Pakistan Mortgage Refinance Company (PMRC) and The Bank of Punjab (BOP) have joined hands to provide and promote affordable mortgage finance in the country.
“We feel proud to have successfully closed our maiden deal with The Bank of Punjab. This landmark transaction makes BOP the first Government Bank in Pakistan to enter in mortgage refinance arrangement,” said a statement issued by PMRC.
With this venture, PMRC has created a far-reaching footprint and has now become the first financial institution in Pakistan to register security/collateral of a body corporate using Secured Transaction Registry.
This endeavor is an effort by both the institutions to materialize and contribute to Prime Minister’s mission of providing affordable housing to citizens. The transaction will allow The Bank of Punjab to provide affordable housing finance to low and middle income citizens and government employees.
Mudassir H. Khan, CEO of PMRC, stated, “It is indeed a proud moment for both the institutions, as we recognize the importance of mutual coordination between the financial institutions and achieving a milestone transaction which would help to achieve government vision of providing accessible housing finance.”
Zafar Masud, President of BOP, while emphasizing on the role of PMRC, said, “we are witnessing a momentum shift, as this is the first mortgage refinance transaction where a Government bank is now a Partner Financial Institution with PMRC and will be engaged in promoting affordable housing finance business.”