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: seed / grain seller, Ahmedabad

Meet Mr. Barot - an MHFC customer who recently took a Rs. 4 lakh home loan to buy a flat in an affordable housing project.

Mr. Barot sells grains / seeds at a large open ground in Ahmedabad so that the general public can feed pigeons. He sells a variety of grains including jowar, bajra, moong, chana, corn etc. Out of the numerous unique occupation types we see in our home loan applications, Mr. Barot's work is definitely a first.

His wife has been working as a maid in two households for the past 8 years. Together, they earn a monthly income of Rs. 37,000 - they even had enough savings to put a down payment of Rs. 2 lakh on the new flat! (Yes! a 1RK flat in this affordable housing project costed the Barot's Rs. 6 lakh!)

Moving into an affordable housing project means that Mr. Barot will no longer be paying any rent - and after fulfilling his EMI payments on the loan, he will finally be a homeowner. You can almost hear the pigeons of Ahmedabad cooing in glee!

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.

MHFC Reaches 10,000 Customers!

We have some exciting news to share today! We recently sanctioned a Rs. 7 lakh home loan to one of our customers in Surat, Gujarat - who happened to be customer number 10,000! Our loan officer in Surat - Jignesh - can be seen in the picture handing over a box of mithai to the customer.

Like all our customers, Ms. Manju Devi's story is unique in its own way. Her husband was a tempo driver, but after he passed away 6 months ago, Manju took over the mantle of bread earner of the family and started working as a cook.

As a mother of 4, Manju realised that her current rented accommodation was insufficient to secure a future for her children. She booked a flat in an affordable housing project in Surat, which she will pay for with the help of an MHFC loan. Additionally, she is also eligible to receive a subsidy under the Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme, a benefit that will help her financially.

We look forward to helping more customers achieve their dream of home ownership as we expand to new states & different products. Thank you for sharing this journey with us & stay tuned for more!

CLSS - a unique opportunity for home ownership

The Pradhan Mantri Awas Yojna's Credit Linked Subsidy Scheme will provide this customer with a Rs. 2.2 lakh subsidy on his Rs. 6 lakh home loan!

For the past 15 years, this customer has been delivering tiffins to various offices in the textile market in Surat. As a family of 5 living in a very cramped space, this customer had decided that it was about time he bought a home in an affordable housing project.

Schemes like CLSS provide a unique opportunity to first time home buyers - if you know any families in the informal sector who are in need of their own home & require a loan, now would be a great time for you to reach out to them about the benefits of this scheme. Reach out to your friends, employees, maids, drivers, local food vendors, kirana store owners etc. are refer them to MHFC. 

So far, we have helped over 700 families significantly reduce their loan amounts with us through this scheme & we are just getting started. Send us a mail at contact@mhfcindia.com if you have any questions. We look forward to helping who you send our way!

Customer Story: Incense stick maker, Gujarat

This applicant makes incense sticks directly from her home - a lot of people in the neighbourhood earn side income from this occupation.

Her husband works at a dye making factory, where he earns a salary of Rs. 14,000 per month. Together, their total income is roughly Rs. 16,000-17,000 - which allows them to pay rent and cover household expenses.

We recently sanctioned a loan of Rs. 2.5 lakh to help them buy a flat in an affordable housing project in Ahmedabad.

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: salon owner, Chhattisgarh

This applicant has been running a salon in Raipur, Chhattisgarh for the past 10 years. "Shri Laxmi Beauty Salon" is located on the main road right near a bus stand, so the salon has a strong customer footfall.

He offers a variety of services, but the most popular ones are haircuts (Rs. 30), shaves (Rs. 20) and massages (Rs. 80). He earns a daily gross income of Rs. 1500-2000 out of which he pays Rs. 150 to each of his 5 employees and incurs Rs. 300 on material expenses (powder, cream, face wash, blades etc).

After paying rent and electricity, his net monthly income amounts to Rs. 11,000 - a conservative estimate considering his daily income doubles on Sundays and other holidays.

As a housing finance company, cash flow analysis of the applicant's business is one of the many variables we take into consideration when providing housing loans to the informal sector. This applicant will be using his loan to finally move out of his current property - where he lives in a large joint-family. The lack of space prompted the desire to move, the customer's stable income made it possible.

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.

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.

Customer Story: tent maker, Rajasthan

"Dinesh Tent House" was started by one of our applicants 12 years ago. Operating out of a rented shop (pictured below), he mainly provides curtains, poles and large tents for various functions across Jodhpur, Rajasthan.

Wedding season (usually December / January) is the most profitable for the business - he manages to earn Rs. 40,000 a month during this season. However, his income can fall as low as Rs. 5,000 during the offseason.

Currently living in his parental house with his wife and three children on the outskirts of Jodhpur, the applicant wanted to move into a new house closer to the town center. He booked a flat in an affordable housing project in mid-January with the help of a Rs. 2.75 lakh MHFC home loan.

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. 

Follow our Facebook page for more customer stories.

CHB home loan and credit camp in Bilaspur

Our team in Chhattisgarh recently took part in another credit camp held by the Chhattisgarh Housing Board (CHB) in Bilaspur. MHFC is currently financing several CHB projects across the state - we are more than willing to sanction loans to low-income informal sector customers who lack proper income documentation / salary slips etc. Our competitive interest rates, simple home loan process and effective service have resulted in a successful track record in Chhattisgarh, and we hope to build on this success over the coming years. 

At credit camps, our loan officers sit with customers and explain loan terms and conditions, the loan application process and documentation requirements amongst other things. A few pictures of the camp can be found below:

 

For more information about projects in Chhattisgarh, please contact our loan officer in the region - Mr. Shekhar Kumar - at shekhar.kumar@mhfcindia.com or +91 9617660066. Alternatively, you could also contact us on 22660427 / 0069, email us at contact@mhfcindia.com or visit our website (www.mhfcindia.com) for more information. You could also fill out this form to help us serve you better.

Pune-based Vastushodh Projects unveils 'Anandgram' project

Vastushodh Projects has recently announced the launch of India's largest affordable housing project by a private developer - AnandGram - located at Bhandgaon on the Pune - Solapur highway. The Pune-based realty company has successfully completed several affordable housing projects, and its most recent announcement should appeal to potential customers. 

The project will come up on a 22 acres picturesque plot at Bhandgaon near Yavat and will have over 2,000 affordable homes spread across 31 modern buildings. 

Some of the amenities at ‘AnandGram - Bhandgaon’ include lifts, community halls, a multipurpose playground, a school, shopping area, solar water heater, solar powered street lights, internal concrete roads and generator backup. Sizes of the homes will range from 249 square feet to 857 square feet, with multiple options that include 1 RK, 1 BHK and 2 BHK flats. More information about the project announcement can be found here. 

MHFC is one of the housing finance companies that has tied up with Vastushodh to provide home loans to customers who are planning on buying flats in this project. MHFC requires minimal documentation / income proof and will be more than willing to support informal sector customers who want to buy a house of their own. For more information regarding home loans for this project, please contact our manager in Pune - Mr. Suraj Pawar - on 8879543963. You may also email him at suraj.pawar@mhfcindia.com or email the head office at contact@mhfcindia.com. For more information about the project, you may call Vastushodh Projects on 9225192252. 

Affordable Housing in Rajasthan

Rajasthan Chief Minister Ms Vasundhara Raje has recently launched a new scheme that aims to provide 20% cheaper homes to people from lower income group (LIG) and economically weaker sections (EWS). This is under the Rajasthan Housing for All project of the Rajasthan Housing Board that aims to build ten lakh homes by 2022 - 85% of which would be EWS and LIG. Under the scheme, 10% of land in both, government and private housing schemes would be reserved for LIG and EWS housing. In townships, developers would have to reserve 7% of the land for the same with the government offering a relaxation in the floor - area ratio conditions to private builders.

The Jaipur Development Authority (JDA) had under the scheme announced and then scrapped a scheme called the JDA New Flat Scheme 2015. The scheme that invited applications for 621 flats - 337 in EWS category, 219 in LIG category and 65 in MIG category - was scrapped in between after finding irregularities with allottee applications. However, the JDA has recently announced reinvitation of applications for EWS, LIG and MIG (medium income group) allotments under the same scheme.

The JDA has invited online applications for these flats from November 4 to 18 and will upload the list of allottees on their website on December 11, 2015 after documents of all allottees have been verified on December 9, 2015. A lottery of these houses would then be drawn on December 16, 2015.

MHFC has sanctioned over 1000 loans for allottees buying at these schemes in Jaipur and other districts in the state like Jhunjhunu, Jodhpur etc. and looks forward to helping out even more allottees needing loans to buy houses under these schemes.

MHFC on other Social Media

Just to notify - MHFC is also on Facebook, Twitter and Instagram.

While we bring in a lot of information on our work in the affordable housing space as well as news and updates from the industry on the blog here, the Facebook, Twitter and Instagram feeds gives a closer look at our work. There are regular updates from MHFC on the latest happenings as well as our work, news from the industry that interests us and the highlight - interesting customer stories.

Blog readers keen to read up more about our work; especially the impact created in the lives of the financially excluded, do go ahead and 'Like', 'Follow' and 'Share' our feeds on Facebook, Twitter and Instagram! We would love to connect with you there!