December 16, 2020
PMRC sets up fund worth Rs15bn to promote low-cost housing finance
KARACHI: In a bid to promote affordable housing financing, Pakistan Mortgage Refinance Company (PMRC) set up a fund worth Rs15 billion as a Credit Guarantee Trust for low-cost housing, to cover any housing finance loss of the banks. The first initiative of its kind is a collaboration, signed by PMRC and the Bank of Punjab (BoP), to encourage the banks, both Shariah-compliant and conventional, to extend the existing finance period up till 20-25 years. The Ministry of Finance and the State Bank of Pakistan (SBP) extended support to set up the credit guarantee fund. Under this initiative, credit guarantee will be given to the banks at a fixed rate of...
