United Bank Limited (UBL) has become the first bank to launch its first overseas home finance facility "Address Mortgage" in the United Kingdom in collaboration with United National Bank Ltd (UNBL).
The UBL Address Mortgage would enable non-resident Pakistanis to build, buy or renovate residential property in Pakistan by utilising the bank's facility.
The launching ceremony for "Address Mortgage" was held in London in the presence of High Commissioner of Pakistan to the United Kingdom Dr Maliha Lodhi and other dignitaries from UK and Pakistan.
According to a massage received here, the Address Mortgage has been designed specifically keeping in view the demographics and requirements of Pakistani expatriates residing in UK and shall be extended to other markets soon.
Speaking at the occasion, Dr Lodhi stressed the importance of housing sector for the growth of developing economies in South Asia particularly Pakistan. She said, "this initiative taken by UBL is a major milestone in providing affordable homes to non-resident Pakistanis. This offering is yet another feather in the cap of UBL."
UBL Group Head Consumer Bank Khawaja Asif highlighted the salient features of the home loan product for non-resident Pakistanis, who are based on the mutually agreed credit parameters between UNBL and UBL, as it is a joint programme.
He commented that "Address Mortgage gives Pakistani citizens residing in the UK a chance to be close to and support their loved ones by allowing them to own a home in Pakistan."
Elaborating this facility, Secured Business Global Head Sharjeel Shahid added that "Address Mortgage offers maximum financial liberty to customers by allowing flexible repayment options and a variety of choices to decide on the mortgage plan that best suits the customer's needs and financial circumstances."
The programme will be promoted in the UK by UNBL through print and electronic media. Prospective customers will be able to obtain detailed information and advice through UNBL branches in London, Birmingham, Bradford, Glasgow and Manchester.-PR