Micro Housing Finance Corporation

According to sources, The Micro Housing Finance Corporation (MHFC) which lends to the affordable housing segment expects to exceed an Rs.400 crore loan book by end of fiscal 2016. Owing to introduction of the credit linked subsidy scheme (CLSS), the company anticipates that the demand for affordable housing will go up.

This scheme was launched Last June in order to enhance institutional credit flow to the housing needs of urban poor, particularly to economically weaker section (EWS) and low income group (LIG).

Under the scheme, a woman should be the owner or a co-owner in the property.

To avail the benefits, the owner should have a bank account and Aadhaar card. She should not have a registered property in her name in India. The applicant under the scheme can get maximum of Rs 2.20 lakh subsidy on a home loan upto Rs 6 lakh.

Nationally, about 1,200 loans have been qualified under the scheme till December last year, of which, 350 loans were given through the corporation. MHFC is presently working with 350 realtors who develop projects in the affordable segment, out of which close to 50 are active.

“Our loan book was Rs 220 crore last year (2014-15. We are hoping to exceed Rs.400 crore loan book by end of this fiscal (2015-16). We should be able to disburse Rs. 200 crore by end of this month,” MHFC director Madhusudhan Menon said.