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.

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: 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: 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!

Customer Story: tailor / farmer, Maharashtra

We receive several loan applications where fathers & mothers financially support their working sons and daughters by contributing to the monthly EMIs, so that these children can move into affordable housing projects after marriage.

We tend to find numerous hard-working parents, like the applicant pictured below who earns his income from two sources - his farm land (where they mainly grow onions) and his tailor shop, under the name "Mayur Tailors". Their family house is located in Chas, 14 km by road northwest of the town of Rajgurunagar, Maharashtra.

Although the 50-year-old father of one has no intention of leaving his current house, he wanted to buy a flat for his son - who is in his last semester of college. The son works part-time and will be jointly servicing our loan along with his father. 

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. 

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MHADA Nagpur division to build 20,000 affordable housing units over next 5 years

The Nagpur division of the Maharashtra Housing and Area Development Authority (MHADA) recently announced a plan to build 20,000 affordable homes for lower and middle income groups over the next 5 years. The state recently cleared decks for handing over 11 plots, that add up to little over 5.5 hectares, to MHADA. 

MHADA is an automatically approved developer for MHFC. Hence, for housing loans on MHADA flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please 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.