KARACHI, Dec 7: The House Building Finance Corporation (HBFC) has appointed 50 service agents for opening up new representative offices in small towns and tehsils to extend its lending activities to those areas which hitherto could not obtain financial assistance from the Corporation.

In the first phase, 35 small cities and towns would benefit by getting prompt service from these agents appointed by the HBFC for opening of representative offices. This will take the total number of the HBFC network to over 100 branches.

During 53 years of its existence, the HBFC opened 58 district offices in cities and major towns. But it was always felt that the people in far-flung areas have to travel long distances to obtain financial assistance from the Corporation.

Consequently, the HBFC under the directive of the government, planned to expand its outreach in small towns and tehsils, for which the Corporation invited on-line applications through HBFC website from educated people of 50 tehsils and small towns.

Out of a total of 600 applications received for the job, the HBFC selected those who met the required standard and specifications laid down by the Corporation.

In the second phase, the Corporation intends to open another 50 representative offices next year, which will take the total number of representative offices of the HBFC to 150.

Mujahid Zameer, HBFC executive director, (Recoveries) told Dawn that the representative offices would help in generating business for the Corporation at low cost and would create employment opportunities for the local people.

Since HBFC under its new vision to serve as a housing bank is focusing on the needs of low and middle income sections of the population, it has decided to expand its outreach to those areas which were hitherto not covered.

These representative offices and service agents will also provide services for consumer financing to households, in addition, to mortgage finance facility.