Pakistan Mortgage Refinance Company Limited (PMRC) has signed Master Refinance Agreement with House Building Finance Company Limited (HBFC) in a ceremony held at State Bank of Pakistan here. Under this agreement PMRC will provide long term fixed rate funding of up to Rs 3,600 million to HBFC for providing home mortgage loans to end consumers.
The signing was chaired by the Governor State Bank of Pakistan, Tariq Bajwa, also present at the occasion were, Deputy Governor Jamil Ahmed, and other Executives of the State Bank of Pakistan, Mansur ur Rehman (Chairman HBFC), Mudassir H.Khan (CEO- PMRC), Syed Basit Aly (CEO- HBFC), Nauman Ansari (President- Bank Alfalah), Abid Sattar (President- Askari Bank), Shah Azmi (Head of Treasury and Marketing- PMRC), Rashid Nawaz Tipu (Group Head - Askari Bank), Zulfiqar Alam, Group Head Business and Operation (PMRC) and Ashraf Ali Velji, Chief Financial Officer (HBFC).
Mudassir H Khan, the CEO of PMRC said, "It is indeed a great moment for all of us as we are gathered here today for recognising our partner banks and witnessing the signing between PMRC and HBFC as it marks an important milestone in the achievement towards the development of affordable housing in Pakistan". He appreciated SBP for providing continued support to PMRC and shown his commitment to increase PMRC's partnership with other financial institutions to promote low cost accessible housing finance.
Speaking at the occasion, The Governor State Bank of Pakistan emphasized 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 percent to 0.3 percent 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.
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