Saturday, December 19, 2009

New project approved in Virar (East)

MHFC has just approved a project in Virar (East) – Sanskruti Apartments. This is by the same builder of an earlier approved project – Vaishnavi Sai Complex – also in Virar (East) – where all 328 flats were sold out. This new project is small - 67 flats of which about 30 are in the smaller 1 RK (approx 350 to 400 sq ft size) category and thus less expensive (starting at about Rs 6.2 lakhs all inclusive). Booking opened Jan 1 - and MHFC has negotiated for its clients a special rate (Rs 50/sq ft less than the public rate - or approx Rs 20,000 savings) for a month. We are in discussions with vendor associations, NGOs and MFIs, who deal with the informal sector, and expect to help place the flats by the end of Jan.

For detailed information, see OR please call our rep at the site, Savio d'Souza on 9821730702.

Note: MHFC is NOT a builder, and is not responsible for the quality and title of properties even if approved by MHFC for customer financing – buyers need to make independent verifications. We also do not receive any commissions from the builder. Our interest in spreading the word is solely to bridge the information gap – to make those in the informal sector aware of projects aimed at the LIG segment, and further, to make them aware of financing available.

Sunday, December 6, 2009

Neetu moves into her new home

One of our first clients, Neetu, recently moved into her new home in Virar. She is certainly our typical customer - a housemaid, who lived in a central Mumbai slum in very poor conditions (small room, poor sanitation, common toilet, no open space, etc) with her husband (a driver), her mother, 3 brothers and a younger sister. She has been wanting to buy her own home (one with clear title and reasonable quality) for some time now and with her husband, could put down the 20% margin on a home purchase from a private developer. The issue was to find a bank to finance the remaining 80%. When we met her, she said she harboured little hope in getting a loan as she had been turned down several times for much smaller loans in the past - because of a lack of documentary support to prove her income. At MHFC, we were convinced not just about her ability to repay the loan (by verifying her income with her employer) but also her willingness (the loan tenor is set at just 5 years evidencing her strong desire to be debt free as early as possible).

Attached are a couple of pictures - one of her old home and one of the new building. Its still a squeeze for 7 adults to be living in a 360 sq ft flat - but Neetu puts this in perspective when she says they used to live in a 150 sq ft room, and hence find the new home very comfortable.