To be a leading housing finance institution in the country for providing affordable housing solutions to low and middle income groups while encouraging new constructions in the small and medium housing (SMH) sector.
Ghar Pakistan Plus Scheme Construction Benefits
| Income Criteria | Income (net of taxes and pension contributions) for Individual should not exceed PKR 175,000/- per monthHousehold’s income should not exceed PKR 230,000/- per month.The income of Guarantor should not exceed the income defined for individual i.e. PKR 175,000/- per month and Household means clubbed income of Applicant and Co-applicant(s). Guarantors are not included in the definition of household. |
| Facility Amount | Up to PKR 8,800,000/- |
| Facility Tenure | 3 – 20 years |
| Profit Rate | 01 Y KIBOR + 2.50%(Floor 8% and Ceiling 13%){ Yearly reprising as per applicable KIBOR } |
| Pricing | 1 Year KIBOR of the last working day of the previous month mentioned on SBP’s official website shall be applied for fresh and renewal cases during the following whole month. |
| Type of Financing | BTF shall be employed strictly as per the terms of Housing PRs and the agreed arrangement with PMRC |
| Loan To Value (LTV) Ratio | Up to 85% on the basis of market value assessed by valuator (of the property to be mortgaged) or Construction value, whichever is lower |
| Balloon Payment | Amount should be greater than or equal to 10% of the outstanding principal amount |
| Insurance / Takaful | Life Insurance and Property Takaful coverage to the extent of financing amountInsurance / Takaful Companies on HBFC’s Approved Panel |
| Collateral Specifications | Maximum appraised value (market value assessed by PBA approved valuator) of the property should not exceed PKR 11,000,000/- |
Ghar Pakistan Plus Scheme Construction Eligibility and Required Documents
- Citizenship:
· Resident Pakistani
· Non Resident Pakistani
- Facility of Co-applicant / Applicant / Guarantor:
- Co-applicant & Primary (or Single) allowed
- Co-applicant must be an immediate family member
- The guarantor must be a family member who has the right to inherit the property.
- Age of Applicant / Co-applicant / Guarantor:
- Salaried: 18 – 57 years
- Self-employed Businessmen / Self-employed Professionals: 18 – 62 years
- Income Criteria:
· Income of Individual: The income of an individual must be up to PKR. 175,000 per month (pension contribution & net of taxes)
· Income of Household: Up to PKR. 230,000 per month.
· Income of Guarantor: Up to PKR. 175,000 per month.
- Employment / Business / Professional Tenure:
- Salaried : Minimum 1 year continuous employment
- Self-employed Businessmen / Professionals: Minimum 2 years in current business / industry
Ghar Pakistan Plus Scheme Construction Schedule of Charges
| Application Processing Fees | Financing up to PKR 1,000,000/- : processing fees is PKR 2,000/-Financing above PKR 1,000,000/- : processing fees is PKR 5,000/- |
| Income Estimation Charges | Salaried: PKR 2,100/- to PKR 5,500/- Employees of Govt., Semi-Govt., Companies listed in Stock Exchange and Non-Resident Pakistani: NilSEB / SEP: PKR 3,000/- to PKR 5,500/- |
| Property Valuation Charges | Flat: PKR 2,000/-House: PKR 2,500/- (Plus PKR 500/- to PKR 700/- in case of construction case before releasing the third tranche) |
| Title Clearance Charges * | At ActualTo be borne by the Customer |
| Legal Documentation Charges * | At ActualTo be borne by the Customer |
| Medical Examination for SLIC Life Insurance Clearance | At Actual |
| Balloon Payment Charges | Nil |
| Early Settlement Charges | Nil |
| Penalty for each missed payment | PKR 1,000/- |
| Storage Charges | PKR 100/- per month(if mortgaged property documents are not collected within 90 days from the date of account closing) |
How to Apply for Ghar Pakistan Plus Scheme Construction
The interested applicant should visit the nearest HBFC branch and fulfill the application form along with required documents.
Housing Building Finance Company Limited Helpline Numbers
Address: 3rd floor, Finance & Trade Centre, Shahrah-e-Faisal, Karachi, Pakistan
Phone: (+92) 21 35641711-15
Telephone: 0800-42325
Phone: +92-21-35630954
Email: info@hbfc.com.pk
Location: View Location
