How to get Finance from HBFC Ltd.

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How to get Finance from HBFC Ltd.

PROCEDURE FOR OBTAINING HOUSING FINANCE FACILITY

(For construction cases only)

Step -1 (Pre- registration/ verification process)

i. Please obtain an application form and brochure from any of HBFC Ltd.�s district offices/ HBFC Ltd. representative offices or download the same from our website (www.hbfc.com.pk). The addresses/telephone numbers of our District Offices/representative offices are also available on web site as well on the back of the brochure

ii. Detail of documents to be attached with the application form is available on the brochure.

iii. Deposit application fee in H.B.L. as per following schedule:

Fee Payable for Houses / Flats Located

Applications Up to
Rs.300,000

Applications Above
Rs.300,000 & up to Rs.500,000

Applications Above
Rs.500,000 & up to
Rs.1,000,000

Applications Above
Rs.1,000,000 & up to
Rs.2,500,000

Applications Above
Rs.2,500,000

Within Municipal limit (within Cantonment Area)

Rs.5,000/-

Rs.7,000/-

Rs.10,000/-

Rs.15,000/-

Rs.25,000/-

iv. Under HBFC Ltd. Ghar Aasan scheme, you can avail :-

� Financing on the basis of rates of your plot given in the collector index; and

� In case you do not agree with the rates of your plot given in the collector index, you may have the market value of your plot assessed from an approved valuer of Pakistan Bank Association. For this purpose please follow (a) to (d) below:-

a) List of the approved valuer is available in our offices/web site and in the Guidelines (see annexure)

b) The fee payable to the valuer would range between Rs.1500/- to Rs.2500/- payable directly to the valuer.

c) Submit a pre-drafted application, mentioning therein the name of the valuer of your choice from the list of approved valuers available in the Guidelines (see annexure)

d) Attach photo copies of the sale/lease deed /allotment letter and building plan.

Verification procedure

Submit complete set of the title documents mentioned and marked ( ) in the brochure with following additional papers. (the original papers are to be submitted for the attestation purposes only).

Proof of income of the applicant or guarantor, as the case may be:-

�For salaried persons. (Salary certificate)

�For businessmen /professionals

(Tax payers) (Income tax assessment order for the last

two years)

�For businessmen/professionals (non tax payers) (Affidavit on prescribed value stamp

paper duly attested by the notary public)

�For Agriculture Income (Proof of landholding, income certificate

from the Revenue Officer)

�For overseas Pakistanis.

i) Income proof certificate duly attested by Pakistan Embassy;

ii) Copy of all pages of Passport attested by Pakistan Embassy;

iii) Copy of CNIC attested by Pakistan Embassy;

iv) Undertaking by applicant attested by Pakistan Embassy;

v) General Power of Attorney attested by Pakistan Embassy;

Computerized National Identity Card: (CNIC)

� Copies of the CNIC of the applicant and guarantor both. Please bring original CNICs for attestation purposes

Guarantor�s documents:

� If investment is applied on the basis of guarantor�s income then please submit Guarantor �s questionnaire form and letter of guarantee, on prescribed formats ,duly filled in and signed by the guarantor.

Medical Examination:

� In case the financing amount exceeds Rs.3 Million, medical examination of the applicant/guarantor from SLIC�s approved doctor is required. The list of SLIC�s approved panel of doctors can be obtained from our offices. The fee and cost of tests to be paid to the doctor directly.

� The overseas Pakistanis can have medical examination from a government hospital of the country of residence and submit after having it attested from embassy of Pakistan.

You will be informed once valuation /verification of your case is completed.

Step � 2 (Registration and Sanction)

i. Please obtain NEC from the office of the sub �Registrar, where your lease deed is registered.

ii. Submit original receipt of application fee deposited and NEC

iii. Obtain Account number. and receipt of documents.

iv. Wait for the sanction, you will be informed telephonically and through mail.

Step -3 (disbursement and registration of assignment deed)

i. Procedure for release of 1^st Cheque

When you receive call/letter from the District Office that your investment has been approved, please immediately visit the office along with original title documents. Following formalities are to be completed before release of Ist cheque:-

� Sign the repayment schedule & obtain copy whereof.

� Submit original title documents and obtain receipt.

� Deposit advance insurance premium @ Rs.0.50/- per thousand per month in HBL

� Submit application for the inspection of site (copy is available at annexure of the Guidelines) if the construction is complete upto the required level as mentioned in Acceptance letter against 1^st trench.

� Submit one copy each of the prescribed letter of continuity & promissory note, duly typed on stamp paper of Rs.100/- each.

� Submit post-dated cheques (as per schedule of payment).

(Please note if investment has been sanctioned on guarantor�s income post-dated cheques are to be issued by the guarantor of his own bank a/c).

� Obtain three blank copies of the deed of assignment and get the adhesive stamps (equivalent to the rate mentioned in the schedule* below) affixed, on one of the copies, from the treasury office of the District. Please do not fill the deed yourself to avoid mistakes.

� Once the above work is complete, make an appointment with the concerned officer of HBFC Ltd. to accompany you to the office of the concerned Sub-Registrar where your agreement will be registered and cheque of Ist installment will be delivered in the presence of the Sub-Registrar. Please do not forget to bring your original I.D. Card and cash amount equivalent to the registration fee** given in the following schedule :

Province	Cost of adhesive stamp*	Registration Fee**
Baluchistan	2% of the sanctioned amount	1% of the sanctioned amount
NWFP	4% of the sanctioned amount	0.5% of the sanctioned amount
Sindh	0.2% of the sanctioned amount	1% + 5 rupees per page of the sanctioned amount
Punjab	0.25% of the sanctioned amount	0.25% of the sanctioned amount

ii. PROCEDURE TO RELEASE 2^ND CHEQUE

� Submit application for site inspection if construction is complete up to the required level mentioned in the acceptance letter against 2^nd trench.

� Submit one copy each of the prescribed letter of continuity & promissory note, duly typed on stamp paper of Rs.100/- each.

� Collect letter from HBFC Ltd. for getting the lien marked in the office of the concerned authority, cooperative society or cantonment board and in case of free hold property for mutation in Revenue record in favour of HBFC Ltd. (This should be submitted in the district office at the earliest possible.).

� Collect your cheque from the office �Next day� of the submission of the above documents.

iii. PROCEDURE TO RELASE 3^RDCHEQUE

� Submit application for site inspection if the stage of construction is complete as mentioned in the acceptance letter against 3rd trench.

� Submit letter confirming marking of lien in Society/Authority/Cantonment Board record/Revenue record.(if not already submitted).

� Submit one copy each of the prescribed letter of continuity & promissory note, duly typed on stamp paper of Rs.100/- each.

� Collect your cheque from the office �Next day� of the submission of the above documents.

iv. PROCEDURE TO RELEASE 4^TH & FINAL CHEQUE

� Submit application for site inspection if the stage of construction is complete as mentioned in the acceptance letter against last trench.

� Submit one copy each of the prescribed letter of continuity & promissory note, duly typed on stamp paper of Rs.100/- each.

� Collect your cheque from the office �Next day� of the submission of the above documents.

(For Purchase cases only)

Pre- registration step:

� After finalizing the purchase of the selected property enter into a Sale Agreement with the seller with the condition that you will obtain investment/financing facility from the HBFC Ltd. ( Draft of the sale agreement is available in Guidelines at annexure (� � )

� Request the owner of the property to provide you a complete set of the photo copies of all the original documents of the house to be purchased.

� Along with the Seller visit our District Office for attestation of the original documents. The District Manager after attestation of the original documents will return the same to the owner of the house and based upon the photo copies of the title documents, process the case under the rules.

MAIN DOCUMENTS REQUIRE FOR CONSTRUCTION OF HOUSE

1) Application form duly filled in.

2) Fee payment receipt from the Bank.

3) Photo copies of Computerized National Identity Card duly attested on both sides for CIB purpose.

4) - Approved Building Plan with approval letter.

4) Three coloured passport size photographs of the applicant/guarantor.

The following documents will be required in addition to the documents mentioned above:

1) Joint application of the seller and purchaser

2) Sale agreement between seller and the purchaser on stamp paper of existing prescribed value duly attested by Notary public or Oath Commissioner

3) Draft of sale deed (which should be got examined by the Manager (Law) of the zone or legal advisor/panel advocate as the case may be.

4) Soundness and valuation certificate from any approved valuer of Pakistan Banks Association. (Download list of approved valuers from HBFC Ltd. website).

5) In case of purchase of house the valuation must be done by two valuers. However, in case of purchase of a flat, the valuation will be done by single valuer only;

6) The applicant shall pay the valuation fee to the valuers through pay order drawn in favour of the Company.

7) Sale Deed will be executed on the face value thereof according to the valuation table provided by the Provincial Government under Section 27-A of the Stamp duty Act or on the amount sanctioned by HBFC Ltd. for the investment whichever is higher.

8) In case the intending partner is not interested to avail Investment for house/flat purchase at the debt equity ratio based on the market value his/her request will be considered at the debt equity ratio based on the total cost of house/flat as assessed by the HBFC Ltd. on Collector Index rates, subject to adequacy of repayment capacity.

9) Subject to adequacy of age, income and maximum limit of investment the admissibility of investment will not exceed 80% of the forced sale value determined by the valuer or District Manager (whichever is lower).

10) Under House purchase cases the original documents will be submitted by the purchaser at the time of execution of Sale Deed and Assignment Deed simultaneously.

11) The approved investment under �house purchase/flat� will be disbursed in one installment;

12) The moratorium period in house purchase case will be 24 months during which the purchaser will pay only Corporation�s share in monthly rent. (It is at the option of the partner).

13) In House Purchase Case, payment of rent will commence from the very next month of the release of first and final installment.

House Purchase (restriction):

� House Purchase facility will be available only in Urban areas of District and Tehsils.

� For the purpose of house purchase no transaction will be allowed between blood relations such as father, son, brother, sister, wife and husband etc.

� Houses facing coastal areas where age of the house exceeds 20 years shall not be eligible for investment.

Procedure for valuation of the house as per market value:-

List of the approved valuer is available in our offices as well as on web site or in guidelines (see annexure � �)

a) Submit a pre-drafted application ( see in guidelines at annexure � �). You will select the name of the valuer from the list of approved valuers.

b) Attach photo copies of the Sale Deed/Lease Deed/Allotment Letter and Building Plan.

c) The fee payable to the valuer would range between Rs1500/- to Rs.2500/-. It is payable through �Pay Order� to be drawn in favour of the Valuer and is required to be handed over to the District Manager who will deliver the same to the Valuer on receipt of �Valuation Report� from him.

Proof of income of the applicant or guarantor, as the case may be:-

� For salaried persons. (Salary certificate)

� For businessmen /professionals (Tax payers) (income tax assessment

order for the last two years)

� For businessmen/professionals (non tax payers) (affidavit on prescribed value

stamp paper duly attested by the

notary public)

� For Agriculture Income (Proof of landholding,

income certificate from the

Revenue Officer)

� For overseas Pakistanis.

� Income proof certificate duly attested by Pakistan Embassy;

� Copy of all pages of Passport attested by Pakistan Embassy;

� Copy of CNIC attested by Pakistan Embassy;

� Undertaking by applicant attested by Pakistan Embassy;

� General Power of Attorney attested by Pakistan Embassy;

Computerized National Identity Card: (CNIC)

� Copies of the CNIC of the applicant and guarantor both. Please bring original CNICs for attestation purposes

Guarantor�s documents:

� If investment is applied on the basis of guarantor�s income, please submit Guarantor�s questionnaire form and letter of guarantee, on prescribed formats, duly filled in and signed by the guarantor.

Medical Examination for investment exceeding Rs. 3 Million:

� In case the financing required exceeds Rs. 3 Million, medical examination of the applicant/guarantor from SLIC�s approved doctor is required. The list of SLIC�s approved panel of doctors can be obtained from our offices. The fee and cost of tests to be paid to the doctor directly.

� The overseas Pakistanis can have medical examination from a government hospital of the country of residence and submit after having it attested from embassy of Pakistan.

You will be informed once valuation /verification of your case is completed.

Step � 2 (Registration and Sanction)

O Obtain NEC from the office of the sub �Registrar, where your lease deed is registered.

O Obtain Account No. and receipt of documents.

O Wait for the sanction, you will be informed telephonically and through mail.

Procedure for release of approved INVESTMENT IN PURCHASE CASE:

As soon as you receive the call/letter that your investment has been approved by HBFC Ltd., visit the HBFC Ltd. District office and complete the following formalities for the release of cheque:-

1. The District Manager will hand over the copy sanction letter & repayment schedule and will obtain your signature for receipt of the above papers.

2. Deposit 24 months advance insurance premium @ Rs.0.50/- per thousand per month in HBL.

3. Submit application (on pre-drafted specimen is available in guidelines at annexure � �for the inspection of site to the District Office for inspection of the site and drawl of site inspection report/completion report.

4. Submit letter of continuity & promissory note on Stamp paper of Rs.100/-& 200/- (as the case may be).

5. Submit 25 post-dated cheques (as per Schedule of payment) and the Debit Authority.

(Please note if investment has been sanctioned on guarantor�s income post-dated cheques

are to be submitted by the guarantor of his/her own bank a/c) (only HBL account).

6. Obtain from the District Manager three blank copies of the Deed of Assignment and get the adhesive stamps from the treasury office of the District. Do not fill the Deed yourself to avoid mistakes. It is advisable to first get the draft of sale deed duly approved by the Manager (Law) of the zone or the Panel Advocate, and get the same typed on the stamp paper of prescribed value.

7. After completion of the above, submit the above documents in the concerned District Office. District Manager will depute a HBFC Ltd. Authorized Officer to accompany you to the office of the concerned Sub-Registrar where Deed of Assignment and Partnership as well as Sale Deed will be registered simultaneously and cheque of approved investment will be handed over to you in the presence of the Sub-Registrar.

8. HBFC Ltd.�s authorized officer will obtain the original documents of the property to be mortgaged. You must bring the original I.D. Card and cash amount equivalent to the registration fee as per schedule.