The House Building Finance Corporation (HBFC) (now incorporated under companies as "HBFC Ltd." ordinance 1984 since July, 2007) was established in the year 1952 as a Statutory Federal Body with the object of providing financial assistance for construction and purchase of houses to the people of Pakistan in urban as well as rural areas. With its establishment, the concept of institutionalized housing finance was introduced for the first time in Indo-Pak sub-continent for providing long term finance for house building.
To be the prime housing finance institution of the country, providing affordable housing solutions to low and middle income groups of population by encouraging new constructions in Small & Medium Housing (SMH) sector.
To be a socially responsible and commercially sustainable housing finance institution.
Target market – Low income and middle income groups of populations
Target areas – No negative list, all legalized residential locations
Responding to housing needs of low income groups is a social responsibility, beyond that everything has to be 100% commercially viable and sustainable to ensure an on going housing finance entity.
Ghar Aasan Flexi
House Building Finance Company Ltd offers attractive housing finance products best aligned to market demands, catering to the varied needs of the customer, providing easy payment plans. HBFCL is transforming into a modernized, customer friendly, and socially responsible organization providing affordable housing finance solutions.
Ghar Aasan Flexi is based on the concept of Diminishing Musharaka with the following four
categories to meet the needs of our customers:
- Purchase of a residential property
- Construction of residential property
- Residential construction on Applicant’s owned land
- Residential construction on applicant’s owned house (on advance stage construction i.e. up to lintel level or roofed)
- Renovation of an existing residential property. Replacement of an existing housing finance
Following are the salient features of the scheme:
- Financing is available up to Rs.10 million for purchase, construction & balance transfer facility subject to the customer’s eligibility & location of house or apartment. For renovation the maximum financing limit is up to Rs.2.5 million.
- The investment is repayable in affordable installments over a maximum period of 20 years depending upon the customer’s age and repayment ability.
- The overall cost in acquiring housing under the scheme is moderate as compared with other banks
- With early unit purchase alternatives, customer can purchase as many number of units as they need subject to prepayment charges. By making advance payment, the customer will avail two benefits i.e. get revised and reduction in monthly installment or minimum period of loan.
- Feel secure in terms of equitable & registered mortgage.
- Comply with Sharia compliant scheme.
- Enjoy hassle free repayment facility.
With this convenient plan, the customer can construct a residential property on already owned land or to add onto on an existing residential unit. HBFCL will facilitate up to 60% of total projected cost of construction (Land cost + Cost of construction).
The customer can live their dream of owning a house in minimum time.
For renovation on an existing house, apartment or bungalow financing up to Rs.2.5 million is available pertaining to urban cities. For other rural cities, maximum investment limit is Rs.0.5 million.
Balance Transfer Facility
Balance transfer is applicable on financing, pertaining to purchase or construction of a residential house, apartment, or bungalow .
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