It is difficult to buy or construct a home in Pakistan. Our population has increased exponentially in the last few decades. This change has made securing affordable housing a challenge for everyone. The demographic boom has also eaten into the country’s living standards.
Besides, taking loans has always been tricky. Common house building loan schemes usually come with difficult eligibility criteria (most notably high-interest rates). So it normally becomes hard for a salaried person to avail them.
The House Building Finance Company Limited (HBFC) finances home constructions in Pakistan. Its monetary aid is prioritized towards low and middle-income citizens.
TYPES OF HBFC GHAR SCHEMES
The HBFC Ghar Scheme offers three separate home loan services. These are, namely:
- Ghar Pakistan
- Ghar Pakistan Plus
- Ghar Saholat
All of them make your dream of owning a home achievable.
GENERAL FEATURES
The standard HBFC Ghar Scheme home loan tenure runs from 3 to 20 years. The service also comes with the ‘Co-applicant’ or ‘Guarantor’ facility. Here, the company requires the co-applicant to be an immediate family member. Also, the guarantor must be a family member who has rights in the property being mortgaged.
The service allows applicants to add their co-applicants’/guarantors’ individuals incomes to their total income. This is called ‘Income Clubbing’. The HBFC Ghar Scheme further offers insurance coverage for death and disability. It also covers property insurance.
There is an additional facility for balloon payments. This allows customers to pay early settlements at no extra charges.
HBFC’s profit rates differ for all three services. The HBFC application forms are available all across the country in more than 50 offices.
ELIGIBILITY CRITERIA
| Particulars | Criteria |
| Age limit for salaried persons | 18-57 years |
| Age limit for self-employed & business persons | 18-62 years |
| Experience req. for salaried persons | 1 year |
| Experience req. for self-employed & business persons | 2 years |
| Income Criteria for Ghar Pakistan | Up to PKR 100,000 |
| Income Criteria for Ghar Pakistan Plus | Up to PKR 175,00 |
| Income Criteria for Ghar Saholat | Verifiable net disposable monthly income |
GHAR PAKISTAN FEATURES
- Financing up to PKR 4.5 million
- 12 per cent per annum profit rate
- The loan-to-value ratio of 80:20
- Debt burden ratio -up to 45 per cent of net monthly income
- It Balance transfer facility
- The application processing fee is PKR 2,000 for financing up to PKR 1,000,000
- The application processing fee is PKR 5,000 for financing above PKR 1,000,000
GHAR PAKISTAN PLUS FEATURES
- Financing up to PKR 8.8 million
- 13 per cent per annum profit rate
- Loan-to-value ratio (LTV) of 85:15
- Debt burden ratio (DBR) -– up to 50 per cent of net monthly income
- The application processing fee is PKR 2,000 for financing up to PKR 1,000,000
- The application processing fee is PKR 5,000 for financing above PKR 1,000,000
GHAR SAHOLAT FEATURES
- Home financing up to PKR 25 million
- 3.25 per cent Karachi Interbank Offered Rate (KIBOR) offered a profit rate for salaried clients
- 3.50 per cent offered profit rate for self-employed professionals and businesspersons.
- Loan to value ratio (LTV) of 70:30
- Debt burden ratio – up to 50 per cent of net monthly income
- Balance transfer facility
- The application processing fee is PKR 3,000 for financing up to PKR 500,000
- The application processing fee is PKR 8,000 for financing between PKR 500,000 to 2,500,000
- The application processing fee is PKR 12,000 for financing above PKR 2,500,000
A FURTHER WORD ON HBFC
HBFC is a nationally trusted financial support institution. Its capital stock is held by the State Bank of Pakistan and the government. HBFC launched Ghar Pakistan as a fixed-rate housing finance service from March 1, 2019. The service provides monetary assistance at the lowest local rates.
HBFC’s Ghar Scheme comes further attested as HBFC is a Zameen.com home partner.
Contact Information HBFC, with its Ghar Scheme, is providing housing to lower and middle-income families. You can access more information regarding the scheme on the HBFC website, or by calling on: +92 21 35641711-15, 0800 42325
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