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HBFC issues notices to 145,000 loan defaulters

KARACHI: The House Building Finance Corporation (HBFC) begun issuance of notices to around 145,000 defaulters across the country.

An official of the corporation said here on Thursday that the notices are being issued to recover stuck-up housing loans amounting Rs 9 billion.

He said the notices are being served to only those who had been irregular in their payments.

All these 145,000 loanees are those who had borrowed funds with ceiling up to Rs 500,000.

During the previous regime, HBFC had raised the ceiling of housing loan upto Rs 2 million from Rs 500,000.

"But we don't have so far defaulters of Rs 500,000 and above," said a spokesman of the corporation and added that the disbursement under new ceiling were of insignificant amount.

He said under the current drive to recover loans, the inspectors of the corporation have been asked to visit door to door and that there should not be any harassment.

Moreover, the loanees would be receiving at least 5 warning notices before they are dragged to court of law.

The HBFC has directed all the district managers to follow the current orders and accelerate their efforts to boost recovery.

The corporation spokesman further said that 50 percent of the staff has already been asked to mobilise efforts to recover stuck-up loans from defaulters in major urban areas of the country. APP