Tatas tie up with Micro Housing

Tatas tie up with Micro Housing
The Hindu Business Line, May 26, 2009, Page 15

Our Bureau, Mumbai

Tata Housing Development Company has tied up with Micro Housing Finance Corporation (MHFC) to provide easy housing finance for its lower income group project, ‘Shubh Griha’, coming up at Boisar near Mumbai.

The company has also extended the deadline for submission of application forms to May 28 for the 1,000-unit integrated township. Bookings will be accepted along with the initial booking amount of Rs 10,000 through bank pay orders at the Tata Housing office at Fort and the site office at Boisar, said a press release.

The first ‘Shubh Griha’ property will be priced between Rs. 3.9 lakh and Rs 6.7 lakh.

MHFC has set up a stall at the Boisar site to help potential customers. The loans will be long-term micro mortgages for need-based housing. The finance company will be flexible in documentation requirements and also make interest rates affordable.

Mr Brotin Banerjee, Managing Director, Tata Housing, said, “One of the issues stalling the development of low-income housing is the lack of finance available to buy such homes and the alliance (with MHFC) will particularly address this gap. We have also extended the date of submission of the forms in order to give the applicants a chance to arrange for finance.”