KARACHI: The JS Bank and Pakistan Mortgage Refinance Company (PMRC) have worked in unison to further the objective of the Government of Pakistan and initiatives of State Bank of Pakistan in provision of low-cost and affordable house financing to all residents of the country.
Through this agreement, PMRC is to provide concessional funds with a 10-year fixed rate to JS Bank clients, specifically the low- and middle-income groups as well as those in informal segments. The aim of this collaboration is to make house financing easier and more accessible for all segments bringing about financial inclusion as well as supporting growth in the housing sector.
This partnership also includes Refinancing Facilities and Credit Guarantee which will assist the bank in effectively managing its asset liability gap arising from mortgages whilst aiding the Government of Pakistan by creating a growth trajectory in the housing and construction sector leading to economic and social development.
Basir Shamsie, President & CEO, JS Bank, said, “JS Bank is aligned to support the vision of Government of Pakistan and measures taken by State Bank of Pakistan in supporting the low-cost housing and construction industry. This is a cause that is very important to our bank and we are wholeheartedly committed to it by providing services and facilities that benefit our clients as well as contribute towards the well-being of our society as a whole. As of now, JS Bank is the largest conventional home finance providing bank in the market and it is through such collaborations, that we aim to maintain our leadership position in the sector.
“JS Bank will increase its efforts to ensure that the benefits of the markup subsidy scheme reach a vast majority of the population specially low to middle income segments of the society who currently do not own a house.”
Mudassir H. Khan, Managing Director & CEO, PMRC, stated, “It is indeed a proud moment for both the institutions, as we recognize the importance of mutual coordination between the financial institutions for the growth and support of housing sector in the Country. Such collaborations will play a key role in the promotion of low-income housing and realizing the Government’s vision of making affordable housing a reality”.
This partnership is a key step taken by JS Bank to facilitate growth and prosperity in the country by providing the best in class financial services making them inclusive to all members of the community