House Building Finance Company

Document

House Building Finance Company Limited offers financing facility with the following options :

1. Purchase of House / Flat

2. Construction of House

3. Balance Transfer Facility

Ghar Pakistan Scheme

(GPS)

12% Per Annum

Ghar Pakistan Plus Scheme

(GPS Plus)

13% Per Annum

Ghar Sahulat Scheme

(GSS)

1 Year KIBOR + 3.25% / 3.5%

Product Features

	Ghar Pakistan Scheme (GPS)	Ghar Pakistan Plus Scheme (GPS Plus)	Ghar Sahulat Scheme (GSS)
Income Criteria	Up to PKR 100,000/- per month	Individual's Income: Up to PKR 175,000/- per month (net of taxes and pension contributions) Household Income: Up to PKR 230,000/- per month Guarantor Income Up to PKR 175,000/- per month (net of taxes and pension contributions)	Verifiable net disposable monthly income
Facility Amount	Up to PKR 4,500,000/-	Up to PKR 8,800,000/-	Up to PKR 25,000,000/- to affluent individuals of Karachi, Lahore, Islamabad / Rawalpindi, Faisalabad, Multan, Peshawar and Quetta Up to PKR 10,000,000/- in all other areas
Facility Tenure	3 – 20 years	3 – 20 years	3 – 20 years
Profit Rate	12% per annum	13% per annum	Salaried: 1 Year KIBOR * + 3.25% Self-employed Businessmen: 1 Year KIBOR * + 3.50% Self-employed Professionals: 1 Year KIBOR * + 3.50% * Yearly re-pricing on each anniversary of financing.
Loan To Value (LTV) Ratio / HBFC’s Share	Up to 80% of the forced sale value (FSV) of the mortgaged property	Up to 85% of the forced sale value (FSV) of the mortgaged property	Up to 70% of the market value of the mortgaged property
Balloon Payment	Amount should be greater than or equal to 10% of the outstanding principal amount	Amount should be greater than or equal to 10% of the outstanding principal amount	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 amount * Insurance / Takaful Companies on HBFC's Approved Panel	Life Insurance and Property Takaful coverage to the extent of financing amount * Insurance / Takaful Companies on HBFC's Approved Panel	Life Insurance and Property Takaful coverage to the extent of financing amount * Insurance / Takaful Companies on HBFC's Approved Panel
Collateral Specifications	House - Maximum plot size up to 300 sq. yds or 10 Marlas Flat - Maximum covered area up to 1400 sq. fts. (as per conveyance deed) OR Maximum appraised value (market value assessed by PBA approved Valuator) of the property should not exceed PKR 5,000,000/-	Maximum appraised value (market value assessed by PBA approved valuator) of the property should not exceed PKR 11,000,000/-	The construction is as per the approved building plan For the front coastal line for e.g. front row of Sea View Township and Darakhshan Villas, DHA / Clifton Karachi, subject to the soundness certificate from approved PBA Valuer

Eligibility Criteria

Citizenship:
- Resident Pakistani
- Non Resident Pakistani
Facility of Applicant / Co-applicant / Guarantor:
- Primary (or Single) & Co-applicant allowed
- Co-applicant must be an immediate family member
- Guarantor must be a family member having inheritance right in the property to be mortgaged
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

Citizenship:
- Resident Pakistani
- Non Resident Pakistani
Facility of Applicant / Co-applicant / Guarantor:
- Primary (or Single) & Co-applicant allowed
- Co-applicant must be an immediate family member
- Guarantor must be a family member having inheritance right in the property to be mortgaged
Age of Applicant / Co-applicant / Guarantor:
- Salaried: 18 – 57 years
- Self-employed Businessmen / Self-Employed Professionals: 18 – 62 years
Income Criteria:
- Individual's Income: Up to PKR 175,000/- per month (net of taxes and pension contributions)
- Household Income: Up to PKR 230,000/- per month
- Guarantor Income Up to PKR 175,000/- per month (net of taxes and pension contributions)
Employment / Business / Professional Tenure:
- Salaried: Minimum 1 year continuous employment
- Self-employed Businessmen / Professionals: Minimum 2 years in current business / industry

Citizenship:
- Resident Pakistani
- Non Resident Pakistani
Facility of Applicant / Co-applicant / Guarantor:
- Primary (or Single) & Co-applicant allowed
- Co-applicant must be an immediate family member
- Guarantor must be a family member having inheritance right in the property to be mortgaged
Age of Applicant / Co-applicant / Guarantor:
- Salaried: 18 – 57 years
- Self-employed Businessmen / Self-Employed Professionals: 18 – 62 years
Income Criteria:
- Verifiable net disposable monthly income
Employment / Business / Professional Tenure:
- Salaried: Minimum 1 year continuous employment
- Self-employed Businessmen / Professionals: Minimum 2 years in current business / industry

Schedule of Charges

	Ghar Pakistan Scheme (GPS)	Ghar Pakistan Plus Scheme (GPS Plus)	Ghar Sahulat Scheme (GSS)
Application Processing Fees	Financing upto PKR 1,000,000/- : processing fees is PKR 2,000/- Financing above PKR 1,000,000/- : processing fees is PKR 5,000/-	Financing upto PKR 1,000,000/- : processing fees is PKR 2,000/- Financing above PKR 1,000,000/- : processing fees is PKR 5,000/-	Financing upto PKR 500,000/- : processing fees is PKR 3,000/- Financing b/w PKR 500,000 to PKR 2,500,000/- : processing fees is PKR 8,000/- Financing above PKR 2,500,000/- : processing fees is PKR 12,000/-
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: Nil SEB / SEP: PKR 3,000/- to PKR 5,500/-	Salaried: PKR 2,100/- to PKR 5,500/- Employees of Govt., Semi-Govt., Companies listed in Stock Exchange and Non-Resident Pakistani: Nil SEB / SEP: PKR 3,000/- to PKR 5,500/-	Salaried: PKR 2,100/- to PKR 5,500/-Employees of Govt., Semi-Govt., Companies listed in Stock Exchange and Non-Resident Pakistani: Nil SEB / 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)	Flat: PKR 2,000/- House: PKR 2,500/- (Plus PKR 500/- to PKR 700/- in case of construction case before releasing the third tranche)	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 Actual * To be borne by the Customer	At Actual * To be borne by the Customer	At Actual * To be borne by the Customer
Legal Documentation Charges *	At Actual * To be borne by the Customer	At Actual * To be borne by the Customer	At Actual * To be borne by the Customer
Late Payment Charges	PKR 1,000/- on each overdue monthly payment	PKR 1,000/- on each overdue monthly payment	PKR 1,000/- on each overdue monthly payment
Balloon Payment Charges	Nil	Nil	Nil
Early Settlement Charges	Nil	Nil	Nil
Storage Charges	PKR 100/- per month (if mortgaged property documents are not collected within 90 days from the date of account closing)	PKR 100/- per month (if mortgaged property documents are not collected within 90 days from the date of account closing)	PKR 100/- per month (if mortgaged property documents are not collected within 90 days from the date of account closing)

Loan Application Procedure

The entire loan application procedure is hereby outlined :

Enquiry Form: If you are willing to avail financing facility from HBFC, you will be required to submit an enquiry form. Upon submission of an enquiry form, our team will contact you within 2 working days.
Preliminary Screening: Initial screening will be conducted by HBFC’s team.
Submission of Application Form & Processing Fees: Upon qualification in preliminary screening, you will be required to submit a duly filled & signed application form along with the required documents . You will be further required to submit the Processing Fees & External Agency’s costs to HBFC.
Loan Process: Credit assessments and due diligence will be carried out.
Loan Approval: In case of favourable assessment, loan / limit allocation will only be approved by the concerned authorities.
Execution of Documents: Execution of financing & security / legal documentation formalities.
Disbursement of Loan: The loan amount will be disbursed as per the terms & conditions specified in the agreement.

Last updated on: 04 Dec, 2019