Customer Story: shoe stall owner, Gujarat

This applicant operates a small shoe stall in one of the main markets of Udhana, a sub-city of Surat, Gujarat. She has been working here - along with her husband - for the past 25 years.

They currently stay in a rented house (paying a monthly rent of Rs. 2,500) with their two children. Recently they booked a 2 BHK flat in an affordable housing project & applied to MHFC for a Rs. 8.5 lakh home loan.

We visited their stall in Surat to gain a better understanding of their business. After inquiring about their daily sale, prices of different types of products, margins, footfall and other variables, we were confident that their monthly income of Rs. 24,000 was enough to cover our EMI while leaving more than enough for their household, education & rental expenses.

Customer Story: loom operator / rickshaw driver, Gujarat

Enterprising applicant - for the past 6 years he has been working as a loom operator at a local factory in Surat, where he earns a salary of Rs. 16,000 per month.

After work, he drives an auto rickshaw around the city, earning an additional Rs. 400 per day. His wife also works, earning Rs. 3000-4000 per month as a daily wage laborer for stitching decorative stones on saris.

This applicant has stayed in rented accommodation all his life - currently he pays Rs. 1,800 per month as rent. After taking a loan from MHFC, this applicant will replace his monthly rent with an EMI of Rs. 2,800. Although the extra Rs. 1,000 per month will be used towards home ownership.

Customer Story: shoe stall, Maharashtra

Paying a monthly rent of Rs. 3000 per month, this applicant finally decided that it was time to purchase a house of his own.

10 years in the business of selling footwear had generated sufficient savings to make a Rs. 1.5 lakh down payment on a Rs. 9 lakh home.

He will now move into a new 1 BHK house along with his mother, wife and two children, after taking a Rs. 7.5 lakh home loan from MHFC.

Partnership with BGA Realtors for Credit Linked Subsidy Scheme

MHFC is one of the proud finance partners of BGA Realtors, an affordable housing provider based in West Bengal. We offer housing finance options to those customers who have minimal or no income documentation & are buying a flat in one of several BGA projects which include Amrita Awas, Amrita Abashan & Amrita Alayam .  

Our past customers in Kolkata (& West Bengal) have included auto rickshaw drivers, security guards, maids, small business owners etc - many of whom lack proper income documentation to get a home loan from traditional commercial banks. We have also partnered with BGA to apply for the Pradhan Mantri Awas Yojna's Credit Linked Subsidy Scheme ("CLSS") on behalf of eligible customers.   

Under CLSS, eligible customers will receive a subsidy of upto a maximum of Rs. 2.2 lakh on their home loans. This is a unique opportunity for customers who are interested in buying a flat in one of BGA's projects, as CLSS allows customers to effectively pay an interest rate of 5.5%-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.

MHFC's partnership with BGA as a finance provider and CLSS were recently covered by the Economic Times, which can be found here.   

For all customers interested in buying flats in the recently launched Amrita Awas project and are looking at finance options (including details about CLSS), please connect with our loan officer in Kolkata - Mr. Subrata Biswas - on +91 9831433440 (subrata.biswas@mhfcindia.com) . You can also send us a mail at contact@mhfcindia.com. 
    

Customer Story: cycle rickshaw driver, Chhattisgarh

For the past 20 years, this applicant has worked as a cycle rickshaw driver in Rajnandgaon, Chhattisgarh. He charges Rs. 10-50 per trip and makes around Rs. 150-200 per day.

His son is the only other earning member in the family of four (which includes the applicant's wife and daughter). Working at a local garment store, he earns a monthly salary of Rs. 7000.

Since the beginning of our operations in ‪Chhattisgarh‬ last year, MHFC has served several low income families in the region. Watch this space for more stories!

PMAY Credit Linked Subsidy Scheme: MHFC files claims on behalf of 340 families

Pleased to announce that out of the 1200 beneficiaries who have received a subsidy so far under the Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana, MHFC had submitted claims on behalf of 340 families!

The Credit Linked Subsidy Scheme provides a 6.5% interest rate subsidy to families that qualify (household income less than Rs. 6 lakh a year, woman owner of the property being bought etc.) 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.

If you happen to know anyone who is currently looking to buy a home and is financially excluded, please refer them to MHFC (contact@mhfcindia.com). We would be glad to help them out if they do qualify under the scheme and if they are able to service a loan from MHFC.

Customer Story: vegetable seller, Ahmedabad

Vegetable vendor in Ahmedabad. She has been living on rent for the past 15 years, paying rent of Rs. 2,000 per month.

Along with her retired husband and 18-year-old son, she applied to MHFC for a Rs. 3 lakh home loan. By paying an EMI of Rs. 3,000 - although 50% more than her monthly rent - the applicant will be moving closer towards home ownership.