Pakistan's HBFC to focus on providing micro housing Finances
Pakistan Times Business & Commerce Desk

ISLAMABAD: Chairman House Building Finance Corporation (HBFC) Zaighum Mehmood Rizvi has said HBFC will vigorously focus on providing micro housing finances to the low income group.

Talking to a private TV channel he said the Sindh government has conferred 100 acre land for social housing project. T

he main beneficiary would be the low income people, he informed. He said every facility would be provided to the inhabitants of social housing project in collaboration with various national and international organisations.

NWFP government has also been asked to provide land for initiating social housing project, he said.

He said HBFC has assets of Rs 22 billion and its average funding has been increased to 200,000 from Rs 80,000. Since its inception, more than 50 years ago, HBFC has provided loans to 4,50,000 individuals, he added.

Chairman HBFC informed that the corporation can disburse loans upto Rs 7.5 million.

"We have to extricate an out of box solution. Which is to promote massive low cost housings in various areas of the country," he added.

He said the per annum requirement of housing in the country is about 1.2 million units. The housing sector should be promoted as it single handedly feeds 40 different industries, the Chairman HBFC said.●