KARACHI, April 14: The House Building Finance Corporation on Monday launched a home improvement scheme called ‘Shandar Ghar’ as a pilot project in Karachi. The scheme will be extended to other major cities of the country.

The main features of the ‘Shandar Ghar’ scheme are Murahaba-based financing facility up to Rs500,000 on easy terms (7 per cent expected murahaba profit in one year and 6 per cent for the existing HBFC partners).

Under this scheme, the HBFC provides investment for the purchase of building materials, fixtures and fittings to repair, build or remodel a room, a bathroom or a kitchen or to replace electrical and plumbing items and other repair and renovation work.—PPI