PNB Housing Finance Partners with IMGC to Expand Affordable Home Loan Access Through Mortgage Guarantees
New Delhi, March 18, 2026: PNB Housing Finance has announced a strategic partnership with India Mortgage Guarantee Corporation to enhance access to home loans for the affordable housing segment. Through this collaboration, PNB Housing will provide affordable home loans backed by IMGC's mortgage guarantee solutions, enabling aspiring homeowners—particularly first-time borrowers—to fulfill their home-buying dreams in India .
Partnership Structure
Under the agreement, IMGC will provide Mortgage Guarantee solutions supported by a First Loss Default Guarantee structure to borrowers of PNB Housing Finance. This framework adds an extra layer of credit protection, allowing the lender to enhance borrower eligibility while maintaining prudent risk management and portfolio resilience .
Strategic Importance
Ajai Shukla, MD and CEO of PNB Housing Finance, stated: "At PNB Housing Finance, our vision is to make homeownership more accessible, inclusive and sustainable for home buyers across India. Our partnership with IMGC marks a significant step in strengthening this commitment, particularly to deserving borrowers who may not otherwise qualify for traditional financing options. By combining our underwriting expertise and distribution footprint with IMGC's robust guarantee frameworks, we can confidently expand our affordable housing portfolio, and contribute strongly to nation building" .
Mahesh Misra, MD and CEO of IMGC, highlighted the broader opportunity: "India's housing finance market continues to present a significant opportunity, particularly as mortgage penetration remains relatively low compared with global benchmarks. At IMGC, we have facilitated mortgage guarantees on home loans exceeding ₹44,000 crores, supporting over 1,70,000 households across more than 400 locations in India. Our partnership with PNB Housing Finance represents an important step in expanding the role of mortgage guarantees as a risk-sharing framework that enables lenders to responsibly extend housing finance while maintaining strong credit discipline" .
Market Context
India's mortgage penetration remains relatively low at around 11–12% of GDP, compared with over 50% in several developed markets, highlighting the significant opportunity to deepen housing finance access across the country .
The affordable housing segment continues to play a critical role in bridging the home-ownership gap for low- and middle-income households across India. By combining IMGC's mortgage guarantee expertise with PNB Housing Finance's strong distribution and customer reach, the collaboration aims to expand responsible lending and make home ownership more accessible to underserved borrower segments .
About the Companies
PNB Housing Finance Limited, promoted by Punjab National Bank, has over three decades of specialized experience in housing finance with a robust network of branches across the country. IMGC is India's first mortgage guarantee company, incorporated in 2012 and regulated by the Reserve Bank of India, with shareholders including Enact MI, Sagen, National Housing Bank, International Finance Corporation, and Asian Development Bank .