House Building Finance Corporation Limited Re-launches Small Builders Finance Scheme

Karachi, March 25, 2014 (PPI-OT): The House Building Finance Company Ltd (HBFCL) has re-launched the small builders finance scheme to facilitate the Small Contractors /Individuals who are in the business of building and selling of houses/flats. Earlier this scheme was launched in 2007 but later on its operations were suspended.

On the occasion of launching of this scheme the Managing Director HBFCL, Syed. Sayef Hussain said that there is 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 is to facilitate the Small Contractors /Individuals who are engaged in the real estate; housing and construction industry as they can plays a vital role in development of the economy of the country and can 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, Mr. Sayef Hussain added that the main objectives of this scheme are to encourage the small contractors/builders who are in the business of building/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.

Syed . Sayef Hussain further added that a maximum of Rs.10 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.

For more information, contact:
A. Bashir Khan
Chief Manager
House Building Finance Corporation Limited (HBFCL)
3rd floor, Finance and Trade Centre,
Karachi, Pakistan
Tel: +9221 920 2301 -05
Fax: +9221 920 2360 and 9202319

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