Partnership with Vastushodh for Credit Linked Subsidy Scheme

Vastushodh, an affordable housing provider, recently held an event announcing the launch of the Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme ("CLSS"). 

Under CLSS, eligible customers will receive a subsidy of upto a maximum of Rs. 2.2 lakh on their home loans. MHFC has partnered with Vastushodh to provide housing finance options to customers of the company's AnandGram projects. This is a unique opportunity for customers who are interested in buying a flat in one of the AnandGram projects, as CLSS allows customers to effectively pay an interest rate of 5.5%-6.5% p.a. 

The scheme was jointly announced by Mr. Sachin Kulkarni, MD - Vastushodh Projects, Nitin Kulkarni, Director - Vastushodh Projects & Nachiket Shelgikar, Director - Micro Housing Finance Corporation.  So far, 8 customers who have bought flats in Vastushodh with the help of MHFC loans have received a subsidy. The full Vastushodh press release can be found here.

Eligibility requirements include woman ownership of the flat being bought, a household income of less than Rs. 6 lakh a year & not owning a house anywhere in the country. Aadhar cards are mandatory to apply for the subsidy under CLSS. No processing fees will be collected on these loans, however out of pocket expenses will be recovered through the loan amount.    

If you would like to avail of an MHFC home loan to buy a flat in one of these projects, you may reach out to us at contact@mhfcindia.com or Mr. Avinash Srivastava - the head of our Pune region - on +91 9823302629.   

MHFC has partnered with numerous public and private developers across six states in India. Eligible customers under CLSS can receive a subsidy on loans availed to buy flats in any of our projects. However, please note that there are some government projects which have already received a subsidy under another PMAY scheme and hence will not be eligible under CLSS. 

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. 

Pune affordable housing

Several new affordable housing projects (price range approx Rs 10 to 15 lakhs) coming up in the outskirts of Pune - this article has some details on the projects. 

Business Standard article - Nov 12, 2014

MHFC is associated with all the builders named in this segment and hence for assistance on financing for homes on these projects, esp for financially excluded informal sector customers who lack documentation to prove incomes, please email MHFC on contact@mhfcindia.com OR call our Manager in Pune - Suraj Pawar - on 8879543963.

Anandgram project - Pune - some pictures

MHFC recently visited the Anandgram project (by Vastushodh developers) in Yavat, Pune - some new pictures (of the finished project) attached.

pune project launch

I think the biggest learning for us has been the lead time taken for a project - from initiating discussions with builders, waiting for final drawings, land acquisition and and plan approvals to the actual launch of the project.

But pune was slightly different - particularly Sachin and Nitin of Vastushodh developers. Right from our first meeting to the final project launch (a period of less than 3 months), we were really impressed at the amount of thought and research that was put into the planning of 'Anandgram'. Obviously they had the benefit of studying earlier projects in low-cost housing, but full credit to them - it was a very methodical and a professional effort.

('Anandgram' is a low-cost housing project coming up near a small town called Yavat - about 40km from Pune city on the Pune-Solapur highway. It is well connected by bus and suburban trains to Pune (35 min train ride to Pune station). The project is about 2km from the Yavat railway station and just off the main highway. With good connectivity to Pune city, and priced between 3.5lakh (1 Room Kitchen) to 6.5lakh (2 Bedroom Hall Kitchen), it offers great value for money.)

The launch of 'Anandgram' was held couple of days back on Friday. Ads in the local papers and jingles on radio stations attracted a lot of people to the site, the builder had organized free transport to and from the site for the convenience of prospective buyers.

We were present on all three days of the launch - in fact we went a day earlier to set up the MHFC stall. On Friday we had one loan officer at our stall, but due to the overwhelming response we sent two more for Saturday and Sunday.

Overall it was a successful launch, a substantial part of the project got sold out in the first three days and also quite a decent percentage of the clients were from the informal sector. I think we would have a better idea on the profile of the people who visited/booked in the project in a couple of days (after collating the data collected by the loan officers at site). so more to follow on that...