HBFC imposes embargo on loans to housing projects

" “If HBFC fails to provide the required housing finance, it is feared that the real estate and construction sector will face the same fate as that of Dubai, resulting in increased unemployment and other social problems”, added Farooq. The difficult policies initiated by HBFC are impossible to comply with and have made it impossible to acquire housing finance. In the last financial year HBFC financed to the tune of Rs 3.8 billion, whereas in the current year, a negligible amount of Rs 700 million is disbursed, he said. "