Tata Housing, MHFC tie up to offer home finance

Home buyers from low-income group to benefit from deal.

Tata Housing Development Company has partnered with Micro Housing Finance Corporation (MHFC) to provide easy housing finance to the lower income group for its housing initiative - Shubh Griha.

The company has also extended the deadline for the submission of the application forms to May 28 for the 1,000 unit-integrated township, a press release issued here today stated. MHFC has set up a stall at the Boisar site in Thane district in order to assist consumers in the procedure. The MHFC loans will be long-term micro mortgages for need-based housing, the release said, adding that MHFC would be flexible in its documentation requirements and will make its interest rates affordable.

Bookings will be accepted till May 28 along with the initial booking amount of Rs 10,000 through a bank pay-order at the Tata Housing office at Fort in south Mumbai and the site office at Boisar.

Tata Housing’s Managing Director and CEO, Brotin Banerjee, said that “With Shubh Griha, the consumer at the bottom of the pyramid has an opportunity to fulfil his dream of owning a house in a city like Mumbai. We are delighted to partner with MHFC and provide an opportunity to all those who aspire for a home to realise their dreams.”

“We have also extended the date of submission of the forms in order to give the applicants a chance to arrange for finance through MHFC,” he added.

The first Shubh Griha property will be launched in Boisar in the city and will be priced between Rs 3.9-lakh to Rs 6.7-lakh, the release said.

“We believe we share common values with Tata Housing in creating a long-term solution for quality, affordable housing in urban India, particularly to lower income groups,” MHFC’s Director Madhusudhan Menon said. “We believe that the Tata housing project at Boisar will be very attractive to this target audience and hence, we look forward to providing assistance to its potential buyers,” he added.