JS Bank has signed a Credit Guarantee Agreement with the Pakistan Mortgage Refinance Company (PMRC) for providing and promoting affordable housing finance to low-income lenders in the country.
The agreement was inked by the State Bank of Pakistan, JS Bank and five other banks for the recently launched mark-up subsidy, Mera Pakistan Mera Ghar initiative.
Launched by the Credit Guarantee Trust, the “Credit Guarantee Scheme for Low Income Housing” will provide up to 40% risk coverage to primary mortgage lenders to alleviate the credit risk of mortgage lenders.
Basir Shamsie, President & CEO JS Bank, while expressing his appreciation of the initiative said, “At JS Bank, we are committed to serving the people of Pakistan. We are pleased to play our role in driving affordable housing finance across the country and aim to help people own the home of their dreams.”
Participants thanked the Governor and Deputy Governor SBP for their leadership and support, the Ministry of Finance, the World Bank and NAPHDA towards making the Government and PM’s vision of affordable housing a reality.
Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, JS Bank continues to bring innovative banking products and services to the people of its country.