Tata Shubh Griha Vashind - Allotment of Flats

Tata Housing has just declared the allotment of the 1300 Shubh Griha flats (1 RK / 1 BHK) being sold at its new Vashind project. It is believed to have been oversubscribed several times over and thus the allotment has been made through a lottery.

For a list of the successful applicants, please click on
Tata Shubh Griha Vashind allottees

Of course, this is an approved project for MHFC and hence, we will finance successful allottes (subject to our terms and conditions - for more details, please see our website http://www.mhfcindia.com/ or call for more information on 22660427 / 22660130).

Separately, MHFC also has a special quota of 208 flats on the same project (which we will be allotting on a first come first served basis) so unsuccessful allottees who meet our criteria can call us for a chance to get an allotment.

Prepayment Charges

Since its inception, MHFC has had a NIL prepayment charge policy. This is because we encourage our customers to be debt free (esp on their homes) as soon as possible. Also, since funding for banks and HFCs is mostly on a floating basis (and can be likewise repaid without any charge), there is very little justification for a lender to charge a fee if the customer decided to prepay a loan. In any case, with growth rates in the home loan business being 30% p.a approx, funds paid back can always be deployed again fairly easily. The RBI is also looking at this issue seriously as it has received several customer complaints on high prepayment charges (we believe the normal market range is a flat fee of anywhere between 1% and 5%).

In this context, today's letter to the Ask Mint Money column is quite shocking - a customer has written in saying that he has a home loan of 8 lakhs and wishes to prepay 4 lakhs. But the HFC is asking him to pay a 10% service charge and 2% in admin charges. This seems incredibly high - and at face value works out to a 48,000 Rs prepayment fee !!!

Link to Mint Money article

Information Session for Tata Vashind / MHFC loans

Re the Tata Housing project at Vashind (esp regarding our quota of 208 flats for financially excluded families), MHFC is organising an Information Session on Sunday, 24 October 2010 in Thane.

The event will be an all-day information session (from 11 am to 5 pm), where anyone interested in finding out more about MHFC and the Tata Shubh Griha Vasind project can stop by and speak with the MHFC team. Interested individuals can also begin the application process at the event itself.

The address for the venue is as follows:
Shiva Krupa Building, Ground Floor Mangal Karyalaya
Near Thane Station, Platform No. 1
Behind Waman Haripethe Jewelers, Thane

Tata Housing - Vashind project

Tata Housing has just launched its latest "Shubh Griha" project - which is aimed at urban lower income families - at Vashind, which is 5 stops from Kalyan. The allotment for the homes (which are priced at 5.7 lakhs for a 1 RK 360 sq flat and 7.8 lakhs for a 1 BHK 489 sq flat) is on a public lottery basis as applications are expected to far exceed supply - for eg on the last project at Boisar in 2009, Tata Housing received 15000 applications on the 1500 flats that were on offer.

The lottery system does not discriminate between actual end users and investors and hence this time around, to ensure that homes go to those who need housing, Tata Housing has kept aside a special quota of 208 flats (120 1 RK flats and 88 1 BHK flats) for MHFC customers - urban lower income families who are buying homes to use as a primary residence - especially those who are financially excluded.

The project looks appealing with lots of green spaces / hospital / school - and seems to be a good opportunity for an LIG family to get a good quality house from a top name at an affordable rate and with financing (from MHFC).

For interested buyers who fit our target market (who are buying as a primary residence and are generally excluded by mainstream banks), please feel free to contact us on 22660427 / 22660069. For information, MHFC will allot on a first come first served basis.

Link to Tata Vashind Shubh Griha video

ET Insight TV show on affordable housing

Links to an ET Insight programme on affordable housing, which covers most of the projects we are working on - also has some comments by Madhu.

Individual links to each part of the show:

Part 1

Part 2

Part 3