Islamabad: According to a recent report, an MoU has been signed between the Bank of Punjab has and Reall to finance builders and developers of low-cost housing projects for speeding up and scaling the supply of affordable homes in the country.
The MoU was signed by Mr. Patrick Domingos-Tembawa, Director of Operations and Investment, Reall Limited and Mr. Asif Riaz, Group Head Retail & Priority Sectors Lending, the Bank of Punjab.
The Bank will also provide loans to the potential low-income buyers of these housing units at subsidized rates under the State Bank of Pakistan’s Mark-up Subsidy Scheme for Low-Cost Housing as part of the Government’s agenda to promote the Housing & Construction Industry and provide affordable living to the masses.
Zafar Masud, President & CEO of BOP said on the occasion that this alliance will go a long way in promoting the efforts of SBP and NAPHDA/GOP in extending mortgage financing for low-cost housing to the much-needed borrowers in the informal sector. This collaboration will not only help in achieving the affordable housing catalog requirement but also gaining expertise in this sector from the best in the world.
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