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The HBFC needs to be overhauled to make it a potent and creative organization, as its services fall in the category of the most needed to support the housing sector, especially the poor.
However, Senator Kamil Ali Agha countered the minister's facts and criticised the HBFC staff for fleecing the borrowers through various means.
HBFC shall reintroduce bridge financing and bulk financing of housing projects through escrow accounting together with appropriate safeguards.
8% borrowers among builders of new houses, HBFC leads financing of house construction, said SBP report.
Although HDFC was set up much after HBFC, it has still managed to become a profitable institution which offers numerous services to its customers.
There would be efforts to raise paid up capital of SME Bank, HBFC and FWBL up to the Minimum Capital Requirement (MCR) of State Bank of Pakistan (SBP).
The inauguration ceremony was attended by the Board members of PMRC, which include nominees of the Ministry of Finance, HBL, UBL, ABL, Bank Alfalah, Askari Bank, HBFC and Summit Bank Limited.
Pakistan is a huge market for house financing estimated at Rs200 billion to meet the ever-increasing demand for housing finance, however, HBFC disburses around Rs4 billion a year for housing finance because of limited financial backup, said Mr.
The Committee was also informed by the Additional Secretary, M/o Finance that privatization of HBFC was also under consideration by the Privatization Commission.
The housing finance is the life line for growth of construction industry, but the HBFC is disbursing loans at a very slow speed.
The government is also set to launch a scheme for the payment of HBFC loans for widows.
The recent upswing in land prices and cost of building has created a difficult situation for lenders, and the lending limits of banks, particularly that of the HBFC, look insufficient.
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- HBEAG-binding protein 2-binding protein C
- HBEBP2-binding protein C