Faysal Bank, NCCPL ink deal

KARACHI: Faysal Bank Limited and the National Clearing Company of Pakistan Limited (NCCPL), a capital market infrastructure institution of Pakistan signed a memorandum of understanding (MoU) to provide a house financing facility, a statement said on Friday.

The Pakistan Mortgage Refinance Company (PMRC) collaborated on the said initiative. Mudassir H Khan, managing director, and chief executive officer of PMRC, was the chief guest on the occasion, it added.

Under the agreement, NCCPL employees will be able to apply for the Faysal Bank’s home finance facility at exclusive fixed rates for the first five years of the financing tenor.

Muhammad Lukman, CEO of NCCPL, said: “While housing is the basic right of every human being, it is rapidly becoming a commodity for most with the increasing housing costs. Coming together with Faysal Bank, we have made an effort to make this commodity a reality for our employees where they can easily obtain Faysal Bank’s home finance service at affordable rates.”

Tahir Yaqoob Bhatti, head of retail banking Faysal Bank, said: “This agreement with NCCPL has brought us another step closer in our mission in making housing affordable for all.

PMRC’s efforts are also commendable in supporting this alliance. We hope to assist all our clients in their financing needs by bringing innovation and more value to our services.”