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/- |
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| Facility Tenor |
Up to ten (10) years. |
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Pricing (Mark-up / Profit Rate) |
Fixed at 6.00% per annum
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| 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 |
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| Debt Burden Ratio (DBR) |
Up to 50% of net disposable monthly income as per relevant slab |
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| Repayment |
Equal Monthly Installments (EMI) |
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| 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. |
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Insurance / Takaful |
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Balloon Payment |
Subject to the observance of the following:
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Early Termination |
No additional charges |
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Solar Energy Partner (Vendor) |
On HBFC’s approved Panel (or listed by Credit Committee) who are registered on Alternative Energy Development Board (AEDB) |
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Release of Payments |
Shall only be made to the authorized Vendor(s) Up to two tranches |
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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) |
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| 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).