KARACHI, Jan 11: The House Building Finance Corporation (HBFC) has disbursed Rs120 million housing loans under its outreach programme being presently carried out through 24 district-level representative offices functioning with the collaboration of private sector.

These outpost representative offices started functioning since May, 2006, and according to official figures, up to November 2006 about 410 housing loan cases were processed by them.

On average, the franchised offices disbursed Rs5 million, with each loan size of Rs1 million, and about 17 cases were finalised by these units during the period under review.

After changing its posture about two years back, the HBFC started focusing on financing of small and medium housing units and left the high cadre housing finance needs to the commercial banks that entered consumer banking in a big way.

The HBFC strictly selects representatives on laid down criterion for their out-reach programme and provides nominal subsidy for a period of two years. However, the corporation carries out publicity and also bears the cost of billboards and shop/office signs for the district offices.

The district offices, as well as zone offices, are electronically linked with head office. The HBFC is gradually changing its work culture and stress is being laid on promoting corporate set-up and introducing automation to minimise paper work.

The clients can have all necessary information and required application forms from the website of the HBFC which reduces physical visits for getting housing loan.

Presently, 24 HBFC service representative offices are working in Bhakkar, Chakwal, Charsadda, Chichawatni, Chiniot, Chishtian, Daska, Depalpur, Ghotki, Haripur, Hasilpur, Khushab, Khuzdar, Lodhran, Mailsi, Mian Channu, Mirpur Mathelo, Narowal, Okara, Pak Pattan, Shakargarh, Tando Adam, Tando Allahyar and Wazirabad.

During seven months working of these stations, the performance of Mirpur Mathelo, Narowal and Okara topped in terms of performance.

Keeping in view the success story of these out-reach stations, the HBFC is planning to open 33 more service representative units across the country.

It has specially earmarked places surrounding Gwadar and other areas of Balochistan to provide housing finance to the people of these under-developed areas.

In the past, the HBFC operations for giving housing loan remained focused towards urban areas and big cities of the country.

The areas being focused by the HBFC in Balochistan are: Pasni, Ormara, Turbat and Umerkot. Other new representative offices of the corporation will include Ahmedpur East, Arifwala, Badin, Batkhela, Burewala, Fateh Jang, Gujar Khan, Hafizabad, Hala, Haroonabad, Jacobabad, Jhang, Kahuta, Kandh Kot, Khanewal, Moro, Nawabshah, Nowshera, Pindi Bhatian, Rato Dero, Sanghar, Shadad Kot, Shahdadpur, Shikarpur, Talagang, Thatta, Toba Tek Sing, Khanpur and Layyah.