Fair & Just Legal Solutions LLP (FJLS) represented and advised India Shelter Finance Corporation Limited (ISFCL) regarding a mortgage guarantee transaction ($55 Million approx.) as entered into between ISFCL and India Mortgage Guarantee Corporation Private Limited (IMGC) – India’s first mortgage guarantee company. IMGC was represented by a team led by Raghuram Raju, Founder and Partner at Mandala Law Offices. ISFCL offers credit to middle-income households to acquire new housing or to extend and improve their current housing. It aims to improve the quality of living standards of middle-income families by providing affordable home loans.
The aforesaid transaction was handled by the corporate and banking & finance team at FJLS as represented by Partner Sharad Tyagi who commented: “We were delighted to be able to advise our client, ISFCL with the negotiation, drafting and execution of the Mortgage Guarantee Agreement. These agreements are one-of-a-kind marking an ingress of a relatively new product in India and safeguard the interest of lenders where the borrowers have defaulted. The banking sector is already burdened with a lot of NPAs, these types of guarantee products may be instrumental in protecting the interest of lenders and may change the market scenario.”
FJLS is a distinguished full-service Indian legal consultancy firm, headquartered in Noida. The firm has a wide domestic presence in New Delhi, Mumbai, Bangalore, Chennai, and Gurgaon. The firm’s core practice areas include Mergers & Acquisitions, Private Equity, Capital Markets, Banking & Finance, Regulatory & Policy, Corporate Commercial, Taxation and Dispute Resolution.
