December 27, 2023, Karachi – House Building Finance Company (HBFC), Pakistan’s pioneering specialized housing finance institution with a legacy spanning over 70 years, has officially signed a Term Finance Facility Agreement with Habib Bank Limited (HBL), the largest corporate and consumer bank in Pakistan with international presence. This is the first bilateral medium term facility extended by a commercial bank to HBFC.

Under the terms of this agreement, HBL has committed to providing PKR 1 billion to HBFC payable over 5 years, earmarked for the expansion of HBFC’s home finance portfolio. This strategic initiative will enable HBFC to effectively pursue its mission of making accessible and affordable housing loans available to its targeted client base.

The signing ceremony held at the HBFC Head Office, brought together team members from both organizations. The agreement was formalized by Mr. Imran Ahad, Managing Director and CEO at HBFC, and Mr. Faisal N. Lalani, Head of International Banking at HBL.

Mr. Lalani expressed his pleasure on the collaboration and emphasized the need for exploring more avenues for HBFC and HBL to work together. He commented, “HBL consistently seeks opportunities for meaningful collaboration. We recognize HBFC as a trustworthy partner for fostering growth in the housing finance sector. This partnership underscores our shared commitment to advancing housing finance solutions in the country, contributing to the overall development.”

Speaking at the ceremony, Mr. Imran Ahad highlighted the importance of the agreement with HBL, stating, “We are thankful to HBL for extending this financing arrangement to HBFC. This represents another step in the ever-strengthening relationship between the two organizations. The favorable terms of this financing agreement will certainly boost HBFC’s efforts to expand the Home Finance proposition, reaching an even broader client base.”

HBFC’s legacy spans over seven decades, intertwining its identity with the country’s history and heritage. With a resilient track record, the institution has made a significant contribution to the economy through housing finance. Over the years, HBFC has realized the dreams of homeownership for more than 480,000 families, leading to improved financial security, elevated standards of living, and greater social inclusion.