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

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OVERVIEW

     

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FEATURES
PARAMETER CRITERIA
Purpose To finance the customers who are willing to install solar systems for the generation of electricity ranging from 3KW to 20 KW with or without net metering.
Type of Housing Finance Home Renovation
Facility Amount

Minimum: Rs. 300,000/-

Maximum: Rs. 3,000,000/-

Facility Tenor

Up to ten (10) years.

Pricing

(Mark-up / Profit Rate)

Fixed at 6.00% per annum

 

SBP’s Refinance Rate

Maximum HBFC’s Spread

Maximum End User Rate

2.00%

4.00%

6.00%

Loan To Value (LTV) Ratio/ HBFC’s Share

Up to 80%* of market value of the mortgaged property

(financing up to 100% value of solar equipment)

Total exposure of HBFC on the property

Debt Burden Ratio (DBR)

Up to 50% of net disposable monthly income as per relevant slab

Repayment

Equal Monthly Installments (EMI)

 Collateral Specifications 

 Hypothecation charge on Solar Equipment

 

a)  For facility up to Rs. 500,000/-

Equitable Mortgage of Home for the total marked-up/payable amount and lien marking to be done with relevant authority.

OR

Pledge of liquid security like TDRs, DSCs etc. and Life Insurance Policy (with acceptable surrender value) with minimum 10% margin.

 

b)  For facility above Rs. 500,000/-

Equitable Mortgage of Home for the total marked-up/payable amount and Token Registered Mortgage (TRM) of Rs. 25,000/- shall also be created (for properties falling in revenue record only) alongwith lien marking in relevant records.

OR

Pledge of liquid security like TDRs, DSCs etc. and Life Insurance Policy (with acceptable surrender value) with minimum 10% margin.

 

Note:With the approval of Credit Committee, HBFC will start accepting applications for this product against the mortgage security offered by any person not necessarily having blood relation with the applicant in the capacity of guarantor to facilitate the securitization process.

Insurance / Takaful 

  •  Mandatory applicant(s) / guarantor(s)  life insurance at preferential rate through Insurance Companies enlisted on HBFC’s Approved Panel.
  • Mandatory insurance / takaful of solar equipment and collateral at preferential rate through Insurance Companies enlisted on HBFC’s Approved Panel

Balloon Payment

Subject to the observance of the following:

 

  • Upon written request from customer.
  • Amount of balloon payment must be greater than or equal to 10% of the principal outstanding at that stage.
  • No additional charges.

Early Termination

No additional charges

Solar Energy Partner

(Vendor)

On HBFC’s approved Panel (or listed by Credit Committee) who are registered on Alternative Energy Development Board (AEDB)

Release of Payments

 Shall only be made to the authorized Vendor(s)

Up to two tranches

Processing Time

Within a maximum period of 03 weeks, from the date of receipt of complete information / documents from the customer


ELIGIBILITY CRITERIA
1. Citizenship
  • Resident Pakistani
  •  Non-Resident Pakistanis (NRPs)
2. Facility of Applicant/Co-Applicant Guarantor (Information of Income Clubbing)
  • 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 Individuals (SI): 21 – 60 years
  • Self-employed Professionals (SEPs) / Self-employed Businessmen (SEBs): 25– 65 years
5. Employment/Business/Professional Tenure
Salaried Individuals (Sis) Government At least 01 year (Permanent Employees)
At least 02 years (Contractual Employees)
  Other At least 02 years (Permanent Employees)
At least 03 years (Contractual Employees)
Self Employed Professionals (SEPs) N/A At least 02 years
Self Employed Businessmen (SEBs) N/A Total business tenure of at least 03 years and minimum 02 years in current business
Expatriate Pakistanis N/A Total employment tenure of at least 02 years

LOAN APPLICATION FORM
Loan Application Form                                           Download
Co-Applicant Form                                           Download
Guarantor Form                                           Download

Documents Required
Personal References

Two personal references (other than guarantors) shall be provided by the Customer. One relative and other office colleague / friend, not living with the customer for verification purposes who can assist in the collection effort (if required).


CALCULATOR
Loan Calculation - Salaried Individuals (Sis) Calculate
Loan Calculation - Self-Employed Professionals (SEPs) Calculate
Loan Calculation - Self-Employed Businessmen (SEBs) Calculate
Last updated on: 29 Nov, 2022