The House Building Finance Corporation (HBFC) has provided special facility to the customers, who want to liquidate the HBFC liability before maturity of repayment period.
According to HBFC sources, the facility relates to the Shandar Ghar Scheme (Home improvement). The Board of Directors of the HBFC has accorded approval to provide the facility to pay profit only for the period of investment utilised, along with the principal amount outstanding.
The revised Murabaha Agreement, duly inserted with new clause of early repayment facility, has been prepared for the parties concerned.
The sources said that as Islamic finance requires mutual trust and respect of due dates and in the event that the customer shall be in default in any obligation to pay a sum of money due under the agreement or under other contract or agreements between the Corporation and the customer, the Corporation may by notice to the customer declare all the unpaid amounts immediately due and payable.
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