Law:

Section:

House Building Finance Corporation Act (XVIII of 1952)--- ----S. 24---Constitution of Pakistan, Art.l99---Constitutional petition---Loan, grant of---Words "or by such guarantee as may be prescribed"-Scope-Age of borrower-Grievance of petitioner was that despite fulfilling all requirements, House Building Finance Corporation (HBFC) was not giving him loan to construct his house---Contention of Corporation was that petitioner was in advance age and guarantor was his daughter who was a housewife and did not have enough sources of income---Validity---Petitioner was ready to mortgage and assign his right, title and interest in the land and construction raised thereon in favour of Corporation----Investment sought from Corporation was a sum of Rs.15,00,000 which would be fully secured---Loan could not be withheld by Corporation on the ground that guarantee being submitted was lacked in any aspect as the word "or" before the words "by such guarantee as may be prescribed" was to be interpreted disjunctively and, therefore, no guarantee was required at all---Petitioner's daughter having inheritable right in the subject property, who had sufficient means had come forward to give the guarantee for repayment of the loan---Other requisite instructions laid down under the Scheme launched by the Corporation for beefing up the credibility of guarantor such as age limit and capacity of guarantor as to sufficient income was only in nature of subordinate instructions and did not matter when the condition of proper assignment of land with the construction as envisaged by the main statute had been met---High Court directed the Corporation to process the application of petitioner to the extent of loan applied for---Petition was allowed accordingly. ORDER ZAHID HAMID, J.---By this Order the present Constitutional Petition whereby the refusal of the House Building Finance Corporation (hereinafter referred to as HBFC) to grant loan to the Petitioner for house building has been assailed, shall stand disposed of. 2. The facts are that the petitioner, who is a retired Engineer, applied for loan from HBFC for construction of his house on a leased Plot of land bearing No. B-173 in Block 12,…

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