MICROCAPITAL BRIEF: Micro Housing Finance Corporation (MHFC) of India Achieves $2.16m in Loan Sanctions

The Micro Housing Finance Corporation (MHFC), an India-based housing finance company established in 2008, has reported to MicroCapital that it has reached INR 100 million (USD 2.16 million) in loan sanctions.

Boasting zero percent default rates on loan repayments to date, MHFC provides housing finance to the low-income, urban sector of India. Currently it has 20 approved projects in Mumbai, Pune and Ahmedabad and expects to conclude deals with developers for projects in Kolkata, Bangalore and Surat by the end of 2010.

About Micro Housing Finance Corporation (MHFC):

The Micro Housing Finance Corporation Limited (MHFC), founded in May 2008, is an India-based housing finance company. Its objective is to provide housing finance for lower income households (mostly to those headed by workers in the informal sector) in urban India. Loans are given for a maximum period of 15 years and the prime lending rate (PLR) was 12 percent as of 2009. MHFC has total funds of INR 22.5 million (USD 483,000) and total share capital of INR 22 million (USD 473,000) as of March 2009.

By Matthew Fox, Research Assistant

Sources and Additional Resources:

E-mail correspondence with MicroCapital

MicroCapital Universe: Vastushodh Projects Private Limited Pairs with Micro Housing Finance Corporation (MHFC) to Set Up Housing for Urban Poor in India, 7 June 2010: https://www.microcapital.org/microcapital-brief-vastushodh-projects-private-limited-pairs-with-micro-housing-finance-corporation-mhfc-to-set-up-housing-for-urban-poor-in-india/

MicroCapital Universe: Micro Housing Finance Corporation (MHFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Micro+Housing+Finance+Corporation

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