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: machine operator / maid, Gujarat

Majority of our applicants stay in rented accommodations like the one pictured below. Crumbling walls and cramped spaces usually characterize these houses - the need for a new flat in an affordable housing project is apparent.

This applicant works at a textile mill in Surat, Gujarat where he earns a daily wage of Rs. 340 per day. His wife works as a maid at a local diamond processing workshop & various apartment complexes - she earns a total income of Rs. 8,000 per month. Along with their two children, they plan on moving into an MHFC approved affordable housing project in Surat; the project has several amenities (steady water supply, open spaces etc) that would be a marked improvement over their current housing situation.

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.

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.