National
January 23, 2021
KARACHI: The State Bank of Pakistan has announced a mark-up subsidy for the federal government s housing finance scheme to provide subsidised financing to low and middle-income individuals. In line with [the] government’s vision of making housing finance affordable, SBP has announced Government’s Mark-up Subsidy for Housing Finance scheme to provide subsidised financing to low and middle-income individuals, it said on Friday.
To this effect, the central bank has launched a complaint resolution mechanism to promote the affordable housing scheme. It said the mechanism comprises an information technology-based portal and a network of SBP and commercial bank staff to resolve issues being faced by applicants for low-cost and affordable housing finance.
Karachi
January 2, 2021
KARACHI: BankIslami Pakistan Limited, one of the country’s leading Islamic banks with a strong network of 335+ branches in 114+ cities, has signed a Master Credit Guarantee agreement with Pakistan Mortgage Refinance Company (PMRC), to avail risk cover for low-income housing finance.
PMRC is setup as a mortgage liquidity facility that addresses the long term funding constraints in the banking sector, and ensures sound lending. With the agreement between the two leading institutions, both BankIslami and PMRC have affirmed their commitment to mutually improve housing finance in Pakistan.
Risk coverage will assist BankIslami and PMRC in providing affordable housing finance to fresh homeowners in Pakistan and will help the bank to alleviate the credit risk, while ensuring affordable mortgage facilities to the low-income segments of the population.
PMRC signs credit guarantee agreement with six more banks
It will help banks reduce their risk exposure SAMAA | Bilal Hussain - Posted: Dec 28, 2020 | Last Updated: 3 months ago SAMAA | Bilal Hussain Posted: Dec 28, 2020 | Last Updated: 3 months ago
The Pakistan Mortgage Refinance Company held a Master Guarantee Agreement signing ceremony with six more Pakistani banks for the recently introduced mark-up subsidy on low-cost housing schemes. These banks include Meezan Bank, Habib Bank, Bank Islami, Faysal Bank, JS Bank and Soneri Bank. The PMRC has this agreement with the Bank of Punjab too.
The Government of Pakistan has set up a Credit Guarantee Trust, with the PMRC as its trustee. The trust has been set up with the support of State Bank of Pakistan and funded by the World Bank.
Six banks sign agreement for affordable housing loans guarantee
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Six banks sign agreement for affordable housing loans guarantee
KARACHI (Dunya News) - An agreement was signed by six banks for guarantee of loan for affordable housing on Monday.
Six banks signed a Credit Guarantee Agreement to cover risk in Pakistan Mortgage and Refinance Company’s low-income housing financing. Addressing the function, Deputy Governor State Bank said that SBP has relaxed rules for low-cost housing and it is working together with Ministry of Finance for the affordable housing scheme.
The Deputy Governor SBP, Jamil Ahmed, further said that SBP has set targets for banks to provide loans for affordable housing. Banks who fail to meet said targets will be fined, he added.
FBR Planning to Remove These Corporate Income Tax Exemptions
The Federal Board of Revenue (FBR) is presently reviewing the following list of corporate income tax exemptions with revenue impact for possible withdrawal before the next fiscal year:
Tax credit for investment in balancing, modernization, and replacement of plant and machinery (corporate manufacturing sector), Rs. 65.168 billion.
Tax credit for enlistment in Stock Exchange (Companies opting for enlistment in a registered stock exchange), Rs. 357 million.
Tax credit for newly established industrial undertakings corporate industrial units (including corporate dairy farming), Rs. 5.573 billion.
Tax credit for industrial undertakings established before the first day of July 2011 (corporate industrial units including corporate dairy farming), Rs. 6.486 billion.