September 04, 2007	Tuesday	Sha'aban 21, 1428

KARACHI, Sept 3: The House Building Finance Corporation (HBFC) has launched a Small Builders Finance scheme to meet the housing shortage being faced by middle and lower middle segments of the society. Under the scheme, the HBFC will be providing financing facility to those builders, who construct and sell small houses.

Since the onward loaning facility to the ultimate purchaser of the house will also be available, it will facilitate not only the builders but will also promote sale of houses to the interested buyers.

Such builders may avail the investment up to Rs7.5 million for a period of 18 to 24 months. They may enjoy this facility for construction of two housing units at a time and gradually expand their business with HBFC’s financial support to six houses at a time.

The HBFC will extend the transfer of investment facility to the buyers of such houses as per their entitlement under the relevant investment policy. However, the builder will make payment of the principle amount and share the profit on completion of the mortgage period.

The first ever financing of Rs7.5 million under this scheme was given by the HFBC to Mrs Rehana Kanwal for construction of a marketable house on a plot at DHA Phase VIII, in Karachi.