Process

IMGC follows the below four step process covering ranging from onboarding to claim filing-

01
Due diligence of the lender portfolio, credit policies, underwriting & collection process
02
Assess lender requirement like exploring new markets, cover on existing book, securitization etc & suggest/ create the most suitable product available.
03
Create detailed proposal basis requirement with pricing
04
Underwriting-
  1. Bulk/ On-Book Guarantee-
    • Contract basis or sample basis. Appraisal includes validation of borrower details, credit scores, property valuation and LTVs, among others.It is done on contract basis or sample basis. Appraisal includes validation of borrower details, credit scores, property valuation and LTVs, among others.
    • Lender & IMGC sign the mortgage guarantee agreement governing the business relationship.
    • Mortgage Guarantee fee is borne by the lender.
  2. Flow/ Loan by Loan Guarantee
    • Lender & IMGC sign the master policy which governs the business requirements and sets forth the requirements for both parties
    • IMGC sets norms & data requirements. Contracts meeting IMGC’s internal credit screens are approved for mortgage guarantee
    • IMGC to appraise the loans based on credit norms set forth by the Master agreement.
    • Mortgage Guarantee Fee to be borne by the home buyer.
05
Payment of Claims-
  1. Lender files claims 90 days after the EMI is overdue or the account turns NPA
  2. IMGC checks for compliance at the lender’s end with respect to the collection procedures & documentation of the customer.
  3. If the claim is approved, IMGC will repay the EMIs of the housing loan until the earlier of the two below-
  • Settlement of the incurred loss before disposing of the property; Or
  • Amount of EMIs paid equals to the maximum amount of coverage agreed under the mortgage guarantee agreement.