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: 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.

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. 

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.

Gujarat Chief Minister Anandi Patel cancels Gujarat Housing Board draw for affordable houses

Just a follow up story that the Gujarat Housing Board draw for 8,000 flats (in Ahmedabad, Surat, Rajkot and Vadodara) were cancelled yesterday - see link to article in the DNA below:

DNA article - June 20, 2014

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.

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.