House Building Finance Company

{{Infobox company

| name = House Building Finance Company Limited

| logo = HBFC Pakistan logo.png

| logo_size =

| image =

| image_caption =

| former_name = House Building Finance Corporation

| type = Government

| traded_as =

| key_people = Imran Ahad (MD)

| foundation = {{start date and age|1951}}

| industry = Financial services

| products = {{ubl|Housing Finance|Home construction loan|Home extension and renovation loan}}

| revenue = {{Decrease}} {{PKR}}2,424,288,000 (2021)

| operating_income = {{Decrease}} {{PKR}}(1,520,051,000) (2021)

| net_income = {{Decrease}} {{PKR}}986,154,000 (2021)

| assets = {{Decrease}} {{PKR}}22,449,515,000 (2021)

| num_employees =

| location_city = Karachi, Sindh

| num_locations = 51

| location_country = Pakistan

| parent = State Bank of Pakistan

| homepage = {{URL|hbfc.com.pk}}

}}

House Building Finance Company Limited (HBFCL), formerly known as House Building Finance Corporation (HBFC), is a Pakistani housing finance company which is a subsidiary of State Bank of Pakistan. Founded in 1952, it is based in Karachi, Pakistan.{{cite web|url=https://www.thenews.com.pk/print/270222-hbfc-has-become-bankrupt-on-account-of-low-recovery-of-loans-minister|title=HBFC has become bankrupt on account of low recovery of loans: minister|website=www.thenews.com.pk}}{{Cite web|title=House Building Finance Company|url=http://www.hbfc.com.pk/page/about_us/company_profile|access-date=2020-07-23|website=www.hbfc.com.pk}}

History

House Building Finance Company was founded in 1951. Before the independence of East Pakistan, it was headquartered in Dacca.{{Cite journal|url=http://www.jstor.org/stable/23006576|title=The Problem of Regional Disparities in Economic Development: With Special Reference to Pakistan |author=Akhtar, S. M.|year=1964|journal=The Punjab University Economist|volume=4|issue=7|pages=19-28}} It was incorporated as a corporation on 25 July 2007 and is jointly owned by the State Bank of Pakistan (90.31 percent) and Government of Pakistan (9.69 percent). On 18 February 2011, the name of House Building Finance Corporation was changed to House Building Finance Company Limited under section 39 of the Companies Ordinance 1984.

The company is now an unlisted public limited company. The company has 51 branches, 7 area offices, 3 regional offices, and head office based in Karachi.

Privatization

The Cabinet Committee on Privatisation (CCoP) approved transaction structures for the privatization of House Building Finance Company Ltd.{{Cite web|last=Paracha|first=Shahzad|date=2020-08-21|title=CCoP approves 7pc divestment in OGDC,10pc in PPL shares|url=https://profit.pakistantoday.com.pk/2020/08/21/ccop-approves-7pc-divestment-in-ogdc10pc-in-ppl-shares/|access-date=2020-09-11|website=Profit by Pakistan Today|language=en-US}}

Products and services

Ghar Pakistan Scheme (GPS), a housing financing scheme for midlevel income persons
Ghar Pakistan Plus Scheme (GPS Plus), a special scheme for construction of house with higher income persons
Ghar Sahulat Scheme (GSS), a scheme is used for house purchasing or construction.
HBFC Khaas, a special scheme for widows, children of martyrs of special forces, special persons, transgenders
Mera Pakistan Mera Ghar Scheme, a government's markup subsidise scheme.
Ghar Ujala Scheme, a home solar system scheme from 3KW to 20KW up to 10 years.

References

Category:State Bank of Pakistan

Category:Financial services companies established in 1952

Category:Government-owned companies of Pakistan

Category:Housing finance companies of Pakistan

Category:Companies based in Karachi

Category:1952 establishments in East Bengal