MHADA Lottery 2013

MHADA 2013 lottery winners of 1244 flats were announced today - out of 87,647 valid applications received (an average of 70 applicants per apartment) - please see below link to MHADA website for details.

MHADA website with lottery details

As already discussed in earlier posts, MHADA is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MHADA flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please contact us on 22660427 / 0069 or email us on contact@mhfcindia.com (website www.mhfcindia.com).

MHADA sanctions 2736 affordable homes for Mumbai

MHADA budget announced today - to build 2736 low cost homes in Mumbai - and also has received sanction to buy land in Pune, Nagpur, Aurangabad and Amravati - see below link to 2 articles for more details.

HT article - March 8, 2013 - MHADA 2736 low cost homes
HT article - March 8, 2013 - MHADA could build 40,000 houses

As already discussed in earlier posts, MHADA is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MHADA flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please contact us on 22660427 / 0069 or email us on contact@mhfcindia.com (website www.mhfcindia.com).

Budget 2013 - proposals related to low income housing

There seems to be very little in the 2013 Budget proposals which affect low income housing (developers / financing) - in fact just three specific items: 

• Increase in allocation to the Rural Housing Fund ("RHF") from Rs 4000 crore to Rs 6000 crore;
• New Urban Housing Fund ("UHF") to be set up with Rs 2000 cr; 
both the above schemes to be administered by the NHB (as refinance schemes). 

RHF increase (and possibly the new UHF) will help MHFC - as all our loans are less than 10 lakhs and generally to weaker sections (same objective as the RHF and possibly the UHF).

and 
• Increase in the tax deduction on interest paid on housing loans (to 2.5 lakhs - from current 1 lakh) on home loans less than 25 lakhs

also see Mint article - Feb 28, 2013 for sops to the sector

Virar - new projects approved - 2013

Western line stations like Virar / Naigaon / Nalasopara continue to be the most popular choice of residence for most of MHFC's Mumbai customers (looking to buy flats less than Rs 10 lakhs).

Thus, this is to inform that MHFC has recently approved several (about 10) new projects in Virar East - generally smaller (about 60 to 70 flats) when compared to our usual larger size approved projects. Not sure how many of these flats are still available but for those interested, please call our Loan Officer Gulab Patil on 9167220732 for assistance (info on status of the projects and flats availability and also terms and conditions of MHFC financing).

Mint Article - Market Solution to Affordable Housing

Detailed 2 page article in today's Mint which features MHFC and several partners in this space - including developers like Vastushodh, Foliage and Poddar.

Mint Article - Jan 22, 2013