Pakistan Industrial Credit and Investment Corporation (Picic) will provide Rs 50 million for housing financing facility to the employees of Large Tax-payers Unit (LTU).
Mohammad Ali Khoja, managing director of Picic, and Director General LTU Shahid Jamal signed a memorandum of understanding (MoU) here on Friday.
Khoja said that this financing facility for large tax payers unit would be for a period up to 20 years, repayable in easy instalments, with mark up of 7.5 percent (floating rate), according to the present interest environment.
He pointed out that the amount under this package programme facility could be increased, depending on the requirements of LTU employees.
He said that this facility would be available for LTUs at Karachi, Lahore and Islamabad.
He said that more products including consumer financing, leasing would be offered to LTU employees. Khoja said that Picic is ready to meet the housing requirements of other tax departments in the country also.
He said that the corporation had earned Rs 800 million in the last six months of 2003, while its share price has jumped from Rs 8 in 1996 to Rs 88 per share in March 2004.
Similarly, the share price of Picic Commercial Bank has increased from about Rs 6 in 2001 to Rs 54 in March 2004.
Shahid Jamal said that housing was the area of concern for LTU staff and Picic has helped in removing this anxiety by assuring housing finance at competitive rates. He said that LTU staff would also seek financing facilities for transportation and consumer items.
Khoja said that the reason for establishing corporate finance division was that it should be proactive in exploring and attracting the corporate clients and use its skill to develop, structure and design the package deals for them according to their requirements.
This division was penetrated in the market and making its presence felt between the corporate client with a slogan "selling solutions".
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