HBFC to get long-term funding of Rs3.6 billion

Published: February 19, 2019
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Representational image. PHOTO: REUTERS

Representational image. PHOTO: REUTERS

KARACHI: Pakistan Mortgage Refinance Company Limited (PMRC) will provide long-term funding worth Rs3.6 billion to House Building Finance Corporation (HBFC) for its home mortgage loans to end-consumers.

PMRC has signed Master Refinance Agreement (MRA) with HBFC in a ceremony held at the SBP last week, PRMC said in a statement on Monday. Under the agreement, it would provide long-term fixed rate funding of up to Rs3.60 billion to HBFC for providing home mortgage loans to end-consumers, it said.

The signing was chaired by State Bank of Pakistan Governor Tariq Bajwa who emphasised the need of low-cost housing in the country. He said that housing finance is very limited in Pakistan with a very low GDP-to-mortgage ratio of 0.2% to 0.3% as compared to regional countries. He appreciated PMRC and HBFC’s efforts to achieve a milestone towards implementing government vision of providing accessible housing finance to low and middle income group.

Published in The Express Tribune, February 19th, 2019.

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