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Mortgage Insurance soon to arrive in India?
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Sandy

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PostPosted: Tue Mar 06, 2007 6:02 am    Post subject: Mortgage Insurance soon to arrive in India?
Hi

i have heard of mortgage insurance coming soon in India . is it true. pls highlight me on the benefits, and the companies offering it?
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Crouere

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PostPosted: Tue Mar 06, 2007 3:10 pm    Post subject:
Yes one US based Genworth Financial Inc. are launching mortgage insurance product in India. They have also got permission from FIPB (Foreign Investment Promotion Board) and would be starting with an initial investment of $7.5 million out of the total $50 million investment they are planning to make over a period of next 24 months.

Crouere
 
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Kuhn

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PostPosted: Tue Mar 06, 2007 4:41 pm    Post subject:
The regulatory framework for such mortgage insurance companies is still to be completely developed by Reserve Bank of India (RBI).

I can tell about another tie up between National Housing Bank and General Insurance Corporation to bring a program which will provide coverage to lenders in case borrowers default.
 
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Murphy...

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PostPosted: Tue Mar 06, 2007 7:27 pm    Post subject:
Quote:
i have heard of mortgage insurance coming soon in India . is it true. pls highlight me on the benefits,

The mortgage insurance will work as a risk mitigation tool for the finance institutions providing the loan. The institutions will be ready to increase the loan amounts because of the assurance they would get of getting their money back from the insurance company. A borrower would benefit as lenders would on move beyond certain low risk segments and willingly accept loan applications from people who are considered as high risk. One example would be easier availability of loans for self employed people who are normally considered as riskier to lend to.
 
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