Monday, February 29, 2016

Customer Story: snack / food item seller, Gujarat

Very inspirational story to share today - this applicant is both deaf and mute. He cycles between various housing societies in Bhavnagar, Gujarat where he sells locally made food items. His wife, also deaf and mute, works as a machine operator at a small manufacturing unit. Together, they earn an income of around Rs. 15,000 per month.

They currently live in the applicant's parental property with their two children. Soot stained walls and cramped spaces prompted the applicant to finally book a flat in an affordable housing project. Out of the 1 BHK flat cost of Rs. 3.25 lakh, the applicant put in a down payment of Rs. 1.08 lakh from his savings, borrowing the remaining amount from MHFC. 

Thursday, February 25, 2016

Customer Story: tailor / farmer, Maharashtra

We receive several loan applications where fathers & mothers financially support their working sons and daughters by contributing to the monthly EMIs, so that these children can move into affordable housing projects after marriage.

We tend to find numerous hard-working parents, like the applicant pictured below who earns his income from two sources - his farm land (where they mainly grow onions) and his tailor shop, under the name "Mayur Tailors". Their family house is located in Chas, 14 km by road northwest of the town of Rajgurunagar, Maharashtra.

Although the 50-year-old father of one has no intention of leaving his current house, he wanted to buy a flat for his son - who is in his last semester of college. The son works part-time and will be jointly servicing our loan along with his father. 


Monday, February 22, 2016

Customer Story: tent maker, Rajasthan

"Dinesh Tent House" was started by one of our applicants 12 years ago. Operating out of a rented shop (pictured below), he mainly provides curtains, poles and large tents for various functions across Jodhpur, Rajasthan.
Wedding season (usually December / January) is the most profitable for the business - he manages to earn Rs. 40,000 a month during this season. However, his income can fall as low as Rs. 5,000 during the offseason.
Currently living in his parental house with his wife and three children on the outskirts of Jodhpur, the applicant wanted to move into a new house closer to the town center. He booked a flat in an affordable housing project in mid-January with the help of a Rs. 2.75 lakh MHFC home loan.

Monday, February 15, 2016

Customer story: vegetable vendor, Gujarat

Along with her husband and three children, this applicant has been living in a rented house in Ahmedabad for the past 2 years. Prior to moving to Gujarat, she lived with her husband and in-laws in a village in Rajasthan, where the family was engaged in farming.
Currently, she works as a vegetable vendor in the Vastrapur area of Ahmedabad. She purchases vegetables worth Rs 2500-3000 from Jamalpur wholesale market everyday and works from 7 am till 10 pm.
Daily sale: Rs 3000-3500
Margin: 25%
Net daily income: Rs 500-1000
Her husband currently works in the housekeeping department of a large shopping mall in Ahmedabad. Together, they earn a monthly income of Rs. 22,000 & recently opened a bank account to service our loan. 
Follow our Facebook page for more customer stories.

Wednesday, February 10, 2016

Credit Camp + CLSS in Mungi, Chhattisgarh

MHFC recently set up a stall at a credit camp held in Mungi, Chhattisgarh where loan officers interacted with potential customers about our services. MHFC provides housing finance to low income informal sector customers who lack proper income documentation. We provide loans to customers buying flats in one of our approved projects, located across 6 states in India. 

At the credit camp, loan officers also explained to customers the advantages of the recently announced Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana (Housing for All). Eligible customers will receive a subsidy of upto a maximum of Rs. 2.2 lakh on their home loans through an interest rate subsidy of 6.5% p.a. 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 our projects in Chhattisgarh or find out more about CLSS, you may reach out to us at contact@mhfcindia.com or contact Mr. Shekhar Kumar - one of our loan officers in the Chhattisgarh region - on +91 9617660066.  

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 contact@mhfcindia.com 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. 

Monday, February 1, 2016

Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana / Housing for All

MHFC home loans can now receive a subsidy of upto Rs. 2.2 lakh for all potential customers who are eligible under the Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme !! 

This is great news for urban, informal sector, low income customers - who will effectively be paying an interest rate of 5.5-6.5% p.a. We encourage all potential customers who are looking to buy a flat in MHFC-approved affordable housing projects to get in touch with a loan officer in the region. Contact information can be found below: 

Mumbai: Gulab Patil  +91  9167220732
Pune: Suraj Pawar +91 8879543963
Surat: Jignesh Patel +91 9016507947
Ahmedabad: Kashyap Patel +91 9925045276
Bhopal: Deepak Sarathe +91 9755333018
Jaipur / Rajasthan: Vineet Sharma +91 9829071784
Kolkata: Subrata Biswas +91 9831433440
Raipur / Chhattisgarh:  Shekhar Kumar +91 9617660066


To find out more about PMO India's CLSS scheme & eligibility requirements (woman owner, household monthly income less than Rs. 50,000 per month, not owning a house anywhere in the country), please send us a mail at contact@mhfcindia.com. We would encourage all eligible customers to take advantage of this opportunity (works to an approx 35% reduction in the loan amount) and take the final step towards home ownership.