Located in the industrial hub of Ada Johal, this project targets the large labour force in the surrounding area. With over 15,000 people working in the surrounding factories and travelling from nearby towns, there is a sizeable customer base.
The project is a mixed development, providing homes targeted to families on low incomes. All homes are expandable by constructing either outwards or through adding a second floor and include access to water, sanitation and energy. They are also all built around communal park areas, providing green spaces for all residents. The site includes a school, commercial units and space for a mosque.
AMC was able to develop a mortgage product for people on low incomes in partnership with the Housing Building Finance Corporation (HBFC), a semi-state-owned institution operating in the public interest. HBFC has provided mortgage loans to AMC customers purchasing the newly constructed homes on Faisalabad 1, with a repayment period of ten years paid in monthly instalments. In addition, some houses were bought via AMC’s payment plan which offers micro finance loans to those who were ineligible for the bank loan.
AMC also brokered a deal with a large industrial employer (Sitara Chemical Industries) which purchased a number of project homes for their workers. Sitara provided employees with a discount on their house purchase based on their years of service, and payments for the home are taken out of their salaries.
Clients estimated to sit between 21st and 30th percentiles of incomes in Faisalabad
|Description||Type||Number Expected||Number Completed||Unit Size (m2)||Sales Price |
|Monthly Cost |
|Loan Length (months)|
|3.5 marla, 3 room||Basic||88||60||56.5||1560000||15000||120|
|3.5 marla, 2 room||Basic||127||111||44||1390000||13000||120|
|3.5 marla, 1 room||Basic||37||39||30||1220000||11000||120|
|3.5 marla serviced plot||Plot||324||267||-||-||32236||24|
|2.25 marla 2 room||Basic||98||64||40||992000||-||-|
|1.4 marla 2 room||Basic||-||2||-||-||-||-|
|Finance Description||Finance Source||Deposit||Interest Rate (%)|
|3.5 marla, 3 room||HBFC Bank||390,000||15.0|
|3.5 marla, 2 room||HBFC Bank||347,500||15.0|
|3.5 marla, 1 room||HBFC Bank||305,000||15.0|
|3.5 marla serviced plot||HBFC Bank||225,999||15.0|
|2.25 marla 2 room||Cash sale||196,671||15.0|
|1.4 marla 2 room||n/a||-||0.0|
Based on exchange rate on 31/12/2020
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Data last updated on 10/03/2021