Mumbai-based Micro Housing Finance Corporation (MHFC) has raised INR 35 crore in fresh equity from Unilazer Ventures and existing investors including India Financial Inclusion Fund and Michael & Susan Dell Foundation. The latest investment takes the total capital raised by MHFC to over INR 77 crore. It has raised a similar amount in debt.
MHFC lends amounts upto INR 5 lakh comprising not more than 85% of the property value, for a period not exceeding 15 years. It charges interest rates of between 11% and 13%. Its book stands at INR 100 crore at present and the cumulative loan sanctions are at INR 165 crore. The company targets to grow its sanctions to INR 250 crore and its book size to INR 150 crore by end FY14. Apart from Mumbai, the company also has a presence in Pune, Ahmedabad, Surat, Jaipur, Nagpur, Indore, Bhopal and Kolkata.
Venture Intelligence is the leading provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India. Click Here to view our products list including the Free Deal Digest Weekly: India's First & Most Exhaustive Transactions Newsletter.