House Building Finance Corporation (HBFC) has planned to launch short messages service (SMS) for its customers soon, HBFC source told Business Recorder here on Monday. He said that they would introduce SMS service in two ways - thanks messages for those clients who would have paid their instalments and remainder messages for those who not cleared their dues.
"We are in transformation process because State Bank of Pakistan (SBP) has stopped funding and asked us to generate funds on our own," he said, adding that previously HBFC was funded by SBP to meet its requirements of providing house-building loans.
He said that the Corporation has recruited 300 MBAs from all over the country on high salaries plus commission on getting new loans and recovery of previously sanctioned loans and ordered them to generate funds to meet the expenses of their branch office's because Corporation could provide funds only for one year.
"We had 52 branches of HBFC at the time of disassociation from the SBP but now we have more than 80 branches across the country and it will be 100 in next two months," he hoped.
He said that HBFC had to face no competition in the market because every investment company and bank target the upper class of the society, while the HBFC main targets are lower and middle class people. He said that they recently announced financing scheme "Small Builder Finance" for small builders.
The corporation will provide loan up to Rs 2.2 million for their business on instalments of near about 25,000 per month besides the corporation also facilitates people for purchasing their own houses on easy instalment basis.
He apprised that they also provided loans on Islamic Sharia Basis of the period of 20 years on fixed mark up rate, adding that they did not increase their mark up rate with any market fluctuation and also gave relief on the full payment before mentioned time period.
"HBFC is the oldest housing financing company in pacific and now it has also launched its own web site www.hbfc.com.pk to facilitate customers to check their every transactional record on a single click." They also provided information about any kind of loans and send the funding proposal to clients through e-mails.