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Micro Housing Finance raises $422 Million from IFIF
By siliconindia
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Mumbai: Mumbai based Micro Housing Finance Corporation (MHFC) has raised $422 million in second round of funding from its existing investors Indian Financial Inclusion Fund (IFIF) and the Michael & Susan Dell Foundation.
MHFC had raised 
6 crore from them in its first round of funding in 2009. The company focused on providing housing loans to financially excluded urban lower income families.
With the current funding, MHFC's equity stands at 37 crore. It is also in the process of raising debt and is in discussions with several financial institutions, including its regulator, the National Housing Bank.
Founded by Madhusudhan Menon, MHFC received its license from the National Housing Bank in February 2009 and began operations in June 2009.
The loan amounts are usually around 5 lakhs (not exceeding 80percent of the cost of the house) for a period not exceeding 15 years, with the house serving as security for the loan. Its rate of interest is currently between 12-14 percent p.a.
MHFC has an active presence in Pune, Ahmedabad and Kolkata, and is currently operational in over 25 low-income housing projects across India. It is planning to expand its reach to Chennai, Bengaluru, Meerut, Indore, Nagpur and the NCR.
Launced in 2008, Mauritiuis-based IFIF is an India-focused microfinance equity fund advised in India by Caspian Advisors Private Limited. IFIF is focused on making equity investments in MFIs and microfinance enablers.
The Michael & Susan Dell Foundation have committed more than $700 millionn to global children's issues and community initiatives. Its Indian investment includes Swadhaar FinServe, Ujjivan Financial and Arohan Financial Services. It recently invested in Bangalore-based Vindhya e-Infomedia.
6 crore from them in its first round of funding in 2009. The company focused on providing housing loans to financially excluded urban lower income families.
With the current funding, MHFC's equity stands at 37 crore. It is also in the process of raising debt and is in discussions with several financial institutions, including its regulator, the National Housing Bank.
Founded by Madhusudhan Menon, MHFC received its license from the National Housing Bank in February 2009 and began operations in June 2009.
The loan amounts are usually around 5 lakhs (not exceeding 80percent of the cost of the house) for a period not exceeding 15 years, with the house serving as security for the loan. Its rate of interest is currently between 12-14 percent p.a.
MHFC has an active presence in Pune, Ahmedabad and Kolkata, and is currently operational in over 25 low-income housing projects across India. It is planning to expand its reach to Chennai, Bengaluru, Meerut, Indore, Nagpur and the NCR.
Launced in 2008, Mauritiuis-based IFIF is an India-focused microfinance equity fund advised in India by Caspian Advisors Private Limited. IFIF is focused on making equity investments in MFIs and microfinance enablers.
The Michael & Susan Dell Foundation have committed more than $700 millionn to global children's issues and community initiatives. Its Indian investment includes Swadhaar FinServe, Ujjivan Financial and Arohan Financial Services. It recently invested in Bangalore-based Vindhya e-Infomedia.
