Wednesday, February 10, 2016

Partnership with Vastushodh for Credit Linked Subsidy Scheme

Vastushodh, an affordable housing provider, recently held an event announcing the launch of the Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme ("CLSS"). 

Under CLSS, eligible customers will receive a subsidy of upto a maximum of Rs. 2.2 lakh on their home loans. MHFC has partnered with Vastushodh to provide housing finance options to customers of the company's AnandGram projects. This is a unique opportunity for customers who are interested in buying a flat in one of the AnandGram projects, as CLSS allows customers to effectively pay an interest rate of 5.5%-6.5% p.a. 

The scheme was jointly announced by Mr. Sachin Kulkarni, MD - Vastushodh Projects, Nitin Kulkarni, Director - Vastushodh Projects & Nachiket Shelgikar, Director - Micro Housing Finance Corporation.  So far, 8 customers who have bought flats in Vastushodh with the help of MHFC loans have received a subsidy. The full Vastushodh press release can be found here.

Eligibility requirements include woman ownership of the flat being bought, a household income of less than Rs. 6 lakh a year & not owning a house anywhere in the country. Aadhar cards are mandatory to apply for the subsidy under CLSS. No processing fees will be collected on these loans, however out of pocket expenses will be recovered through the loan amount.    

If you would like to avail of an MHFC home loan to buy a flat in one of these projects, you may reach out to us at or Mr. Avinash Srivastava - the head of our Pune region - on +91 9823302629.   

MHFC has partnered with numerous public and private developers across six states in India. Eligible customers under CLSS can receive a subsidy on loans availed to buy flats in any of our projects. However, please note that there are some government projects which have already received a subsidy under another PMAY scheme and hence will not be eligible under CLSS. 

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