Customer Story: factory worker, Gujarat

For the past 2 years, this customer has been working at a pump manufacturing company as a daily wage laborer. He earns Rs. 500 per day for his 12 hour shift (8:30 am - 8:30 pm). His brother works as a security guard while his mother works at a local milk company, where her job is to keep a track of the milk vans that are dispatched on a daily basis.

As a family, they are coming together to contribute to a loan from MHFC so that they can move into a Rs. 7.8 lakh 1 BHK flat in Ahmedabad.

Customer Story: tailor, Gujarat

Paying a rent of Rs. 5500, this customer lives with his wife, three children and brother-in-law. As a tailor, he stitches laces on sarees, while his wife - also a tailor - does embroidery work on sarees & dresses.

Together they earn a monthly income of Rs. 20,000-25,000 per month, sufficient enough for them to pay an EMI on a Rs. 6.6 lakh home loan. Soon, this customer will be moving into an affordable housing project in Surat, Gujarat.

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. 

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Home loans for SMC / AMC / GHB customers

MHFC has already sanctioned hundreds of loans for informal sector families who are buying flats in Ahmedabad Municipal Corporation (“AMC”), Surat Municipal Corporation (“SMC”) & Gujarat Housing Board (“GHB”) projects. We plan to continue supporting customers who have little or no income documentation by helping them buy EWS / LIG / MIG flats in approved affordable housing projects throughout Gujarat. 

Below are some pictures of MHFC representatives and loan officers at credit camps in Ahmedabad and Surat 

MHFC would be very willing to support successful AMC / SMC / GHB allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. For more details on loans available, please call our branch manager in Surat (Jignesh Patel on 9016507947) or our branch manager in Ahmedabad (Kashyap Patel – 9925045276). Alternatively, you could email us on contact@mhfcindia.com.

Surat Municipal Corporation - EWS and LIG homes

Per this TOI article (link below), the Surat Municipal Corporation ("SMC") which is building 11,000 EWS and LIG homes across 37 locations in Surat, has threatened to withdraw Rs. 359 crore worth of fixed deposits from a host of commercial banks unless they provide housing finance to economically weaker section (“EWS”) and low income group (“LIG”) families. Unfortunately, the banks have been refusing to grant low-income people housing loans on account of a lack of proper documentation.

Times of India article

This lack of financial support from mainstream banks and HFCs is precisely why MHFC was actually set up. We have already financed hundreds of informal sector families in Surat who do not have any income proof documents and would be very willing to support successful SMC allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

Thus, for more details on loans available, please call our branch manager in Surat - Jignesh Patel on 9016507947 - or email us on contact@mhfcindia.com.

Draw today for 2,584 Gujarat Housing Board houses

Per this TOI article - see link below - today is the draw for GHB houses across 4 cities - Ahmedabad, Surat, Vadodara and Rajkot.  

TOI article - June 15, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

Surat Municipal Corporation - 11,000 EWS and LIG homes

Per this TOI article - link below - Surat Municipal Corporation ("SMC") has plans to build 11,000 EWS and LIG homes across 37 locations in Surat. 

It seems that the EWS units will cost 3 lakhs and will be 1BHK flats with carpet area of 25 square metres, while the LIG units cost 7.5 lakhs and will be 1BHK flats with carpet area of 36 sq km. 

TOI article - April 16, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details on loans available, please call our branch manager in Surat - Jignesh Patel on 9016507947 - or email us on contact@mhfcindia.com.

Rajkot Municipal Corporation to build 6,284 houses for the urban poor within two years

Per this Express article - link below - Rajkot mayor Raksha Boliya and municipal commissioner Ajay Bhadu announced that the civic body will construct 2,270 houses EWS families whose annual income is up to Rs1 lakh. It will also construct 4,514 residential apartments for the Low Income Group (LIG) of the society whose annual income is between Rs 1- 2.5 lakh. While EWS units will be one-bedroom-hall-kitchen (1BHK) flats with carpet area of 28 square metres, the LIG units will be 2BHK flats with total carpet area of 25 sq km. An EWS flat will come at Rs 3 lakh while an LIG apartment will cost Rs 8.5 lakh.

Indian Express article - Jan 23, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

Ahmedabad Municipal Corporation's LIG housing schemes soon

Per this TOI article - see link below - a package of 1,888 houses is expected to come up in the Vatva area of Ahmedabad. Overall,  4,937 LIG houses in the coming year in various areas of the city - 29 locations - including Vejalpur, Nikol, Chandkheda, Chandlodia, Thaltej, Kali, Vadaj, Vastral, Kankaria, Shahibag areas. 

TOI article - Jan 21, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

EWS projects approved in Vadodara

Two housing schemes for the economic weaker sections (EWS) of the society will come up in Vasna and Sayajipura areas of the city. Vadodara Municipal Corporation (VMC) standing committee cleared the proposals for these schemes that will come up under the chief minister's housing scheme under the public-private partnership mode. 372 apartments will be constructed under the EWS category at Vasna while 360 will come up at Sayajipura. 

TOI Article - March 8, 2014

MHFC will of course support applicants who believe they can service a loan satisfactorily but are being excluded by mainstream banks / HFCs. For more information on how to apply, and MHFC loan terms and conditions, email contact@mhfcindia.com or call on 022-22660427.

Tata Housing signs MOU with Gujarat govt for construction of affordable homes

Today's news article re Tata Housing MOU with Gujarat govt - the company is already a partner of MHFC and in fact had given us a reservation of flats for our customers (financially excluded, informal sector typically) on its last Ahmedabad project.

Hindu Business Line news article 

New DBS project - Surat

DBS, one of our partner developers (2 approved projects in Ahmedabad - Umang Narol and Umang Lambha), have just launched their next project in Surat (opp the Sachin railway station).

More details will be available shortly on the DBS and MHFC website but in summary, there are 128 1 RK flats and 676 1 BHK flats on offer priced at approx Rs 4.11 lakhs and Rs 7.11 lakhs respectively (excl stamp duties and charges), which we believe is well priced for our segment.

The launch was over the weekend - and from early reports, the response has been excellent - the builder has received bookings for about 50% of the flats already (with 1 RK flats believed to have sold out completely). Encouragingly, buyers are typically from the informal sector (MHFC customer segment).

For more information on the project esp on MHFC loan terms and conditions, please call our branch manager in Surat - Jignesh Patel on 9016507947 - or email us on contact@mhfcindia.com.