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The Mortgage Guarantee Company is registered to provide mortgage guarantee for the repayment of an outstanding housing loan and interest accrued thereon up to the guaranteed amount to a creditor institution.
Table of Contents
Mortgage Company means a Company registered with the Bank as Company which has primarily the business of providing mortgage guarantee. The company provides guarantee for the repayment of an outstanding housing loan and interest accrued thereon up to the guaranteed amount to a creditor institution, on the occurrence of a trigger event;
Mortgage guarantee contract means a tri-partite contract between the borrower, the creditor institution and the mortgage guarantee company, which provides the mortgage guarantee. The contract shall comply following:
Mortgage guarantee companies shall not accept public deposits.
Mortgage guarantee companies shall not avail External Commercial Borrowings.
Company shall not carry on insurance business.
No other investment including investment in subsidiaries and joint ventures would be permitted.
A company can hold investments in equity shares of any company which may be quoted or unquoted or other unquoted investments acquired in satisfaction of its debts which shall be disposed of by the mortgage guarantee company within a period of three years or within such period as extended by the Bank, from the date of such acquisition.
Read our article:Requisite for the Conversion of NBFC into Banks
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