MHFC is a start up venture, incorporated on May 16, 2008. Its objective is to provide housing finance for lower income households (mostly in the informal sector) in urban India. The company has received the necessary regulatory clearance from the National Housing Bank ("NHB") in the form of the Certificate of Registration("COR"). MHFC has been set up by finance and property professionals with several years experience between them, locally and internationally, and will also work closely with other development institutions that have an interest in stimulating the lower income housing sector. 

The promoters believe that one of the issues stalling the development of low income housing is the lack of finance available to buy such homes, and hence set up MHFC to specifically address this gap. The organization plans to tie-up with developers who have a similar focus on affordable housing (defined as flats which have a final price of approximately USD10,000). The typical project will be located in the outskirts of Mumbai but with good transport links as well as necessary social infrastructure in place like schools, hospitals, markets etc.