Pakistan Industrial Credit and Investment Corporation (Picic) will provide more than Rs 100 million for two housing projects to increase housing financing in the country, with a slogan 'Housing for Every Pakistani'.
The Picic has signed two 'memorandums of understanding' of its Group Financing Scheme in the presence of Muhammad Ali Khoja, managing director.
These 'memorandums of understanding' have been signed by Pervez I. Khan, head of Corporate Finance Division. Picic and Abdul Sultan S Meherali, chairman of Agha Khan Ismailia Charitable Trust, and Salemohammad Damani, chairman of Gulshan-e-Fidai Multipurpose Co-operative Society Limited.
By virtue of these MoUs, Picic will be extending housing finance facility to the individual members of both the trust and the society on competitive terms. The aggregate amount of Picic's financing will be more than Rs 100 million.
Khoja said: "We are proactively looking forward to extend such housing finance to every needy person of the country to make his dream come true."
He said that the allottees, over 300 in numbers (in four categories), will be individuals who have been allotted flats in the projects completed by the trust and society near Saforan Goth, University Road, Karachi.
The mark-up rate shall be on floating rate basis (currently it works out to be 8 percent per annum).
Picic as part of the package has agreed to provide life insurance coverage to all the allottees at cost. The tenure of the facility will be maximum 15 years.
Khoja said that Picic has established a Corporate Finance Division which would cater to the financial needs of corporate clients.
PACKAGE FINANCING: this is a product-mix facility comprising more than one type of funded or un-funded financial products such as leasing, working capital, mortgage finance, housing finance, underwriting and equity financing.
SYNDICATE FINANCING: All syndicate financing that is required to be arranged by Picic or referred to Picic by any other financial institution or NBFC as syndicate leader for Picic's participation in the field of leasing, working capital, mortgage finance, housing finance, underwriting and equity financing.
GROUP FINANCING: All such proposals coming from corporate clients (private sector or public sector) who plan to execute a project whereby financing their clients or their employees is required any type(s) of financial products available with Picic for financing.
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