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 Scheme Construction Benefits
| Income Criteria | Up to PKR 100,000/- per month |
| Facility Amount | Up to PKR 4,500,000/- |
| Facility Tenure | 3 – 20 years |
| Pricing | The 1-year KIBOR of the last working day mentioned last month mentioned on the SBP’s official website will be applied for a fresh and renewed case throughout the next month. |
| Profit Rate | 01 Y KIBOR + 2.00%(Floor 7% and Ceiling 12%){ Yearly re-pricing as per applicable KIBOR } |
| Loan To Value (LTV) Ratio | Up to 70% based on market value assessed by valuator (property to be mortgaged) or purchase price, whichever is lower. |
| Balloon Payment | The balance should be more than or equal to 10% of the original amount. |
| Insurance / Takaful | To the extent of life insurance and property Takaful coverage financing.Insurance / Takaful Companies on HBFC’s Approved Panel |
| Collateral Specifications | House – Maximum plot size up to 300 sq. yds. or 10 MarlaFlat – Maximum covered area up to 1400 sq. ft. (as per conveyance deed) ORMaximum appraised value (market value assessed by PBA approved Valuator) of the property should not exceed PKR 5,000,000/- |
Ghar Pakistan Scheme Construction Eligibility Criteria 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: Up to PKR 100,000/- 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 Scheme Construction Schedule of Charges
| Application Processing Fees(One Time, non-refundable) | PKR 2,000/- |
| 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 of SLIC Life Insurance Clearance | At Actual |
| Late Payment Charges | PKR 1,000/- on each overdue monthly payment |
| 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 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