MHFC to provide home loans to CHB allottees

MHFC is currently financing several Chhattisgarh Housing Board (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. 

Over the past several months, MHFC has taken part in credit camps across Chhattisgarh - our team recently took part in a camp in Raipur where we had numerous inquiries about our projects, loan terms and conditions and overall home loan process. Some 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. 

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. 

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 nominated for Financial Times 'Boldness in Business' Award

The beginning of this year has come with fantastic news for MHFC. We were recently given a 5 star impact rating by the world’s leading impact rating agency, GIIRS. Further, we had a full page story on our work and processes along with a customer story in the world’s leading business newspaper - the Financial Times, London.

We are now happy to share some more lovely news! MHFC has been nominated for the prestigious FT Arcelor Mittal ‘Boldness in Business’ award - which will be given out in London on March 19, 2015 (past nominees for the award include amazing companies like Google, Uber and Twitter).

While these are fantastic external recognitions and a strong endorsement of the work being done at MHFC in financial inclusion, we believe that even more exciting and promising this year is that on the supply side, we see several projects coming up - both in the private and public sector - which would mean increased activity at MHFC and greater opportunities to help many more financially excluded families get a home of their own.

MP (Madhya Pradesh) Housing Board - applications open for EWS (5.45 lakhs) / LIG (12.31 lakhs) flats in Bhopal

MP Housing Board has announced / opened a lottery of 912 flats in Bhopal aimed at lower income families (432 EWS and 480 LIG) - see below link for more details.

MP Housing Board advertisement

Applications are currently open till Dec 10 (or till the MP Housing Board receives applications for all the flats) - and we believe that this represents a very good chance of getting a home in Bhopal at a price of Rs 5.45 lakhs approx (in the case of EWS) and Rs 12.31 lakhs (LIG flats). 

As already discussed in earlier posts, Housing Board schemes (including this scheme) is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MP Housing Board 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 our local representative - Deepak Sarathe - on 9755333018 - or email him on deepak.sarathe@mhfcindia.com. You may also contact our Head Office (Mumbai) on contact@mhfcindia.com (website www.mhfcindia.com).

Amrita Abashan / BGA Realtors - Kolkatta

Ad in today's TOI by BGA Realtors, which is an existing builder partner of MHFC in Kolkatta re flats being offered in its projects - and MHFC's offer to finance buyers from the informal sector who have income but do not have documentation to prove income - at a special rate of 9.8% (fixed for 7 years).   

This is an approved project for MHFC - and we will finance buyers from our segment (financially excluded families) subject to our terms and conditions. For more details, please call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com.  

DBS Launches New Project - Umang Vatwa

On 26th June 2014, affordable housing company DBS (Design Build Serve) announced a new project named "Umang Vatwa" that will be built in Ahmedabad, Gujarat.

The project will provide both 1 RK and 2RK flats, starting at INR 4.99 lakh. Located close to the railway station and providing modern amenities which include 24/7 water supply, Umang Vatwa is the latest project from DBS that Micro Housing Finance Corporation will partner with to provide housing finance solutions to customers. More information about the project can be found here.

Customers looking for finance options can contact our Manager Kashyap Patel on 9925045276 to check MHFC loan terms and conditions, availability and  general inquiries.

Bookings for the project opened on 12th July 2014. For more information about the project, call the toll free number: 1800-123-6007

Bhubhaneshwar Development Authority - 7,000 housing units coming up this year

Per this Indian Express article - link below - the Bhubhaneshwar Development Authority ("BDA") plans to build 7,000 homes this year of which 5,000 units will be built for EWS / LIG / MIG families - and after the first year, the BDA is planning to add about 5,000 low cost housing units every year. A BDA official said the purpose of the proposal, like all other affordable housing projects, is to make low cost housing available for the urban poor.  

Express article - June 13, 2014

It seems that the housing units will comprise G+4 multi-storey buildings and the BDA would like to cap the price of the lowest housing unit at Rs 5 lakh.

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 Head Office in Mumbai on 022-22660427 or email us on contact@mhfcindia.com.

MHADA Lottery 2013

MHADA 2013 lottery winners of 1244 flats were announced today - out of 87,647 valid applications received (an average of 70 applicants per apartment) - please see below link to MHADA website for details.

MHADA website with lottery details

As already discussed in earlier posts, MHADA is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) 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 or email us on contact@mhfcindia.com (website www.mhfcindia.com).

the very small housing loan - article in Civil Society magazine

Madhu and MHFC in this month's issue of Civil society magazine

"The very small housing loan"