Source: Microfinance Gateway.
Original press release not available online; reprint available.
MUMBAI, October 14 – Micro Housing Finance Corporation (MHFC) has raised INR250 million (US$5 million) as an equity commitment in its first round of external funding from the India Financial Inclusion Fund (IFIF) and the Michael & Susan Dell Foundation. The investment is expected to be the first of its kind in the affordable housing finance space. Incorporated in 2008, MHFC is a housing finance company based in Mumbai, India and focused on the lower income group of the urban community, specifically those in the informal sector.
According to MHFC Chairman, Madhusudan Menon, “This underserved segment is estimated to represent more than 90% of the workforce, but has almost no financial institution catering to its housing finance needs. Microfinance has paved the way to lend to this segment in an economically sustainable way, but its focus is on short term loans. We hope that MHFC will be able to take this process further and move towards supporting longer term financing requirements, especially for an important basic need like housing.”
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