HBFC to get long-term funding of Rs3.6 billion
PMRC has signed Master Refinance Agreement (MRA) with HBFC in a ceremony held at the SBP last week
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.
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.