20000131

HBFC

Steps up recovery drive

KARACHI: The House Building Finance Corporation (HBFC) has geared up its recovery drive and started taking action against defaulters owing it Rs 500,000 and less.

In the light of latest directives from the government, the HBFC authorities have decided to take action against the defaulters of low outstandings groups, a spokesman said on Sunday in a statement.

He said that the latest order of the government will effect the majority of defaulters as 98 percent loanees/partners of the corporation belonged to the low outstandings group which availed of investment of Rs 500,000 or less.

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

He said that under the current recovery drive 50 percent officers and staff of HBFC have already been deployed on realisation of stuck-up loans.

They have been directed to make door-to-door contacts with the defaulters, serve notices and educate them about the consequences of remaining a defaulter. In addition they are asked to inform the defaulters about their legal and moral obligations.

The HBFC has called upon its defaulters to repay their outstandings as early as possible and maintain regularity in repayment of their monthly instalments as this will be in their own interest, the spokesman added.ÑAPP