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Shankar Khatawat arrived in Pune from his village in Andhra Pradesh in search of employment. He found a job as a construction worker in the Urli-Kanchan area, earning a daily wage of Rs 500. When his wife, Manemma, also began working as an on-site helper, their combined monthly earnings were enough to comfortably cover their expenses and still save a sizeable amount for the future.
Like many other construction workers in the area, Shankar moved into a rented 200 sq foot room in a slum in Urli-Kanchan, with his wife and two sons, Rakesh (3 yrs) and Premesh (6 yrs). Although the rent was substantial, the room came with only limited access to basic services like water, electricity and sanitation, and without any formal rental agreement.
The Khatawats spent 8 years living in the slum, but things took a positive turn when Shankar’s supervisor decided to buy a flat in an upcoming affordable housing development in Urli-Kanchan, and encouraged him to do the same. Shankar had enough money saved to put down an initial deposit for a flat, but required assistance to finance the rest of it. Despite earning and saving enough every month to pay a mortgage, since Shankar had no paperwork to support either of these claims, he was automatically ineligible for a mortgage loan from any mainstream housing finance company. For MHFC, however, Shankar and Manemma exactly fit the target customer profile.
With a sales agreement and a loan sanction letter now in hand, Shankar is set to move into his new flat early next year. The new home will bring Shankar and his family improved living conditions and a new-found sense of financial security, but most importantly, it will allow him to bring his daughter Lalitha, who currently stays her grandparents in Andhra Pradesh, to live with them in Pune.