership with Bajaj Housing Finance is a step forward in expanding access to housing finance for underserved segments. Mortgage guarantees play a key role in enabling lenders to extend credit with confidence, while maintaining strong risk discipline.

“With mortgage penetration in India still relatively low compared to global benchmarks, the opportunity to scale responsible lending remains significant, and risk-sharing solutions like mortgage guarantees are critical to unlocking it responsibly.”

IMGC said India’s total outstanding housing credit stood at ₹43 lakh crore as of February, yet mortgage penetration remains low at 11-12 per cent of GDP — compared with over 50 per cent in several developed markets, highlighting the significant opportunity to deepen housing finance access across the country.

Published on April 21, 2026