HBFCL re-launches small builders finance scheme

KARACHI: The House Building Finance Company Ltd (HBFCL) has re-launched the small builders finance scheme to facilitate the small contractors and individuals who are in the business of building and selling of houses and flats.

Earlier this scheme was launched in 2007 but later on its operations were suspended. On the occasion of launching of this scheme, Managing Director HBFCL, Syed Sayef Hussain, said that there was a shortage of 7.5 million housing units in the country and this figure is growing all the time. One effective way to address this shortage was to facilitate the small contractors and individuals engaged in the real estate; housing and construction industry as they could plays a vital role in development of the economy of the country and could provide employment opportunity to millions as well.

He further said that there are 60-70 other industries linked with housing sector. Addressing the challenges facing the housing, construction industry and housing finance, can give a boost to more than 60 allied industries linked with housing.

Highlighting the objectives of HBFCL new investment scheme, Sayef Hussain said that the main objectives of this scheme were to encourage the small contractors and builders who were in the business of building and selling one to six houses at a time, to increase the housing stock in the country, to enhance the product range of Company and to expand the scope of HBFCL business and increase its profitability as well as facilitate the people to earn handsomely through their construction expertise. Sayef Hussain further added that a maximum of Rs10 million per party for minimum one housing unit and maximum 6 units financing limit is fixed.

The loan will be provided in three trenches for tenure of 12, 18 or 24 months as per option of the Contractor /Individual builder. Initially this facility shall be available in Karachi, Hyderabad, Lahore, Islamabad/Rawalpindi, Multan, Faisalabad and Peshawar cities only. #

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