Housing Foundation & HBFC sign MoU

Islamabad :The Federal Government Employees Housing Authority (FGEHA) and the House Building Finance Corporation (HBFC) signed a Memorandum of Understanding (MoU).

The ceremony was presided over by the Federal Minister for Housing and Works Tariq Bashir Cheema and was attended by the Secretary Housing & Works, Dr. Imran Zaib, MD, HBFC, Syed Basit Ali, Chief Executive Officer, Waseem Hayat Bajwa, Lt. General (r), Anwar Ali Haider, Chairman, NPHDA, Major General Aamir Aslam Khan, Deputy Chairman, NPHDA and Additional Accountant General Pakistan Revenue (AGPR), Ms. Batool.

FGEHA Director Finance Saima Sabah explained the salient features of the MoU. The purpose of this MoU is to overcome financing difficulties of the federal government employees in the wake of high interest rates on mortgage financing prevailing in the market. The MoU was signed by the CEO, FGEHFA and the MD, HBFC. Keeping in view the difficulties being faced by the federal government employees, CEO, FGEHA made all out efforts and successfully secured an attractive fixed interest rate of 11% from HBFC, which will be offered upto 85% of the market value of property to all federal government employees across the board from grade 1-22. If market interest rate drops below 11%, both organization will revisit this MoU.