MHFC, a housing finance company that aims to support urban lower income families, and has provided over Rs. 50 cr in loan sanctions, has tied up with Tata Housing Development Company on its recently launched and oversubscribed "Shubh Griha" project in Ahmedabad, which caters to a similar segment.
-- MHFC, a housing finance company that aims to support urban lower income families, and has provided over Rs. 50 cr in loan sanctions, has tied up with Tata Housing Development Company on its recently launched and oversubscribed "Shubh Griha" project in Ahmedabad, which caters to a similar segment. MHFC will finance customers who are not able to easily access housing loans from the 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 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 100 flats for MHFC customers.
According to the Chairman of MHFC, Mr. Madhusudhan Menon, "This partnership is in continuation of our close relationship with Tata Housing, which encourages the MHFC mission of supporting end users from lower income families, on all its projects aimed at this segment. In the past, we have had successful tie ups on Tata Housing projects at Vasind and Boisar, which were unqualified successes, 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."
Mr. Brotin Banerjee, MD and CEO of Tata Housing said, "One of the main challenges for a low income housing developer is targeting the right segment at the bottom of the pyramid, i.e. end users who need homes but are hesitant to come forward due to the lack of finance available. Our alliance with MHFC has successfully addressed this gap before, and therefore we are happy to partner with MHFC once again for Shubh Griha, Ahmedabad, to enable easy housing finance to buyers from the informal sector. The new Shubh Griha project in Ahmedabad (Kadi-Kalol) will provide additional features, better designs, elevations and extra space to consumers, and consists of 1RK, 1BHK and 1.5 BHK apartments priced between Rs. 8 lacs and Rs. 12.33 lacs. Strategically located in the upcoming Kadi-Kalol suburb, Shubh Griha is in close proximity to Vadsar and Ognaj Circle linking to the Sardar Patel Ring Road. Spread across 135 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."
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. It received its license from 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 but cannot get loans for a variety of reasons, especially due to the lack of documentary evidence of income (e.g. vendors, tradesmen, drivers, etc who do not have salary certificates / IT returns). It has tie-ups with over 50 developers aiming projects at this segment, mainly based in Maharashtra, Gujarat, Madhya Pradesh and West Bengal.
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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