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The role of the House Building Finance Corporation Ltd remained everlasting for refurbishing the housing finance sector of the country. As-such, the Management of HBFC Ltd always remained eager to introduce prudent housing finance policies, according to market demands, to suit the need of the people of the country and to provide affordable housing finance facilities to play a much bigger role to become a socially responsible and commercially sustainable house financing entity of the country.
This product is based on the concept of Diminishing Musharaka and has four modules for the following purposes:-
(i) Purchase of a residential property
(ii) Construction of residential property
a. Residential construction on Applicant’s owned land;
b. Residential construction on applicant’s owned house (on advance stage of Construction i.e. up to lintel level or Roofed)
(iii) Renovation of an existing residential property
(iv) Replacement of an existing housing finance (Balance Transfer Facility)
This scheme facilitates customer for purchase/construction/renovation/BTF of house/flats.
The salient features of the scheme are:-
Maximum Ceiling:
1- Financing facility up to Rs.10 million for purchase/construction/Balance Transfer Facility subject to the customer’s eligibility & location of house/flat. For renovation maximum financing limit up to Rs.2.5 million.
2- The investment is repayable in affordable installments over a maximum period of 20 years depending upon the customer’s age and repayment ability.
3- The overall cost in acquiring housing under the scheme is moderate as compared with other banks;
4- Early unit purchase option, customer can purchase as many number of units as the customer wishes, subject to prepayment charges. By making advance payment, the customer will avail two benefits i.e. get revised and reduced his/her monthly installment on lower side or get reduced the period of loan.
5- Security: equitable/registered mortgage.
6- Sharia compliant scheme.
7- Hassle free repayment facility.
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