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ARTICLE · 09 MARCH 2008

Mortgage Guarantee

Mulla & Mulla & Craigie Blunt & Caroe
Explore more from Mulla & Mulla & Craigie Blunt & Caroe

With the robust Indian economy and consequent increase in housing loans vis-a-vis the ambivalent stand of the Government of India (“GOI”) on recognizing mortgage insurance and related products to protect the creditors on the occurrence of default by borrowers, the Reserve Bank of India (“RBI”) has finally introduced the model of Mortgage Guarantee Companies (“MGC”) in India.

IndiaCorporate/Commercial Law
Shardul Thacker
Shardul Thacker

With the robust Indian economy and consequent increase in housing loans vis-a-vis the ambivalent stand of the Government of India ("GOI") on recognizing mortgage insurance and related products to protect the creditors on the occurrence of default by borrowers, the Reserve Bank of India ("RBI") has finally introduced the model of Mortgage Guarantee Companies ("MGC") in India.

A Mortgage guarantee company is essentially a company which primarily transacts the business of providing Mortgage guarantee.

A Mortgage guarantee is basically a guarantee provided by a mortgage guarantee company for repayment of an outstanding housing loan and interest accrued thereupon to the guaranteed amount to a creditor institution on the occurrence of a default by the borrower.

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