Wednesday, December 3, 2014

MP (Madhya Pradesh) Housing Board - applications open for EWS (5.45 lakhs) / LIG (12.31 lakhs) flats in Bhopal

MP Housing Board has announced / opened a lottery of 912 flats in Bhopal aimed at lower income families (432 EWS and 480 LIG) - see below link for more details.

Applications are currently open till Dec 10 (or till the MP Housing Board receives applications for all the flats) - and we believe that this represents a very good chance of getting a home in Bhopal at a price of Rs 5.45 lakhs approx (in the case of EWS) and Rs 12.31 lakhs (LIG flats). 

As already discussed in earlier posts, Housing Board schemes (including this scheme) is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MP Housing Board 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 our local representative - Deepak Sarathe - on 9755333018 - or email him on deepak.sarathe@mhfcindia.com. You may also contact our Head Office (Mumbai) on contact@mhfcindia.com (website www.mhfcindia.com).

Saturday, November 29, 2014

DDA allotments declared

Draw  for the Delhi Development Authority's (DDA's) mega housing scheme was held on Nov 25, and the results are now available on DDA website. Per the HT article (link below), DDA vice-chairman Balvinder Kumar said flats will be handed over to the lucky winners only after they are completely constructed with all amenities.
"All payments ... will have to be made online...almost all flats will be ready for hand over by end of December 2014."
and link to the actual results on the DDA website

Note that like most developers linked to state bodies and authorities, the DDA will be an automatically approved developer for MHFC. Hence, for housing loans on DDA 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) when a loan is required.

Amrita Abashan / BGA Realtors - Kolkatta


Ad in today's TOI by BGA Realtors, which is an existing builder partner of MHFC in Kolkatta re flats being offered in its projects - and MHFC's offer to finance buyers from the informal sector who have income but do not have documentation to prove income - at a special rate of 9.8% (fixed for 7 years).   

This is an approved project for MHFC - and we will finance buyers from our segment (financially excluded families) subject to our terms and conditions. For more details, please call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com.  

Tuesday, November 18, 2014

DDA Housing Scheme Draw Postponed

The Delhi Development Authority (DDA) has postponed the computerised draw of lots for its Housing Scheme 2014, a top official said. The DDA housing draw was scheduled to be held on November 17.
Speaking to NDTV, vice chairman Balvinder Kumar cited technical reasons for the delay and said the draw could be held in four to five days - full details per link to article below:

NDTV Profit article

Note that like most developers linked to state bodies and authorities, the DDA will be an automatically approved developer for MHFC. Hence, for housing loans on DDA 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) after allotment and when a loan is required.

Wednesday, November 12, 2014

Pune affordable housing

Several new affordable housing projects (price range approx Rs 10 to 15 lakhs) coming up in the outskirts of Pune - this article has some details on the projects. 

Business Standard article - Nov 12, 2014

MHFC is associated with all the builders named in this segment and hence for assistance on financing for homes on these projects, esp for financially excluded informal sector customers who lack documentation to prove incomes, please email MHFC on contact@mhfcindia.com OR call our Manager in Pune - Suraj Pawar - on 8879543963.

Tuesday, November 11, 2014

MP Housing Board - launch of EWS / LIG housing flats

The MP Housing Board ("MPHB") has just launched approx 900 flats (432 EWS / 480 LIG) - see link below to the pdf of the brochure - which indicates that price of EWS flat is at 5.45 lakhs and price of LIG flat is at 12.31 lakhs. The scheme was launched on Nov 10, 2014 and is expected to be open for a month.

MP Housing Board scheme - pdf

Of course, these will be approved projects for MHFC, which is already working closely with and supporting allottees in Bhopal Development Authority ("BDA") schemes for EWS / LIG families - and thus, we will finance successful MPHB allottees as well who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions.

For more details on loans available, please call Mr Deepak Sarathe our representative in Bhopal on 97553-33018 or email us on contact@mhfcindia.com.

Saturday, October 11, 2014

Poddar Developers - Atgaon - Navjeevan

Half page ad in the Hindustan Times (Mumbai edition) this morning re an approved project of MHFC - an affordable housing project by Poddar Developers  - "Navjeevan" at Atgaon (near Shahpur), under which 1 RK flats start at 7.8 lakhs and 1 BHK at 10.20 lakhs. 

For more information on the project, please see the company's website

For financing on this project, especially for informal sector customers who lack documentation to prove incomes, please email us on contact@mhfcindia.com OR call our Loan Officer for the project - Gulab Patil on 9167220732 for further information on terms and conditions of MHFC (www.mhfcindia.com) financing. 

Friday, October 10, 2014

New Launch - Mahindra Lifespaces "Happinest"- Boisar

Mahindra Lifespaces affordable housing project - "Happinest" has just launched - in Boisar. 

Spread across over 14 acres, the project offers 1RK, 1 and 2 BHK apartments in the range of 351 sqft to 695 sqft and would have a total of 800 units, and will be priced between Rs 9.1 lakh to Rs 17.5 lakh.

In the first phase, where construction will commence from next week and is scheduled to be completed in a year, the company will build nearly 359 units. 

For more information on the project, please see the company's website and this news article in the Economic Times.

We believe that this is a rare opportunity to own a quality home from a leading business group at a reasonable price within the Mumbai region and will be happy to support customers from our segment who are interested in this project.  

Thus, for financing up to 15 lakhs max on this project, especially for informal sector customers who lack documentation to prove incomes, please email us on contact@mhfcindia.com OR call our Loan Officer for the project - Gulab Patil on 9167220732 for further information on terms and conditions of MHFC financing. 

Thursday, October 9, 2014

Launch of Amrita Abashan II - Sonapur, Kolkatta

BGA Realtors, which is an existing builder partner of MHFC in Kolkatta has just launched the next phase of its Amrita Abashan project - Phase II - under which it is offering 240 flats (468 sq ft in size) priced between 8.1 lakhs and 8.65 lakhs respectively). Phase I had offered 768 flats.  

See link below for more details on the project
News article - BGA Amrita Abashan II launch

This is an approved project for MHFC - and we will finance buyers from our segment (subject to our terms and conditions). For more details, please see MHFC website or call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com.  

Tuesday, September 2, 2014

DDA Housing Scheme 2014 opens - 25,034 flats on sale

Some announcements regarding new MHADA flats that will be available in 2014 - about 25,000 flats of which about 90% expected to be under EWS (pricing expected at between 7 and 11 lakhs).

Times of India
Economic Times
Business Today

"We are offering 25,034 flats in the 2014 scheme out of which 22,627 would be one-bed room apartments." said Balvinder Kumar, Vice-chairman, DDA. 

"The 'DDA Housing Scheme 2014' would be open to applicants from September 1 and the last date to receive the application is October 9. The draw of lots would preferably be taken out within 20 days of the close of the scheme," a senior DDA official said, adding, applicants can also apply online. 

DDA for the first time has also introduced a five-year lock-in period for ownership of the flats, to cut out the middleman and reduce the scope of speculative buying. Interestingly, a senior official said that from now on, DDA will adopt a practice of announcing a housing scheme only when the flats are in "ready to move-in" condition. "Learning from past experience when flats could not be handed over to allottees even months after draws were held, and we faced a lot of criticism, this time we will announce dates only after ensuring that the flats are ready to move in," said a senior official.

Note that like most developers linked to state bodies and authorities, the DDA will be an automatically approved developer for MHFC. Hence, for housing loans on DDA 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) after allotment and when a loan is required.

Thursday, August 14, 2014

A short cut to financial inclusion

The Central Governments ambitious plan for financial inclusion under the Sampooorn Vittiya Samaveshan (SVS) targets the inclusion of 100 million unbanked households. Is this achievable with the present banking network and mindset? Or is there a short cut?

Consider this. In the 67 years of independence despite the best efforts of the Reserve Bank through regulation, persuasion and coercion, banks have managed to penetrate barely 40% of all households. Even where they have supposedly opened bank accounts a very significant number of the so called “no frills accounts”, have remained dormant, with customers finding no sense in operating these accounts due to lack of access, benefits and products.  It is time to realize and accept that banks have neither the will nor the ability or indeed the technology to achieve the financial inclusion mission. Policy makers need to understand and acknowledge that the current banking infrastructure may not be the most optimum way to reach the unbanked. The brick and mortar model that banks employ is slow and expensive.

Cell phone companies have managed to accomplish a 60% penetration of the total population in one third the time that the banks took, through a mindset that values customers, technology that is cheap to deploy and a product that customers want. It is important to note here that the documentation that is required to get a cell phone account is not a lot different from the set that is prescribed by the RBI for the opening of no frills accounts. They already have developed capacity to handle micro payments, money transfers, and have the data to create sensible credit products that can be delivered cheaply. Most importantly, customers are very used to going to the nearest recharge outlet to load up their phones with airtime.

The communication architecture, the network and technology that these companies have put in place can easily be adapted to achieve the Governments financial inclusion targets. What it only requires is a change in the mindset of policy makers that banks are not the exclusive or effective option for delivery of financial products. Why not consider using the more efficient and effective infrastructure that is already in place.
In practical terms many prepaid customers already consider their airtime as storage of value. A few more sophisticated customers already use it as a payment mechanism. The track records of cell phone usage and bill payment cycles can form an excellent proxy for structuring credit products. Banks starting afresh with new customers will legitimately have concerns about extending credit to newly acquired customers.
Policy makers should seriously consider allowing cell phone companies to either act as full fledged banks. in the alternative allow them to operate as front end with customers, with banks providing the back end processing and balance sheet support.

The Government and the RBI may have the greatest opportunity here to accomplish a policy goal by simply marrying the credit, capital and balance sheet strengths of banks with the marketing, distribution and technology capabilities of cell phone companies.

Monday, July 28, 2014

Mint Article - low income housing

Interesting article this morning (July 28, 2014) on renewed interest from developers in low income / affordable housing -  from leading developers like the Mahindra Group, Ajmera and Shapoorji Pallonji. With more financing available (from several HFCs like MHFC focussed on this segment) and an enabling government environment, we believe that this sector should see many more such plans over the next year.

Mint Article - July 28, 2014

Tuesday, July 15, 2014

DBS Launches New Project - Umang Vatwa

On 26th June 2014, affordable housing company DBS (Design Build Serve) announced a new project named "Umang Vatwa" that will be built in Ahmedabad, Gujarat.

The project will provide both 1 RK and 2RK flats, starting at INR 4.99 lakh. Located close to the railway station and providing modern amenities which include 24/7 water supply, Umang Vatwa is the latest project from DBS that Micro Housing Finance Corporation will partner with to provide housing finance solutions to customers. More information about the project can be found here.

Customers looking for finance options can contact our Manager Kashyap Patel on 9925045276 to check MHFC loan terms and conditions, availability and  general inquiries.

Bookings for the project opened on 12th July 2014. For more information about the project, call the toll free number: 1800-123-6007

Thursday, July 10, 2014

Budget 2014-15 - impact on low income housing

Firstly this is a government that has in its manifesto a "housing for all" objective - by 2022 in fact - and thus there are major expectations of several important measures, immediate and over the next few months, that will promote and support this critical sector. 

In this budget (2014-15), there were some specific measures :

1. FDI can be brought in fairly easily (usual restrictions on min amount and size of project waived) for projects which commit at least 30% for low cost affordable housing (not defined but am sure clarifications will be issued shortly). This will benefit private developers and add another source of capital - which might be useful as financing land purchase is difficult domestically; 

2. Rural Housing Fund (run by the NHB) allocation to go up by Rs 2,000 cr to Rs 8,000 cr. This is the refinance scheme which provides funds to HFCs at a lower cost - while the rates are attractive, and can be valuable in helping EWS / LIG families in rural areas own a home, the issue for most HFCs (esp for newer ones like MHFC) is that this scheme has an onlending cap (2.5% currently) which makes it operationally not viable. We believe the extra allocation to the scheme is very useful, but to make it really effective and to encourage widespread utilisation, the cap should be withdrawn or raised so that it is viable for lenders as well. 

3.  Most critically, and whats seems very positive, but where details awaited,  the FM has proposed setting up a Mission on Low Cost Affordable Housing anchored in the National Housing Bank, under which Rs 4,000 crores has been allocated for the NHB - and where the aim would be to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.

In general, the FM also stated the openness of the Government to examine other suggestions that would spur the sector reflecting that this would be a priority. So all in all, while nothing very specific and possibly immediate, there does to be a general willingness to make positive changes in the sector and further detailed measures could possibly be announced shortly in line with the overall guidance provided in this Budget speech.  

Saturday, June 21, 2014

Gujarat Chief Minister Anandi Patel cancels Gujarat Housing Board draw for affordable houses

Just a follow up story that the Gujarat Housing Board draw for 8,000 flats (in Ahmedabad, Surat, Rajkot and Vadodara) were cancelled yesterday - see link to article in the DNA below:

DNA article - June 20, 2014

Monday, June 16, 2014

Draw today for 2,584 Gujarat Housing Board houses

Per this TOI article - see link below - today is the draw for GHB houses across 4 cities - Ahmedabad, Surat, Vadodara and Rajkot.  

TOI article - June 15, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

Friday, June 13, 2014

Bhubhaneshwar Development Authority - 7,000 housing units coming up this year

Per this Indian Express article - link below - the Bhubhaneshwar Development Authority ("BDA") plans to build 7,000 homes this year of which 5,000 units will be built for EWS / LIG / MIG families - and after the first year, the BDA is planning to add about 5,000 low cost housing units every year. A BDA official said the purpose of the proposal, like all other affordable housing projects, is to make low cost housing available for the urban poor.  

It seems that the housing units will comprise G+4 multi-storey buildings and the BDA would like to cap the price of the lowest housing unit at Rs 5 lakh.

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions.

For more details on loans available, please call our Head Office in Mumbai on 022-22660427 or email us on contact@mhfcindia.com.


Sunday, June 1, 2014

How to Prepare Yourself for a Home Loan

Link to an article in NDTV (from BankBazaar.com) on preparing for a home loan - very true and lots of good advice (except that in MHFC's case, we dont require formal documents to prove incomes - since our focus is mainly on the informal sector who are financially excluded precisely because of this).

NDTV / Bank Bazaar article - June 1, 2014

Monday, April 21, 2014

HIDCO focus on low cost flats - Rajarhat, Kolkatta

Not much detail - but per this TOI article - link below - HIDCO is working on flats for EWS families - in Rajarhat New Town, Kolkatta. 

TOI article - April 19, 2014

Of course, these will be approved projects for MHFC. Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details on loans available, please call our branch manager in Kolkatta - Subrata Biswas on 9831433440 - or email us on contact@mhfcindia.com.


Of course, these will be approved projects for MHFC. 

Thursday, April 17, 2014

Surat Municipal Corporation - 11,000 EWS and LIG homes

Per this TOI article - link below - Surat Municipal Corporation ("SMC") has plans to build 11,000 EWS and LIG homes across 37 locations in Surat. 

It seems that the EWS units will cost 3 lakhs and will be 1BHK flats with carpet area of 25 square metres, while the LIG units cost 7.5 lakhs and will be 1BHK flats with carpet area of 36 sq km. 

TOI article - April 16, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details on loans available, please call our branch manager in Surat - Jignesh Patel on 9016507947 - or email us on contact@mhfcindia.com.

Saturday, March 29, 2014

Anandgram Ketkawale - low cost housing project near Pune

The next Anandgram project by Vastushodh Builders at Ketkawale has just been launched - and is expected to receive a number of bookings over the next 3 day holiday period. In this phase, the builder has on offer 502 flats (80 1 RK, 297 1 BHK and 125 2 BHK) with the price range from 7 to 20 lakhs. 

For more information on the project incl the location, facilities, specifications, and layout, please see the company's website.

Business Standard article March 29, 2014 re launch of the project

For financing on this project, esp for informal sector customers who lack documentation to prove incomes, please email MHFC on contact@mhfcindia.com OR call our Loan Officer for the project - Suraj Pawar - on 8879543963.

Monday, March 17, 2014

Rajkot Municipal Corporation to build 6,284 houses for the urban poor within two years

Per this Express article - link below - Rajkot mayor Raksha Boliya and municipal commissioner Ajay Bhadu announced that the civic body will construct 2,270 houses EWS families whose annual income is up to Rs1 lakh. It will also construct 4,514 residential apartments for the Low Income Group (LIG) of the society whose annual income is between Rs 1- 2.5 lakh. While EWS units will be one-bedroom-hall-kitchen (1BHK) flats with carpet area of 28 square metres, the LIG units will be 2BHK flats with total carpet area of 25 sq km. An EWS flat will come at Rs 3 lakh while an LIG apartment will cost Rs 8.5 lakh.

Indian Express article - Jan 23, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.


Ahmedabad Municipal Corporation's LIG housing schemes soon

Per this TOI article - see link below - a package of 1,888 houses is expected to come up in the Vatva area of Ahmedabad. Overall,  4,937 LIG houses in the coming year in various areas of the city - 29 locations - including Vejalpur, Nikol, Chandkheda, Chandlodia, Thaltej, Kali, Vadaj, Vastral, Kankaria, Shahibag areas. 

TOI article - Jan 21, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

Wednesday, March 12, 2014

Resale - 1 RK flats in Samruddhi Complex, Bhivpuri

While all flats in Poddar Developer's project at Bhivpuri have long since been sold out, MHFC has access to a few flats in resale which will be available ONLY to actual end users (those who need a primary residence) and who are financially excluded (cannot get loans from other banks and who thus need a loan from MHFC).  

For more information on the project itself, see link below to the builder website 
Samruddhi Complex, Bhivpuri - Poddar Developers

For those interested in 1 RK flats (300 sq ft) in the project which is opp Bhivpuri station (1 stop before Karjat on the local train) as a home, please email on contact@mhfcindia.com OR please call our Loan Officer for the project - Gulab Patil on 9167220732.

Saturday, March 8, 2014

EWS projects approved in Vadodara

Two housing schemes for the economic weaker sections (EWS) of the society will come up in Vasna and Sayajipura areas of the city. Vadodara Municipal Corporation (VMC) standing committee cleared the proposals for these schemes that will come up under the chief minister's housing scheme under the public-private partnership mode. 372 apartments will be constructed under the EWS category at Vasna while 360 will come up at Sayajipura. 

TOI Article - March 8, 2014

MHFC will of course support applicants who believe they can service a loan satisfactorily but are being excluded by mainstream banks / HFCs. For more information on how to apply, and MHFC loan terms and conditions, email contact@mhfcindia.com or call on 022-22660427.

Friday, March 7, 2014

Shukhobrishti Draw of Lots - results now online

Results for the Draw of Lots (conducted on Feb 25 and Feb 26) now available online - see link below
Shukhobrishti allotment list - Phase 3

Just to reiterate, MHFC will finance buyers from our segment (subject to our terms and conditions). For more details, please see MHFC website or call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com


Friday, February 28, 2014

Shukhobrishti Kolkatta - lottery of LIG / MIG flats

The draw of lots for Phase – 3 set of flats (LIG / MIG) in the PPP project (WB state govt and Shapoorji Pallonji) – “Shukhobrishti” - was conducted on Feb 25 and Feb 26 at Netaji Indoor Stadum, Kolkatta. 

Massive crowds (est at about 8,000 the first day itself for the 400 MIG flats) for the lottery draw - see below. 





Note that results will also be on line on March 3, 2014 on the company website link below

As stated earlier, this is an approved project for MHFC (we also had a stall at the lottery site along with other reputed HFCs like HDFC and SBI Home Finance) - and we will finance buyers from our segment (subject to our terms and conditions). For more details, please see MHFC website or call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com

Sunday, February 23, 2014

Karrm Residency

Karrm Residency (already approved project of MHFC which launched about 18 months back and is almost 70% complete) has launched its next phase (about 600 flats) - 1 RK flats starting at 9 lakhs -  for more information, please see : 

HT Mumbai (Feb 23, 2014) Front Page

Karmm Residency (Shahpur) Website
(note this is currently down - at time of posting)


Informal sector customers who do not have documentation to prove incomes and looking for financing can approach our Loan Officer Gulab Patil on 9167220732 (or email on contact@mhfcindia.com) to check MHFC (www.mhfcindia.com) loan terms and conditions.

Tuesday, February 18, 2014

Draw of Lots - Shukhobrishti, Kolkatta

The draw of lots for Phase – 3 set of flats in the PPP project (WB state govt and Shapoorji Pallonji) – “Shukhobrishti” - at Rajarhat Newtown Kolkata, is going to be conducted on 25/02/2014 (for MIG) and 26/02/2014 (for LIG) at Netaji Indoor Stadium, Kolkata.

For more details (including timings), please see the company website link below

As stated earlier, this is an approved project for MHFC - and we will finance buyers from our segment (subject to our terms and conditions). For more details, please see MHFC website or call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com

Wednesday, January 15, 2014

CARE upgrades MHFC credit rating to BBB+

CARE upgrades MHFC rating to BBB+ (revised from BBB) - for Rs 100 cr long term bank facilities - see link below for more details:

CARE rating rationale

"The rating revision takes into account substantial capital infusion in the company, growth in the portfolio and profits, and good asset quality performance with no NPAs till date."