MHFC, a housing finance company which aims to support urban lower income families and has provided over Rs 10 cr in loan sanctions, has tied up with Tata Housing on its newly launched "Shubh Griha" project in Vasind, Mumbai, which caters to a similar segment.
-- MHFC, a housing finance company which aims to support urban lower income families and has provided over Rs 10 cr in loan sanctions, has tied up with Tata Housing on its newly launched "Shubh Griha" project in Vasind, Mumbai, which caters to a similar segment. MHFC will finance customers who are not able to easily access housing loans from mainstream banks mainly due to levels of income and also because of the lack of documentation, especially regarding proof of income. Buyers of Tata Housing "Shubh Griha" projects are normally allotted through a public lottery process, since applications far exceed the flats on offer, but given MHFC's focus on families that are financially excluded and need primary housing desperately, Tata Housing has allotted a special reservation of 208 flats for MHFC customers.
According to the Chairman of MHFC, Mr. Madhusudan Menon, "This partnership is in continuation of our close relationship with Tata Housing, which encourages the MHFC mission of supporting end user buyers from lower income families, on all its projects aimed at this segment. We already have a tie up on the Tata Housing project at Boisar, which was an unqualified success, due to the unmet demand in this segment, and the reputation of the Tata Group for quality. We hope that families from the lower income informal sector will be encouraged to come forward and apply for homes in this new project, as the price set by Tata Housing is not only affordable, but the tie up with MHFC will also support financing, even for those without formal documentation".
The new and enhanced Shubh Griha at Vasind will provide additional features, better designs, elevations and extra space to consumers, and consists of 1RK and 1BHK apartments priced between Rs. 5.79/- lacs to Rs. 7.82/- lacs. Conveniently located at 1.5 kms from the Vasind railway station on the Central line, Shubh Griha is in close proximity to Shahapur and Kaylan / Bhiwandi junction and has direct access to the Mumbai-Nashik Highway (NH3). Spread across 52 acres, Shubh Griha will follow an integrated township approach and has been conceptualized by Tata Housing with a vision to create a positive ecosystem for the neighborhood and the community.
Mr. Brotin Banerjee, MD and CEO of Tata Housing said, "One of the main issues stalling the development of low income housing is the lack of finance available to buy such homes. Our alliance with MHFC has successfully addressed this gap before and therefore, we are happy to partner with MHFC once again for Shubh Griha, Vasind to enable easy housing finance to the consumers in the informal sector for Shubh Griha".
Notes to Editor
MHFC, incorporated in May 2008, aims to fill a major need - long term housing finance - for urban lower income families, particularly those who lack documentation and thus cannot access mainstream banks and housing finance companies. According to the Chairman of MHFC, Mr. Madhusudan Menon, "This underserved segment is estimated to represent more than 90% of the workforce, but has almost no financial institution catering to its housing finance needs. Microfinance has paved the way to lend to this segment in an economically sustainable way, but its focus is on short term loans. We hope that MHFC will be able to take this process further and move towards supporting longer term financing requirements, especially for an important basic need like housing."
MHFC received its license from the regulator, the National Housing Bank ("NHB") in Feb 2009 and started sanctioning loans in June 2009. It lends to those who want to buy a home for use as a primary residence and cannot get loans for a variety of reasons, but especially due to the lack of documentary evidence of income (e.g. vendors, tradesmen, drivers, etc who do not have salary certificates). It expects to provide loans of Rs 60 cr to 1500 borrowers in FYE 3/2011 - currently, loan sanctions are approx Rs 13 cr.
For more information on MHFC, please visit http://www.mhfcindia.com. For more information on Tata Housing Shubh Griha, please visit http://www.shubhgriha.com
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