HBFC is striving to be a socially responsible and commercially sustainable housing finance institution.

Document

Ghar Pakistan Plus Scheme - Construction

Eligibility Criteria:

  1. Citizenship:
    • Resident Pakistani
    • Non Resident Pakistani
  2. 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
  3. Age of Applicant / Co-applicant  / Guarantor:
    • Salaried: 18 – 57 years
    • Self-employed Businessmen / Self-Employed Professionals: 18 – 62 years
  4. 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)
  5. Employment / Business / Professional Tenure:
    • Salaried: Minimum 1 year continuous employment
    • Self-employed Businessmen / Professionals: Minimum 2 years in current business / industry
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Product Features

 
  Ghar Pakistan Plus Scheme - Construction
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)
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 repricing as per applicable KIBOR }
Loan To Value (LTV) Ratio / HBFC’s Share Up to 85% of the forced sale value (FSV) of the mortgaged property
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 amount

* Insurance / 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/-
 

Schedule of Charges

 
  Ghar Pakistan Plus Scheme - Construction
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/-
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/-
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 Actual

* To be borne by the Customer
Legal Documentation Charges *

At Actual

* To be borne by the Customer
Late Payment Charges PKR 1,000/- on each overdue monthly payment
Balloon Payment Charges Nil
Early Settlement Charges Nil
Storage Charges

PKR 100/- per month

(if mortgaged property documents are not collected within 90 days from the date of account closing)
Last updated on: 01 Jun, 2020