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The joint venture of Tata Housing Development Company Ltd and Arvind Real Estate has tied up with Micro Housing Finance Corporation and Muthoot Finance for providing easy housing finance to the lower income group.
The joint venture had launched the ‘Shubh Griha’ township project on February 29. Nearly 7,000 application forms have already been sold out at 12 IDBI Bank branches for the 1,091 houses on offer in the first phase of the project, said Mr Brotin Banerjee, Managing Director and CEO, Tata Housing.
“Since the target segment for such a housing format usually does not have his own contribution amount, our tie-up with MHFC for providing home finance is a great advantage. MHFC is flexible in its documentation requirements and has also made interest rates affordable. They have been lending between 50 per cent and 70 per cent of the total documented cost of the homes which helps in reducing the customer’s burden to a great extent,” he added.
He said that the final list of allotment through a computerised lottery process will be declared within 45 days of the last date of booking i.e. March 15. Tata Housing will then issue allotment letters to them along with details of the payment schedule.
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